Loan and credit card account FAQs.

View the credit card product page.

View the home loans product page.

View the personal and car loans product page.

You can buy a new or used car or motorcycle up to, and including, 5 years old with a car loan. If you would like to purchase an older car, contact us as you may do so with a personal loan

The maximum loan amount is dependent on a number of factors, including a borrower’s ability to service (pay) the loan. Call us on 1800 033 139 to discuss your needs.

Congratulations, please contact us (up to a week) prior to paying off your loan to obtain the final payout figure. Once the funds are available in your account we’ll process the final payment for you.

View our current interest rates here.

An overdraft is more of a backup facility that kicks in when you’ve exhausted all of your own funds in the account. The interest on an overdraft starts being calculated the day any transactions are made taking you into overdraft. As soon as your account balance is back in credit, interest stops being charged.

With a credit card, you can spend up to your credit limit and have up to 55 days interest free to pay off your credit card. Interest will start to be charged at the end of the 55 days interest free period.

Call us on 1800 033 139 so that we can have a chat and help you to determine the best loan to meet your needs.

View our current interest rates here.

Motor vehicles up to and including five years old can be purchased using our used car loan. If you would like to purchase an older car, contact us as you may do so with a personal loan

The minimum loan amount across our personal and car loan range is $1,000.00.

A debt consolidation loan is when you combine two or more external loans into one to make repayments easier. This can include car loans, personal loans, or credit cards.

View our current interest rates here.

Each loan is assessed on a case by case basis and security may be required.

Great news! There are no fees for paying out your loan early.

You need to have at least 5% genuine savings plus enough funds to cover fees and charges.

Where you have less than a 20% deposit, lenders mortgage insurance (LMI) or, if you are eligible, a Home Guarantee Scheme will be required. Speak to a lender to find out more.

Look at our home loan options.

The Defence Home Ownership Assistance Scheme (DHOAS) assists current and former Australian Defence Force (ADF) members and their families to achieve homeownership.

DHOAS is administered by the Department of Veterans' Affairs (DVA) on behalf of the Department of Defence.

DHOAS provides eligible current and former serving members of the Permanent Force and the Reserves with a subsidy on the interest of their home loans.

The subsidy is paid monthly, directly into a DHOAS home loan. The amount of subsidy you receive depends on your subsidy tier level and the balance of your home loan up to your subsidised loan limit. 

To learn more about Defence Bank DHOAS home loans click here

To find out more about DHOAS and your eligibility click here

Eligibility for a DHOAS certificate is organised directly through the Department of Veteran Affairs (DVA). Once you have your DHOAS certificate, our lenders can help find the best product for you.

Talk to a lender to find out more.

From January 2023, there have been improvements to how ADF members and veterans can qualify for and access DHOAS, these are:

  • Reducing the minimum qualifying period required by current ADF members from four to two years for permanent service, and from eight to four years for Reserve service.
  • Removing the deadline for veterans who have left the service to access their final subsidy certificate (previously five years). Contact the Department of Veterans Affairs for more information.

Portability of your Defence Bank DHOAS home loan may be possible if you don’t require additional funds to purchase your next home. Speak with a lender to discuss your situation further.

We also recommend you should always contact the Department of Veteran Affairs (DVA) before making any changes to your DHOAS home loan.

You and your partner will both need to be Defence Bank members to obtain a Defence Bank DHOAS home loan. The good news is that once you are a member, you will have access to our wide range of savings, investment, insurance and loan products.

Talk with one of our home loan consultants to discuss how we can assist you.

Where you borrow more than 80% of the value of your property, you may be required to pay for Lenders Mortgage Insurance (LMI). Where you are a first home buyer you may be eligible for a Home Guarantee Scheme in the place of LMI.

Talk with one of our lenders to find out more.

The loan-to-value ratio (LVR) in relation to home loans is the amount of the loan expressed as a percentage of the value of the property being purchased or refinanced.

Each Defence Bank home loan product has a maximum LVR.

The LVR is expressed as a percentage. It is determined by dividing the amount of the loan by the property value with the answer then multiplied by 100%.

As a formula, LVR is expressed as follows:



Where the LVR exceeds 80% lenders mortgage insurance (LMI) or, if you are eligible, a guarantee under the Home Guarantee Scheme will be required. It’s best to talk to a lender to find out more.

Defence Bank’s Ultimate Package is a whole-of-banking package.  Under the package you can receive a number of discounts and waived fees on lending products and insurance, as well as general banking fees.

For more information about your specific situation, you can have a chat with one of our home loan consultants.

