Defence Bank personal loan repayment calculator

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

  • Additional repayments allowed
  • Free redraw facility
  • Below-average interest rates
  • Limited loan options
  • Charges establishment fees
  • Charges ongoing fees

Defence Bank personal loans rates

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

8.99%

Variable

9.96%

$623

based on $30,000 loan amount for 5 years

$100

Redraw facility
Extra repayments
Fully drawn advance
Secured
Defence Bank
More details

13.99%

Variable

13.99%

$698

based on $30,000 loan amount for 5 years

$0

Redraw facility
Extra repayments
Fully drawn advance
Secured
Defence Bank
More details

13.99%

Variable

14.93%

$698

based on $30,000 loan amount for 5 years

$100

Redraw facility
Extra repayments
Fully drawn advance
Secured
Defence Bank
More details

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.

Learn more about Defence Bank

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.

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 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.

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.

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.

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.

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).

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.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

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.

Is it hard to improve your credit score?

It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.

As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.

Can I apply for a quick loan online?

While some lenders will require you to provide paperwork in person, many lenders will allow you to make an application for quick personal loan online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.

Can I get a fast loan if I’m unemployed or on Centrelink?

Even if a lender has no credit checks, they will usually still need to confirm you can afford to repay a fast loan on your income before they’ll approve your application.

If 50% or more of your income comes from Centrelink payments, you may find it more difficult to have a fast loan application approved. Consider checking with the lender before applying to confirm if they lend to people on Centrelink.

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.

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007