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Defence Bank personal loans
Defence Bank is a member-owned bank based in Melbourne. As a member-owned institution, Defence Bank does not have external shareholders. Instead, profits are reinvested back into the business in order to lower rates and fees.
Defence Bank was created in 1975 as Defence Force Credit Union, before changing its name to Defence Bank in 2012.
Defence Bank operates 39 branches across Australia.
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Why choose Defence Bank
Defence Bank Personal Loans
Personal Loans calculator
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
Features of a Defence Bank personal loan
Defence Bank offers personal loans that can be used for a variety of expenses, including a new car, home renovations or an overseas holiday. Because Defence Bank is a smaller personal loan lender, it doesn’t have as many loan options as larger banks.
Customers can choose a loan period of between one and seven years. Defence Bank charges an application fee, processing fee and monthly service fee.
Defence Bank’s current personal loan rates range from very low to moderate, depending on the loan you choose.
Defence Bank personal loans - customer service
Customers can contact Defence Bank via phone, email and online enquiry. The Defence Bank Contact Centre is open from 8am to 8pm from Monday to Friday.
Customers can also visit any Defence Bank branch.
Who is eligible for a Defence Bank personal loan?
- Must be at least 18 years old
- Must be a permanent Australian resident or citizen
- Must have regular income
How to apply for a Defence Bank personal loan?
- Click ‘Apply Now’
- Complete the online application form
- Provide personal and financial details
- Submit the online application form and wait for a response
Defence Bank personal loans review
While Defence Bank provides a limited selection of personal loans, its loans may be suitable for a variety of borrowers. Defence Bank borrowers are able to choose a loan period of between one and seven years, and there is no penalty for paying the loan out early.
Defence Bank charges an establishment fee and ongoing monthly fees, though there is no fee for additional payments. Customers also have access to a free redraw facility either online or at a Defence Bank branch.
Defence Bank personal loan rates vary from product to product. In general, Defence Bank personal loan interest rates range from very low to moderate.
Because of the number of personal loan lenders in Australia, it’s important to compare personal loan rates before applying. A comparison will help you secure the best personal loan rates for your specific situation.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
