7.8 / 10

based on 867 reviews as rated by Mozo community

Bank of Melbourne personal loans

Alongside St.George and BankSA, the Bank of Melbourne falls under the umbrella of big four bank Westpac. Through this lender you’ll enjoy great accessibility with over 100 branches scattered across Victoria and an ATM network that is part of Australia’s largest regional banking network.

When it comes to personal loans, the Bank of Melbourne has an unsecured personal loan or a secured loan which requires you to put up your car as security for the loan. Alternatively for borrowers looking for a bit of flexibility to draw on money when they please, there’s a revolving line of credit option available too.
For more info on the loans on offer from this Victorian based provider, read our full guide below...

Bank of Melbourne offers the following personal loans

Rates and fees verified as correct at 26 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Secured Personal Loan (Fixed)

7.49% p.a.

8.60% p.a.based on $30,000
over 5 years

$195

Secured Personal Loan (Variable)

12.74% p.a.

13.81% p.a.based on $30,000
over 5 years

$195

Unsecured Personal Loan (Fixed)

11.49% p.a.to 17.40% p.a.

12.57% p.a.to 18.44% p.a.based on $30,000
over 5 years

$195

Unsecured Personal Loan (Variable)

12.99% p.a.to 18.90% p.a.

14.06% p.a.to 19.93% p.a.based on $30,000
over 5 years

$195

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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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.

Line of credit loans

Not sure exactly how much you need to borrow? No worries, as the Bank of Melbourne also has a revolving line of credit option available in the form of its Get Set Loan for amounts between $5,000 and $50,000. What this means is you can have access to funds at call, to an approved limit. The best part is you’ll only be charged interest on the amount you draw on, so if you don’t use any of the money available to you, you won’t be charged any interest. Of course, you’ll still need to pay an establishment fee and a monthly service fee for having access to the line of credit facility.

Bank of Melbourne personal loan features at a glance


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:


How are Bank of Melbourne personal loans rated?

Mozo users have rated Bank of Melbourne personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Bank of Melbourne personal loans
Overall
7.3/10
Price
Features
Customer service
Convenience
Trust

32 Reviews

Recent Bank of Melbourne personal loan reviews

Bank of Melbourne Unsecured Personal Loan review
Overall 10/10
Bank of Melbourne Ivanhoe is fantastic.

The Bank of Melbourne Ivanhoe branch just fabulous. Wonderful staff at this lovely branch. Took out personal loan and they were very helpful. Moving other accounts to this bank now as they are great to deal with.

Read full review

The Bank of Melbourne Ivanhoe branch just fabulous. Wonderful staff at this lovely branch. Took out personal loan and they were very helpful. Moving other accounts to this bank now as they are great to deal with.

Price
8/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
9/10
Less
Lucinda, Victoria reviewed 10 days ago
Bank of Melbourne Personal Loan review
Overall 9/10
Great way to keep a personal loan

Very simple and worth my time.

Read full review

Very simple and worth my time.

Price
8/10
Features
8/10
Customer service
10/10
Convenience
9/10
Trust
10/10
Less
Daniel, Victoria reviewed 6 months ago
Bank of Melbourne Personal Loan review
Overall 8/10
Great bank.

Good bank for personal loans.

Read full review

Good bank for personal loans.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
6/10
Less
Ashleigh, Victoria reviewed 12 months ago
Bank of Melbourne Unsecured Personal Loan review
Overall 8/10
Good customer service.

Most of the staff are very helpful.

Read full review

Most of the staff are very helpful.

Price
5/10
Features
7/10
Customer service
8/10
Trust
8/10
Less
Amanda, Victoria reviewed 12 months ago

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