Bank of Melbourne personal loans

Overview of Bank of Melbourne's personal loans

Unsecured personal loans

With the Bank of Melbourne’s unsecured personal loan you’ll have the option of choosing an interest rate that is either fixed or variable. While the fixed rate option comes with the benefit of knowing your interest rate is locked in over the term of the loan, you’ll miss out on the flexible features of an extra repayments and redraw facility that come with the variable rate loan. Other than that both options are relatively similar providing loan amounts between $3,000 and $40,000, as well as charging an upfront fee when you take out the loan and a small ongoing fee.

Secured personal loans

If you’re looking for a loan to fund your new ride, the Bank of Melbourne’s secured personal loan could be for you. The secured loan also comes with either a fixed or variable interest rate, with both considerably lower than the rates offered with the unsecured alternative. All you’ll need to do to nab this better deal is put up the car you’re purchasing as security for the loan. Of course, you’ll want to make sure you can comfortably repay the loan as the catch of a secured loan is the Bank of Melbourne can sell your car if you forfeit on the loan. On top of a great rate, the secured loan also allows you to borrow more with amounts capped at a high $80,000.

Bank of Melbourne personal loan features at a glance

• Fees: All of the Bank of Melbourne’s personal loans come with an application, ongoing and late payment fee. Keep in mind, you may also be charged an early repayment fee if you try to pay out one of its loans early.

• Flexible repayments: You’ll enjoy the flexibility to choose the cycle of your repayments - weekly, fortnightly or monthly - with any of the Bank of Melbourne’s personal loans.

• Extra repayments: A variable rate loan with the Bank of Melbourne may mean you are vulnerable to rate rises, but one major benefit is you can take advantage of an extra repayments facility.

• Redraw facility: Another flexible feature that is solely found with the Bank of Melbourne’s variable rate loans is a redraw facility, giving you the option of drawing upon additional payments made on your loan.

How do you apply for a Bank of Melbourne personal loan?

Once you’ve decided a personal loan from the Bank of Melbourne is the best bet for your borrowing needs, you can apply online or in branch. Here is some of the information you’ll need to provide:

• Purpose for the loan
• Drivers licence
• Income
• Living expenses (e.g bills, groceries and transport)
• Liabilities (e.g credit cards, home loans, personal loans)