7.8 / 10

based on 887 Bank of Melbourne 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. 

Bank of Melbourne offers the following personal loans

Rates and fees verified as correct at 09 May, 2021. 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

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

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 6 months 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 11 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 over 1 year 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 over 1 year ago

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