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Bank of Melbourne Secured Personal Loan

Advertiser disclosure

The details shown below are for a fixed loan between $3,000 and $80,000

The details shown below are for a variable loan between $3,000 and $80,000

Choose the version of this loan that suits you best

  • Loan: $3,000 $80,000

  • Loan: $3,000 $80,000

Interest rate from
7.49% p.a.
Comparison rate from
8.60% p.a.based on $30,000
over 5 years
Upfront fee
$195
Interest rate from
12.74% p.a.
Comparison rate from
13.81% p.a.based on $30,000
over 5 years
Upfront fee
$195

Mozo editorial review Bank of Melbourne Secured Personal Loan

Last updated: 21 July 2020.

binocular icon
What's hot
  • 7.49% fixed interest rate (8.60% comparison rate*)
  • Flexible repayment schedule
  • 1 to 5 or 7 year options
What's not
  • $195 application fee
  • $12 monthly fee
Mozo snapshot

The Bank of Melbourne Secured Loan allows borrowers the option for both fixed rate and variable rate interest loans; 7.49% fixed interest rate (8.60% comparison rate*) and 12.74% variable interest rate (13.81% comparison rate*). There's a couple flexible features like the repayment schedule and loans amount, but there’s also a $195 establishment fee and a $12 monthly fee to consider. Plus, remember you’ll need a car to put up as security.

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Key features

Getting a cash boost in the form of a personal loan can be great for helping you get a new car or freshly kitted out apartment and the main thing you’ll probably want to know is the interest rate. The Bank of Melbourne Secured Personal Loan comes with two different options, fixed and variable rates, which both have different rates. The fixed rate is 7.49% (8.60% comparison rate*) and the variable rate is 12.74% (13.81% comparison rate*).

To get access to the Bank of Melbourne Secured Personal Loan you’ll need to use your vehicle as collateral. The vehicle will need to be a four wheel vehicle registered in the loan applicant’s name, have never been massively damaged or written off, be less than 12 years old by the end of the loan period and hooked up with 1 year of full insurance when the loan is first acquired.

Both the variable and fixed rate loan options allow you to borrow between $3,000 and $80,000. So whether you’re looking for cash for a small renovation or a new yacht, Bank of Melbourne Secured Personal Loan has an option for you.

There’s also flexible loan terms on offer, with the fixed rate option letting you repay the loan between 1-5 years, while the variable rate option allows repayments between 1-7 years. Both allow you to choose between weekly, fortnightly or monthly repayments.

The variable rate option comes with the chance to make free extra repayments, and if you are $500 ahead of your regular repayments you’ll also have the ability to redraw. Although keep in mind every redraw comes with a $10 redraw.

snapshot
Who is it good for

To be eligible for the Bank of Melbourne Secured Personal Loan, you’ll need to have a vehicle to put up as security that satisfies all the criteria, so it’s a competitive option for borrowers with a car that fits the bill.

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Any catches

If you are keen to pay off your loan early to save on interest, you may want to think twice, as paying off your loan early will cost you $150 if you do it in the first year of the loan and $100 after the first year.

Details

Rates and fees information correct as at 24 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 7.49% p.a. fixed

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

Fees
  • $195.00

  • $12.00

  • $15.00

  • $0.00

  • $150 within first year or $100 after. Break costs may apply.

Other financial bits
  • $3,000.00

  • $80,000.00

  • 1 Year

  • 5 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • none

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.

Details

Rates and fees information correct as at 24 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Variable

  • 12.74% p.a.variable

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

Fees
  • $195.00

  • $12.00

  • $15.00

  • $0.00

  • $150 within first year of term, $100 after.

Other financial bits
  • $3,000.00

  • $80,000.00

  • 1 Year

  • 7 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • none

  • none

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.

Customer Reviews

How are Bank of Melbourne personal loans rated by the Mozo community?

Overall
7.3/10
Price
6.8/10
Features
6.5/10
Customer service
7.6/10
Convenience
7.4/10
Trust
7.1/10

Latest reviews of Bank of Melbourne Secured Personal Loan

  • Overall 7/10
    They really helped us when we were struggling

    I like this bank because when we needed help we got the help we needed. The pricing is also ok.

    Read full review

    I like this bank because when we needed help we got the help we needed. The pricing is also ok.

    Price
    5/10
    Features
    4/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    8/10
    Less
    Alexander, Victoria reviewed about 2 years ago
  • Overall 10/10
    Good customer service

    Awesome bank.

    Read full review

    Awesome bank.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Jason, Western Australia reviewed about 5 years ago
  • Overall 10/10
    Good service and will go ahead

    Give it with trust and no paperwork.

    Read full review

    Give it with trust and no paperwork.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Puneet, Victoria reviewed over 5 years ago
  • Overall 6/10
    Ok ok overall

    It's good pricing but customer support is a mess. Long call times and they continuously transfer to other departments

    Read full review

    It's good pricing but customer support is a mess. Long call times and they continuously transfer to other departments

    Price
    8/10
    Features
    7/10
    Customer service
    4/10
    Convenience
    4/10
    Trust
    7/10
    Less
    Jas, Victoria reviewed over 5 years ago
  • Overall 8/10
    Best bank I have dealt with

    If my account is overdrawn, prior to loan payment, it will still come out at a later date with no fees.

    Read full review

    If my account is overdrawn, prior to loan payment, it will still come out at a later date with no fees.

