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Pros and cons

  • No penalty for paying off loans early
  • Lower interest rates for good credit scores
  • Branch access at major defence bases
  • Application fee may be above average
  • Ongoing monthly fees
  • Interest rates may be high

Australian Military Bank personal loans rates

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Personal loan repayment calculator

Thinking about taking out a personal loan with Australian Military Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Australian Military Bank personal loans compare with other options.

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at interest rate 4.15 %

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Features of Australian Military Bank personal loans

Fixed and variable interest rates: Interest rates are tailored based on your personal credit history. About 24 hours after you apply, a lending specialist will call you to let you know what your interest rate is.

Secured and unsecured personal loans: The bank offers either a personal loan where there is collateral or security (like a car/boat/motorbike), which is known as a secured loan, as well as an unsecured loan where there is no collateral.

Personal loan terms: 1-7 years

Personal loan amount: From $1,000 to $80,000

Repayment options: Repayments can be made weekly, fortnightly or monthly, with options to make repayments directly from your salary. You can make extra repayments or pay off the entire loan without penalty.

Australian Military Bank branch access is limited to just major military bases across Australia, but members can also speak to lending specialists over the phone or via email.

Members can get customer service the following ways:

  • Branch: 30 across Australia at major defence bases
  • Phone: Monday-Friday 8am – 6pm; Saturday 9am – 12pm (AEST)
  • Email

Who is eligible for an Australian Military Bank personal loan?

It’s important to note that despite its name, you don’t have to be a defence force employee to take out a personal loan with Australian Military Bank.

However, you will need to:

  • Be 18 years or over
  • Be an Australian citizen or permanent resident
  • Have proof of income/assets

How to apply for an Australian Military Bank personal loan

You can either apply for a personal loan online, over the phone or in person at an Australian Military Bank branch.

You will need the following documents:

  • Proof of identification
  • Proof of income and employment
  • Details about your credit history

Australian Military Bank personal loans review

Australian Military bank offers a wide variety of personal loans that would suit many borrowers.

Despite the name, Australian Military Bank not only offers financial services including personal loans to defence personnel, but to all Australian citizens and permanent residents.

Members with a good credit score will get a lower interest rate on a personal loan than those with a poor credit score. This is because Australian Military Bank tailors interest rates to individual members. The interest rates vary from very low all the way to high. It also offers fixed-rate and variable-rate loan options.

There is an establishment fee, as well ongoing monthly fees charged on all personal loans. However, unlike some lenders, Australian Military Bank doesn’t charge members if they wish to make extra repayments or pay off the entire loan amount early. There is an optional redraw facility, but fees apply.

Learn more about personal loans

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

What do single mothers need to apply for a personal loan?

Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.