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Did you know you can compare 100’s of personal loans? Browse, filter and save on our main personal loans comparison page.
Compare and review Bank of Melbourne personal loan rates
Bank of Melbourne personal loan purposes
You can borrow for almost any worthwhile purpose, and no, going to the casino and putting it all on black is not a worthwhile purpose.
Examples of common loan purposes Bank of Melbourne will lend for:
Bank of Melbourne personal loan approval time
If you’re an existing Bank of Melbourne customer you may have applications approved and funded on the same day. For more complex applications approval times vary between 2 and 5 working days.
Do you have an Bank of Melbourne personal loans calculator?
Yes. View the Bank of Melbourne Personal Loans calculator.
Bank of Melbourne personal loan application
If you’d like to apply online for an Bank of Melbourne personal loan, visit Bank of Melbourne’s website by clicking here.
Bank of Melbourne’s personal loan eligibility criteria
Before you apply for a personal loan, be sure to understand and meet the Bank of Melbourne’s lending criteria. Below is high-level overview of Bank of Melbourne’s criteria:
Bank of Melbourne personal loan requirements
- Minimum age of 18
- Earn a regular source of income
- An Australian citizen, permanent resident or have a valid visa (including 457 visa)
Information you’ll need to provide
Whether at the Bank of Melbourne branch or online, make sure to have the following nearby:
- Proof of income. A verifiable and steady employment. You may be required to provide copies of your most recent pay slips and employer’s contact information
- A list of your assets, expenses and liabilities
- Driver’s licence (if you have one) or other valid forms of ID
Are you self-employed?
If you’re self-employed, you will also need to provide:
- Financial statements for the last year (no older than 18 months)
- Your most recent personal/business tax return (no older than 18 months)
Other things to keeping mind when applying with Bank of Melbourne
- It’s advantageous to have a good credit history. For example, you have no recent defaults and no frequent requests for credit
- Credit cards with large credit limits are seen as liabilities, even if there’s nothing owing. If you have existing liabilities, be certain you can pay them off in addition to your Bank of Melbourne personal loan
There are many additional factors Bank of Melbourne consider when accessing your application, but the above are the most important. If you feel like you may not meet their eligibility criteria, it may be best to save!
Bank of Melbourne personal loan application status
If you have already applied for an Bank of Melbourne personal loan, you can check your application status by calling 13 22 66, 8.00am to 8.00pm EST, Monday to Friday.
Additional product information
Bank of Melbourne minimum and maximum personal loan amounts
You can borrow between:
- $3,000 and $80,000 with a secured personal loan
- $3,000 and $50,000 with an unsecured personal loan
Bank of Melbourne personal loan terms
Terms vary between 1 year and 7 years for the Bank of Melbourne Unsecured Variable Rate Personal Loan.
All other loans have terms between 1 year and 5 years.
Bank of Melbourne repayment schedule
Bank of Melbourne allow weekly, fortnightly or monthly repayment.
Bank of Melbourne personal loan redraw facility
Bank of Melbourne’s Variable Rate Personal Loans gives you the option to make redraw additional payments you may have made. A $10 redraw fee applies.
Learn about Bank of Melbourne’s Neighbourhood Fund
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