With variable interest rates, your repayment amount may increase or decrease in line with changing interest rates. With a fixed interest rate, you have the certainty of both the interest rate and repayment amount staying the same for the fixed period.

While we do not generally use family guarantees, talk to one of our home loan consultants to see if there is another way we can help you with your home loan.

Every situation is different, and there are a number of factors that can determine the best product for you. The best thing to do is to talk with one of our home loan consultants so that they can find the most suitable loan to meet your home purchasing goals.

Redraw is available on our range of variable interest rate home loans.

Most of our loans have an online redraw facility. If you have an older loan, you may need to call our Contact Centre  on 1800 033 139 or your local branch for assistance.

Having pre-approval can provide you with a sense of security when making an offer on a property. You can discuss getting pre-approval with one of our home loan consultants.

Most of our variable rate home loan products can have an offset account attached. The only exceptions to this are our Premier Low Rate home loans, and any fixed home loans.

Yes, Defence Bank is an approved lender for the Home Guarantee Scheme. Talk with one of our home loan consultants to find out more.

Our Home Loan Offset account is a convenient way to save yourself money on your home loan.

  • Money is readily available.
  • The interest you save on your loan can be greater than interest you earn in a regular savings account.
  • It’s a day-to-day transactional account with convenient card access, including digital banking and access to our award-winning app.

First, to have everything run super smoothly, you’ll need to have the facility set up by your home loan consultant. Or contact your nearest branch or our Contact Centre on 1800 033 139 to arrange. Once your home loan is linked to the home loan offset account, simply make a deposit. You can choose to add a Visa Debit card to your account for easy access. However, try to maximise every dollar and keep as much money in the home loan offset account as possible.

You can also have your salary, or other deposits, credited straight to the home loan offset account. That way, you get the immediate benefit of saving on your home loan interest.

Every dollar you have in your linked Home Loan Offset account saves you interest every day it’s there. Even maintaining a balance of a few hundred dollars can save thousands in interest.

Your home loan interest is worked out each day, calculated on the balance of your loan (and then charged monthly).

The Home Loan Offset account works by using 100% of the balance to ‘offset’ or effectively reduce the portion of your home loan accruing interest. For example, if your Defence Bank home loan had a balance of $350,000 with $50,000 linked to our Home Loan Offset account, you would only pay interest on $300,000 of your loan balance.

The Home Loan Offset account can be linked to selected home loans with variable interest rates, including construction loans.

An offset facility is not available during a fixed-rate period.

Yes, you have three options to do so.

  1. Log in to the Defence bank app, choose the account you would like to rename, then tap the three *** located in the left-hand corner, tap ‘Rename account’, then add in your new nickname and tap ‘update’.
  2. Log in to Online Banking, click on the account you would like to rename, then go to setting in the top toolbar, then go to the subheading which is also known as ‘settings’, then add in your new nickname in the ‘rename account’ box, then click ‘save’.
  3. Call us on 1800 033 139 and we will do it for you.

If you are new to Defence Bank:

  1. Head over to the Defence Bank Foundation Credit Card.
  2. Click on Apply now > Start New Application and follow the prompts.

If you are an existing Defence Bank Member log into Online Banking or use the Mobile App.

Online Banking.

  1. Log into your Defence Bank Online Banking.
  2. From the menu select Apply > Apply For Loan.
  3. Input your one-time password or VIP security code.
  4. Select Start New Loan and follow the prompts.

Mobile app.

  1. Log in to your Defence Bank mobile app.
  2. From the menu select Apply > Apply For Loan.
  3. Under the menu select Products > Credit Cards where you will be redirected to the Defence Bank Credit Card page on our website.
  4. Select Apply now > Start New Application and follow the prompts.

Yes. You can apply for a credit card with Defence Bank to pay out an existing credit card with another financial institution. This could allow you to better manage your repayments with a lower interest rate.

If you would like to talk to us about transferring your credit card balance simply visit one of our branches or call us on 1800 033 139.

No, unlike many other banks that may charge a percentage of between 1-3% of the balance transferred, Defence Bank does not impose a fee for Balance Transfers.

An additional cardholder will first need to be made a signatory on your credit card account, once this is done they can be issued with a credit card linked to your credit card account.

Drop into your local branch or call us on 1800 033 139 to get the process underway.

No, there are no fees for an additional cardholder.

If you need to remove access by an additional cardholder please visit us in-branch or contact us on 1800 033 139 for assistance.

To increase your credit card limit, we will need you to complete a new application so that we can obtain some up-to-date information from you. You can log into Online Banking or use the Mobile App to lodge your application.

