Bank of Melbourne personal loans

Bank of Melbourne
Bank of Melbourne's overall rating for personal loans

(as rated by the Mozo community)

7.2 / 10

based on 31 reviews

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 02 July, 2020. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee
Secured Personal Loan (Fixed)
Bank of Melbourne

8.49% p.a.

9.60% p.a.based on $30,000
over 5 years


12.74% p.a.

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


11.49% 17.40% p.a.

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


12.99% 18.90% p.a.

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


*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. WARNING: 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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What personal loans do Bank of Melbourne offer?

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

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.

Line of credit: Speaking of redraws, if you want to have access to funds but only want to pay interest on the exact amount you use, then you also have the option of a revolving line of credit through the Bank of Melbourne’s Get Set Loan.

How are Bank of Melbourne personal loan products rated?

Now that we’ve given you the downlow on personal loans from the Bank of Melbourne, why not get the inside word from customers just like you? Our customer review section is the perfect place to read up on how the Bank of Melbourne rates on everything from customer service to convenience and decide whether it is the right provider for you.

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:

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