Editing the default style of my reference list

[Solution]

Hi there!
New to the forums, so apologies if I posted this at the wrong place, but I was wondering if it were possible to change the default layout of the bibliography/reference list.
Instead of it using Calibri size 11 I'd much prefer Times New Roman size 12 for example.
Currently every time I update my reference list it automatically edits it back to the default format, which gets rather annoying when writing hefty papers.

All I have been able to find so far are these options:


However, I'd much prefer something like this:





Is this in any way possible?