Australian Military Bank 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.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

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

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

3.65%

Variable

4.59%

$548

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
Australian Military Bank
More details

5.35%

Fixed up to 12.4%

6.21%

$571

based on $30,000 loan amount for 5 years

$100

Redraw facility
Extra repayments
Fully drawn advance
Secured
Australian Military Bank
More details

5.35%

Variable up to 12.4%

6.21%

$571

based on $30,000 loan amount for 5 years

$100

up to $500

Redraw facility
Extra repayments
Fully drawn advance
Secured
Australian Military Bank
More details

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 Australian Military Bank

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 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 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.

Are there alternatives to $2000 loans?

If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.

Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.

Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.

How long will I have bad credit?

Most negative events that appear on a person’s credit file will stay in their credit history for up to seven years.

You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.

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.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

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 get a $4000 personal loan if I’m unemployed or on Centrelink?

Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.

If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying to find out whether they accept borrowers on Centrelink.

How long does it take to get a $5000 loan?

Depending on the lender, personal loans and medium-amount loans for $5000 can sometimes be approved in under an hour, and give you access to the money the same day. Other loans may take 24 hours or longer to assess your application, and you may not get the money for a few days.

What's a credit report?

A credit report is a record of your credit history, which covers your credit enquiries, borrowings and your repayments. The report will include information about any bankruptcies or other relevant legal judgements. It will also include biographical information such as your address, date of birth, driver's licence number and employment history. 

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.

Can I get a self-employed personal loan with bad credit?

It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.

If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.