Important disclosure

Bank of Melbourne Car Loans

If you’re shopping for vehicle finance and looking for a lender with range, you might find Bank of Melbourne up to the task. With several types of car loan deals on offer – from new and used cars to secured and unsecured options plus fixed or variable interest rates – you’re bound to walk away a happy customer. Compare Bank of Melbourne car loans and calculate your repayments below to get started.

Calculate your repayments

Loan Amount



5 months

Bank of Melbourne

Secured Personal Loan

EST Monthly Repayment
Advertised Rate
Advert. Rate (p.a)
Comparison rate
Offer your car as security for a lower interest rate. Rates from 9.60% per annum comparison.
Bank of Melbourne

Unsecured Personal Loan

EST Monthly Repayment
Advertised Rate
Advert. Rate (p.a)
Comparison rate
Buy the type of car or vehicle you want with interest rates from 12.99% p.a. (comparison rate 14.06% p.a.) provides factual information in relation to financial products. While attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 19.07% p.a. Total interest repayments vary between $4,290 and $14,531 over the life of the loan. *Comparison rate is based on an unsecured loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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What type of car loan are you looking for?

Bank of Melbourne car loans – Get a fixed or variable rate

Bank of Melbourne is based in Victoria, and their personal loans can be fashioned to quickly get you on the road with your newly purchased set of wheels. Learn more about Bank of Melbourne car loans in our thorough guide below.

A quick look at what you’ll get

With a Bank of Melbourne secured car loan, the basics look like this:

  • Loan amounts – Between $3,000 and $80,000
  • Loan terms – From 1 to 7 years
  • Interest rate – From 7.49% to 12.74%
  • Comparison rate – From 8.60% to 13.81%

Key features of Bank of Melbourne secured car loans

First off, since the loan is secured, you’ll need to provide collateral. This can be your new purchase or an existing vehicle.

To qualify, the car must be registered in your name and not be older than 12 years when the term ends. Also, it should be four-wheel, with no previous extensive damage or write-offs. Lastly, the vehicle must have comprehensive insurance cover for one year.

Other features include a choice of weekly, fortnightly, or monthly repayments and the ability to manage your debt online via a mobile app. When it comes to interest rate types, you can choose between:

  • Fixed rate. Your repayments come with no surprises from start to finish since the interest rate stays the same. Terms are between 1 and 5 years, and the interest rate is set at 7.49% while the comparison rate sits at 8.60%.
  • Variable rate. Terms are from 1 to 7 years. The interest rate – which can go up or down – starts at 12.74% with a slightly higher comparison rate of 13.81%. The variable rate loan also gives you the option to put down extra repayments and pocket them again when needed (redraw facility). However, there’s a fee attached, and you have to seek approval first before redrawing.

Please note that you can still use the funds from a secured personal loan for other purposes like holidays or weddings. However, if you’re keen on purchasing a new ride, use our Bank of Melbourne car loan calculator to get an estimate of what you’ll pay per month.

What are the fees?

  • Establishment fee – $195
  • Monthly admin fee – $12
  • Redraw fee – $10
  • Early repayment fee when you exit in the first 12 months -$150
  • Early repayment fee when you exit early after 12 months -$100
  • Break costs – applies to early exits, additional repayments and defaults for fixed rate loans

Keep in mind the above fees are subject to change. Before making a final decision, read Bank of Melbourne’s terms and conditions. Make sure to check up on fees, charges, and interest rates that apply.

Can you use a Bank of Melbourne unsecured personal loan to buy a car?

Yes, this option allows you to still borrow money without an asset as security. Amounts are between $2,000 and $50,000 which you can splurge on anything, including a car.

Generally, interest rates range from 11.49% to 12.99%, and you have between 1 and 7 years to repay the debt. You can also choose between fixed rate and variable rate options. As with secured loans, choosing a variable rate allows you to make extra repayments which you can then redraw.

How to apply for Bank of Melbourne car loans

Apply online by clicking the “Go to Site” button in the comparison table above. General requirements state that you must be a permanent Australian resident and 18 years or older. Here’s what you’ll also need:

  • Driver’s licence
  • Employment details
  • Personal information or contact details
  • Details of your income, assets, expenses, and other financial commitments

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