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.
Benefits
Drawbacks
Australian Credit Licence 234582Fees & charges apply
10.49%
11.45%
$645
$38,680
Australian Credit Licence 234582Fees & charges apply
13.99%
13.99%
$698
$41,874
Australian Credit Licence 234582Fees & charges apply
13.99%
14.93%
$698
$41,874
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
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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.
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.
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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