Bank of Melbourne Personal Loans | BoM Personal Loan Interest Rates - BestFind
Important disclosure

Bank of Melbourne Personal Loans

Bank of Melbourne is Victorian based bank, with over 100 branches and their head quarters in Melbourne. Thanks to their partnership with Westpac and well developed online and phone bank facilities, all Australians can take advantage of their financial products.

Bank of Melbourne has four personal loan products and an overdraft facility. Bank of Melbourne has a secured and unsecured variable rate personal loan and a secured and unsecured fixed rate personal loan. The key features of Bank of Melbourne’s secured personal loans include the option to borrow up to $80,000 and 7 year terms.

Negatives of the Bank of Melbourne personal loans include the $12 monthly fee, the $195 application fee and a $10 redraw fee on the variable rate personal loans.

Bank of Melbourne Personal loan approval time vary; for some existing clients applications will be approved on the same day. If they require additional information, it may take up to 5 business days.

Compare Bank of Melbourne Personal Loans

Bring your next dream purchase a little closer with a Secured Personal Loan.

Overview

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)8.49%

Personal loan comparison rate9.60%

Monthly repayments (approx)$322

Total repayments (approx)$11,597

Total interest repayments (approx)$1,597

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

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Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?Yes

Sponsored No

Telephone13 22 66

Data accurate as of20/10/2017

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Bring your next dream purchase a little closer with a Secured Personal Loan.

Overview

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.47%

Personal loan comparison rate13.81%

Monthly repayments (approx)$341

Total repayments (approx)$12,287

Total interest repayments (approx)$2,287

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

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Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?Yes

Sponsored No

Telephone13 22 66

Data accurate as of20/10/2017

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Whether you want predictable repayments or the flexibility to repay more, you can tailor our Unsecured Personal Loan how you want it.

Overview

Minimum loan amount$3,000

Maximum loan amount$40,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$343

Total repayments (approx)$12,379

Total interest repayments (approx)$2,379

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

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Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?Yes

Sponsored No

Telephone13 22 66

Data accurate as of20/10/2017

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Whether you want predictable repayments or the flexibility to repay more, you can tailor our Unsecured Personal Loan how you want it.

Overview

Minimum loan amount$3,000

Maximum loan amount$40,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$343

Total repayments (approx)$12,379

Total interest repayments (approx)$2,379

Rate typeVariable

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$195

GO TO Bank of Melbourne

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?Yes

Sponsored No

Telephone13 22 66

Data accurate as of20/10/2017

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We provide a range of flexible personal loans designed to suit your needs.

Overview

Minimum loan amount$5,000

Maximum loan amount$40,000

Minimum term (years)2 years

Maximum term (years)7 Years

Personal loan interest rates (base)8.95%

Personal loan comparison rate10.56%

Monthly repayments (approx)$333

Total repayments (approx)$12,020

Total interest repayments (approx)$2,020

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee4%, maximum $495

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Other Fees & Information

Monthly fee$13

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of26/10/2018

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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