Online Banking.

  1. Log into your Defence Bank Online Banking.
  2. From the menu select Apply > Apply For Loan.
  3. Input your one-time password or VIP security code.
  4. Select Start New Loan and follow the prompts.

Mobile app.

  1. Log in to your Defence Bank mobile app.
  2. From the menu select Apply > Apply For Loan.
  3. Under the menu select Products > Credit Cards where you will be redirected to the Defence Bank Credit Card page on our website.
  4. Select Apply now > Start New Application and follow the prompts.

Tip: When applying for an increase to your limit, during the application make sure you select the total amount of your new card, not the amount you would like it to be increased by.

You are able to request a reduction or cancellation of your credit card limit through either Online Banking or the Defence Bank mobile app. You can also visit us in-branch and we’d be happy to help.

Online Banking.

  1. Select Services > Card Management.
  2. Input your one-time password or VIP security code.
  3. Select Reduce Limit or Close Credit Card next to the relevant credit card and follow the prompts.

Mobile app.

  1. Under the main menu select Manage Accounts > Manage Cards.
  2. Click on the credit card you wish to reduce or cancel the limit on.
  3. Select Reduce credit limit or Cancel card as required and follow the prompts.

Paying your credit card can be done in several ways, but the easiest by far is through Online Banking or our mobile app.

If paying from another Defence Bank account.

  1. Log into your app or Online Banking portal.
  2. Select Pay > Transfer.
  3. Select the account you would like to transfer from and the credit card as the account to transfer to you would like to pay.
  4. Follow the prompts to make payment.

If paying from another financial institution.

  1. Create a PayID for your credit card account, then use that payID when transferring funds from another financial institution.
  2. You can also use our BSB 833 205 and your nine digit credit card account number to transfer payment from another financial institution.
    Of course you can always deposit funds over the counter at any Defence Bank branch.

A credit card cash advance is when you withdraw funds from your credit card account. This may be via ATM, across the counter in Branch or transferring funds using Online Banking or the mobile app. Transactions like bill payments at Australia Post Office outlets may also be processed as cash advances.

To view our current credit card interest rates click here

Interest starts to accrue from the date of the cash advance and will be charged to your account at the end of the month.

Yes, there’s a six month introductory interest rate for first-time Defence Bank Foundation Credit Card applicants. See our current interest rates.

Find out more.

The greater of $20 or 3% of outstanding balance.

The minimum monthly repayment on a credit card is the lowest amount you are required to pay to meet your credit card contract. By paying this amount on the payment due date, you'll avoid late fees, maintain a good repayment history, but you will still pay interest on the remaining amount owing. You should always try and pay more than the minimum amount so your credit card balance is paid off quicker and less interest is accrued.

For example, if you owe a balance of $1100 on your credit card with the minimum monthly repayment being $25, you will pay interest on the remaining $1075.

Find out more about how the minimum repayment amount works.

If you withdrew funds from an ATM, across the counter in Branch or transferred funds out of your Credit Card account using Online Banking or the mobile app, then interest will accrue from the date of the transaction. There is no interest free period on any cash advance transactions.

Interest will also start accruing where the balance has not been paid off in full by the due date on your last statement.

Making extra repayments on your credit card is always a good thing. This means you will accrue less interest and pay off your credit card quicker.

Use our Credit Card Repayment Calculator to see how fast you can pay off your credit card.

Sometimes things happen that are out of our control. If you need a little extra help contact us 1800 773 158 or email membercare@defencebank.com.au to see how we can help you.

There is an annual fee of $45, half of which is donated to the Defence Bank Foundation, and other fees such as declined transaction, dishonour and late payment fees.

You can find a full list of fees by scrolling down to the ‘Rates and fees’ section on the Defence Bank Foundation Credit Card page.

The annual fee is $45. Half of this fee ($22.50) is donated to the Defence Bank Foundation which supports the Defence Community Dogs program. This is our way of saying thank you and supporting our veterans.

Learn more about the Defence Bank Foundation.

We reward our credit card holders with one of the lowest interest rates on the market and give half of the $45 annual fee to the Defence Bank Foundation.

Learn more about the Defence Bank Foundation.

Australia’s Defence Bank Foundation is an independent charity established to help injured, wounded and disadvantaged serving and former Australian Defence Force (ADF) members and their families.

All funds raised are used to run The Defence Community Dog's program - a program that provides Assistance Dogs to veterans suffering from Post-traumatic Stress Disorder (PTSD) and related conditions.

Learn more about the Defence Bank Foundation.