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)|| |
8.60% p.a.based on $30,000
|Secured Personal Loan (Variable)|| |
13.81% p.a.based on $30,000
|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
|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
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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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.
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:
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.
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.