    Price
    6/10
    Features
    6/10
    Customer service
    9/10
    Convenience
    8/10
    Trust
    9/10
    Less
    Matthew, Victoria reviewed almost 8 years ago
Bank of Melbourne

About Bank of Melbourne

Formerly St.George in Victoria, The Bank of Melbourne provides a banking alternative to customers with its large range of products in home, personal and business banking. Based in Victoria the Bank of Melbourne offers its customers bank accounts, credit cards, term deposits, private banking services, home loans and personal loans.

See Bank of Melbourne personal loans

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Unsecured Personal Loan

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6.95% p.a.to 17.95% p.a.based on $30,000
over 5 years

SocietyOne

SocietyOne

Unsecured Personal Loan (Fixed)

6.99% p.a.to 9.49% p.a.

6.99% p.a.to 12.2% p.a.based on $10,000
over 3 years

OurMoneyMarket

OurMoneyMarket

Low Rate Personal Loan

6.75% p.a.to 8.48% p.a.

6.96% p.a.to 8.69% p.a.based on $30,000
over 5 years

Symple Loans

Symple Loans

Personal Loan

5.75% p.a.to 21.99% p.a.

6.47% p.a.to 25.11% p.a.based on $30,000
over 5 years

Alex

Alex

Personal Loan

6.95% p.a.to 19.99% p.a.

6.95% p.a.to 19.99% p.a.based on $30,000
over 5 years

Liberty

Liberty

Personal Loan

6.45% p.a.to 26.99% p.a.

6.45% p.a.to 26.99% p.a.based on $30,000
over 5 years

CUA

CUA

Unsecured Personal Loan (Fixed)

9.39% p.a.

9.64% p.a.based on $30,000
over 5 years

Wisr

Wisr

Unsecured Personal Loan

7.95% p.a.to 19.45% p.a.

8.22% p.a.to 19.76% p.a.based on $30,000
over 5 years

Plenti

Plenti

New Car Loan (Fixed)

4.89% p.a.to 8.89% p.a.

5.44% p.a.to 9.46% p.a.based on $30,000
over 5 years

OurMoneyMarket

OurMoneyMarket

Car Loan

5.50% p.a.

5.85% p.a.based on $30,000
over 5 years

Wisr

Wisr

Secured Car Loan

5.19% p.a.to 18.95% p.a.

5.46% p.a.to 19.26% p.a.based on $30,000
over 5 years

Heritage Bank

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4.89% p.a.

5.53% p.a.based on $30,000
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loans.com.au

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New Car Loan (Fixed)

4.67% p.a.

5.22% p.a.based on $30,000
over 5 years

P&N Bank

P&N Bank

Secured Personal Loan

6.81% p.a.

7.80% p.a.based on $30,000
over 5 years

CUA

CUA

Secured Car Loan (Fixed)

6.79% p.a.

7.16% p.a.based on $30,000
over 5 years

loans.com.au

loans.com.au

Clean Green Car Loan

3.97% p.a.

4.51% p.a.based on $30,000
over 5 years

NOW Finance

NOW Finance

Unsecured Personal Loan

6.95% p.a.to 17.95% p.a.

6.95% p.a.to 17.95% p.a.based on $30,000
over 5 years

Plenti

Plenti

Unsecured Personal Loan (Fixed)

6.49% p.a.to 8.99% p.a.

6.84% p.a.to 9.34% p.a.based on $30,000
over 5 years

OurMoneyMarket

OurMoneyMarket

Low Rate Personal Loan

6.75% p.a.to 8.48% p.a.

6.96% p.a.to 8.69% p.a.based on $30,000
over 5 years

SocietyOne

SocietyOne

Unsecured Personal Loan (Fixed)

6.99% p.a.to 9.49% p.a.

6.99% p.a.to 12.2% p.a.based on $10,000
over 3 years

Alex

Alex

Personal Loan

6.95% p.a.to 19.99% p.a.

6.95% p.a.to 19.99% p.a.based on $30,000
over 5 years

Liberty

Liberty

Personal Loan

6.45% p.a.to 26.99% p.a.

6.45% p.a.to 26.99% p.a.based on $30,000
over 5 years

CUA

CUA

Unsecured Personal Loan (Fixed)

9.39% p.a.

9.64% p.a.based on $30,000
over 5 years

Symple Loans

Symple Loans

Personal Loan

5.75% p.a.to 21.99% p.a.

6.47% p.a.to 25.11% p.a.based on $30,000
over 5 years

NOW Finance

NOW Finance

Unsecured Personal Loan

6.95% p.a.to 17.95% p.a.

6.95% p.a.

$0.00

Plenti

Plenti

Unsecured Personal Loan (Fixed)

6.49% p.a.to 8.99% p.a.

6.84% p.a.

$0.00

OurMoneyMarket

OurMoneyMarket

Low Rate Personal Loan

6.75% p.a.to 8.48% p.a.

6.96% p.a.

$0.00

SocietyOne

SocietyOne

Unsecured Personal Loan (Fixed)

6.99% p.a.to 9.49% p.a.

6.99% p.a.

$0.00

Liberty

Liberty

Personal Loan

6.45% p.a.to 26.99% p.a.

6.45% p.a.

$0.00

Alex

Alex

Personal Loan

6.95% p.a.to 19.99% p.a.

6.95% p.a.

$0.00

Symple Loans

Symple Loans

Personal Loan

5.75% p.a.to 21.99% p.a.

6.47% p.a.

$10.00

MoneyPlace

MoneyPlace

Unsecured Personal Loan (Fixed)

6.45% p.a.to 26.99% p.a.

6.45% p.a.

$0.00