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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison
interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between
$1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan
of $10,000 for a term of 3 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 loan are you looking for?
Bank of Melbourne personal loans – Find the right option & apply
There’s a lot of reasons why Bank of Melbourne can end your personal loan search. This Australian financial institution is based in Victoria and offers a range of finance options designed to meet various needs. Go through Bank of Melbourne personal loan details below to see if they’ll be your last stop.
Bank of Melbourne personal loans snapshot
- Amounts. $2,000 – $80,0000
- Terms. 1-7 years
- Interest rate. 7.49% to 12.57% p.a.
- Interest rate type. Fixed or variable
- Comparison rate: 8.60% to 12.75% p.a.
- Security. Secured and unsecured options available
- Fees. Establishment fees and monthly administration fees (early repayment fees may apply).
- Uses. Debt consolidation, home improvement, travel and holidays, weddings, car purchases, and more.
A look at the pros
- Online applications. If you decide to apply online, click “Go to Site” in our table above for your preferred product.
- Fast approval. You can complete your application in less than 15 minutes and receive a response within 60 seconds (subject to system availability).
- Automatic repayments. Making repayments via direct debit is more convenient than doing it manually, and it also helps prevent missed due dates.
- Loan management. You can manage your personal loan whenever via Internet Banking. This allows you to make repayments or check on your debt balance, interest rate, recent transactions, and next repayment due date.
- Easily contactable. You can get in touch with Bank of Melbourne reps via calls, email, live chat, mobile app, or visit any one of the 106 branches in Australia for customer service.
What are the cons?
- You have to pay upfront and ongoing fees. Even though the rate is competitive, extra fees add to the total cost of the loan.
- Not the lowest available rate. Some lenders on the market offer lower rates subject to credit criteria.
Which personal loan options does Bank of Melbourne offer?
Here are some personal loan products from Bank of Melbourne that could be a good fit for you:
- Unsecured personal loan. With this option, you won’t have to offer your car as security for the loan. You can also choose any loan size between $2,000 and $50,000.
- Secured personal loan. This option invites you to put up your car as security for the loan in exchange for a lower rate. The exact rate you get depends on your car’s value, and borrowing limits are more flexible since you can receive up to $80,000 starting from $3,000. For your car to be suitable as collateral, it must be registered in your name once purchased. It should also be a four-wheel vehicle with no previous extensive damage or write-offs. Additionally, the car must be 12 years or less when your term expires. Lastly, the vehicle must have cover for one year’s full, comprehensive car insurance by the time you access the funds.
- Unsecured personal loan overdraft. The personal overdraft is a line of credit tied to your bank account and ideal when surprise expenses come calling. You can overdraw between $500 and $20,000, subject to approval. The variable interest rate of 14.99% is charged daily plus a monthly admin fee of $5.00. There are no establishment fees.
What are the top features of personal loans from Bank of Melbourne?
Bank of Melbourne personal loan types may also come with the following features attached:
- Fixed interest rate. When you choose a fixed rate, you opt for a simpler budgeting process since you are secure from interest rate fluctuations over the life of the loan. You’re free to make early repayments, but penalties apply depending on the timeline and amounts. The repayment period is between 1 and 5 years.
- Variable interest rate. A variable rate allows you to make additional repayments and exit early with fewer fees. Additionally, you can enjoy more flexible loan terms of up to 7 years. However, the interest rate may fluctuate over the life of your loan.
- Redraw facility. Secured and unsecured personal loans with a variable interest rate also allow you to withdraw your extra repayments when you need to. Keep in mind that you have to be at least $500 ahead with your repayments, and each request is subject to approval. Redraw fees and charges apply.
- Repayment options. You can opt for weekly, fortnightly, or monthly repayments, depending on your income pattern. If you’re taking out a secured or unsecured loan, use our Bank of Melbourne personal loan calculator to estimate monthly repayments that work for you.
How to apply for Bank of Melbourne personal loans
To be eligible for a personal loan from Bank of Melbourne, you must:
- Be at least 18 years
- Be a permanent Australian resident or a non-resident with confirmed employment in Australia
- Have a stable, permanent income of at least $35,000 before tax
You’ll also need to supply the following documents and information:
- Employment details
- Income details for the last 3 months, including payslips, bank statements, and rental income (only required if your income isn’t going into a Bank of Melbourne bank account)
- Recent tax information (applies to the self-employed)
- Details of your assets, savings, and investments
- Details of any liabilities such as personal loans and credit cards in your name
- Information about your regular household expenses
Once you have compared Bank of Melbourne personal loans above, go to their website and apply online in less than 30 minutes. When your application is approved, you’ll receive a contract. If you accept the terms and conditions, the funds are then credited into your account.
About Bank of Melbourne
Besides personal loans, Bank of Melbourne also offers car loans, home loans, credit cards, business payment solutions, and a host of other financial products and services to suit your personal, business, and corporate needs. The financial institution has been around since 1989, but it’s no longer an independent organisation after being acquired by the Westpac Group in 1997.
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