7.6/10

Based on 286 Defence Bank product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.

Defence Bank personal loans

Defence Bank is owned by members rather than shareholders who are made up of the Defence Force community and everyday Australians. When it comes to personal loans, it has three: a debt consolidation loan, low rate car loan and personal loan. Read on for all you need to know.

Defence Bank offers the following personal loans

Rates and fees verified as correct at 31 May 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
Car Loan (Variable, Secured)

6.90% p.a.

7.67% p.a.based on $30,000
over 5 years

$206.00

Consolidation Loan (Variable, Secured)

13.99% p.a.

14.93% p.a.based on $30,000
over 5 years

$206.00

Personal Loan (Variable, Secured)

10.49% p.a.

11.45% p.a.based on $30,000
over 5 years

$206.00

Defence Bank personal loans overview

Consolidation loan:

If you’re repaying debts collectively worth $10,000 or more, you could combine them for a lower interest rate with Defence Bank’s debt consolidation loan. This unsecured loan doesn’t require you secure it to an asset, which means less paperwork for you. The interest rate is subject to change at any point along the loan term, which can span from 1-7 years. With a Defence Bank consolidation loan you can make extra loan repayments and withdraw from them via a free redraw facility. Remember to factor in a signup cost and small monthly administration fees if you are considering taking out this loan.

Low rate car loan:

Need a personal loan to help finance a new or used car up to 5 years old with a $10,000 price tag or higher? A low rate Defence Bank car loan could help you with that, where the loan amount maximum depends on how much you are eligible to borrow. In return for securing your vehicle to the loan you’ll receive a competitively low variable interest rate. Nifty features include a free redraw facility to draw on extra repayments, and no break costs for clearing that debt earlier than required. Loan terms range from 1-7 years and there’s a sign up cost plus monthly fees involved with this loan.

Secured personal loan:

Whether you need a personal loan to help finance that dream wedding or holiday, Defence Bank’s secured personal loan with a free redraw facility and zero break costs could be your borrowing match. Loan amounts start from $1,000 (to a maximum dependant on your borrowing power) and you’ll need to tie an asset to the loan as security for its competitive, variable rate. The term of your secured personal loan can range from 1-7 years. While there is a sign on cost and monthly fees to consider, remember you’re still able to make extra loan repayments.

Defence Bank personal loan features at a glance

  • Repayment flexibility: Take your pick between weekly, fortnightly or monthly loan repayment dates with all loans detailed on this page.
  • Extra repayments: Defence Bank don’t charge personal loan customers more for making extra repayments.
  • Free redraw facility: With Defence Bank personal loans you can redraw those extra repayments free of charge.
  • No break costs: If you want to pay less in interest and fewer monthly fees, you can clear that debt earlier without being charged a break cost.

How do you apply for a Defence Bank personal loan?

You can apply for any one of Defence Banks’ loans over the phone, online or at a local branch. Applications involve filling out as much personal information about your financial situation as possible to help determine loan eligibility. After you’ve applied, expect to know the outcome from a few hours to a couple of business days.

To apply for a personal loan with Defence Bank you will need:

  • To be an Australian resident
  • To provide details of your assets and liabilities
  • To prove your identity with a driver’s licence or passport number
  • To disclose details of your income

How are Defence Bank personal loans rated?

Mozo users have rated Defence Bank personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Defence Bank personal loans customer reviews
Overall
6.6/10
Price
6.3/10
Features
5.3/10
Customer service
6.6/10
Convenience
5.5/10
Trust
7.0/10
Based on 15 Defence Bank product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Recent Defence Bank personal loan reviews

Defence Bank Personal Loan
Overall 8/10
Defence Bank is very helpful and easy

I have been with defence bank for quite a few years and I really enjoy them

Read full review

I have been with defence bank for quite a few years and I really enjoy them

Price
10/10
Features
8/10
Customer service
9/10
Convenience
1/10
Trust
7/10
Less
Bevan, Western Australia, reviewed 3 months ago
Defence Bank Personal Loan
Overall 0/10
Waste of time

Wouldn't waste your time submitting order, they're very slow and very picky. I earn 50,000 a year and they were not able to offer their services.

Read full review

Wouldn't waste your time submitting order, they're very slow and very picky. I earn 50,000 a year and they were not able to offer their services.

Price
0/10
Features
0/10
Customer service
0/10
Convenience
0/10
Trust
0/10
Less
Ben, Victoria, reviewed over 9 years ago
Defence Bank Personal Loan
Overall 6/10
Not so good

Was easy to get at the time but they refused an increase.

Read full review

Was easy to get at the time but they refused an increase.

Price
5/10
Features
5/10
Customer service
3/10
Convenience
6/10
Trust
7/10
Less
Les, Queensland, reviewed almost 10 years ago
Defence Bank Personal Loan
Overall 8/10
Very easy to use

It is really good to be in the Defence and have a bank walking distance from work no matter what base you are at, and easy to find :)

Read full review

It is really good to be in the Defence and have a bank walking distance from work no matter what base you are at, and easy to find :)

Price
7/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
8/10
Less
Matt-dillon, , reviewed almost 10 years ago
See all personal loan reviews
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.
Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

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