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

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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

7.88%

Variable up to 18.82%

8.72%

$607

based on $30,000 loan amount for 5 years

$150

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

7.88%

Variable up to 18.82%

8.72%

$607

based on $30,000 loan amount for 5 years

$150

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

7.93%

Fixed up to 18.87%

8.77%

$607

based on $30,000 loan amount for 5 years

$150

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

7.93%

Fixed up to 18.87%

8.77%

$607

based on $30,000 loan amount for 5 years

$150

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.

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.

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

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, without worrying about ending up out of pocket 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?

Many personal loans, much like home 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.

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 offers – consider contacting the lender 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 even the same day, in some cases.

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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

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 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 charge higher interest rates on unsecured loans than secured loans.

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 several 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.

What is a credit rating/score?

Your credit rating/score is a number that summarises how credit-worthy you are based on your credit history.

The lower your score, the more likely you are to be denied a loan or forced to pay a higher interest rate.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What documentation is needed for a self-employed personal loan?

Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.

While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.

Who calculates your credit rating/score?

Credit ratings/scores are calculated by credit reporting bodies. The main bodies are Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service.

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, with 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 guarantee the loan, taking on the financial responsibility if the borrower defaults.