Bank of Melbourne Secured Personal Loan
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 loan that suits you best
| Loan type | Min loan amount | Max loan amount | |
|---|---|---|---|
| | Fixed | $3,000 | $80,000 |
| | Variable | $3,000 | $80,000 |
-
Loan: $3,000 $80,000
-
Loan: $3,000 $80,000
8.49% p.a.
9.60% p.a.based on $30,000
over 5 years
$195
Bank of Melbourne Secured Personal Loan
8.49% p.a.
9.60% p.a.based on $30,000
over 5 years
$195
Bank of Melbourne Secured Personal Loan
8.49% p.a.
9.60% p.a.based on $30,000
over 5 years
$195
12.74% p.a.
13.81% p.a.based on $30,000
over 5 years
$195
Bank of Melbourne Secured Personal Loan
12.74% p.a.
13.81% p.a.based on $30,000
over 5 years
$195
Bank of Melbourne Secured Personal Loan
12.74% p.a.
13.81% p.a.based on $30,000
over 5 years
$195
Mozo Review Bank of Melbourne Secured Personal Loan Review
Last updated: 2 August 2018.
What's hot:
8.49% fixed interest rate (9.60% comparison rate)
Flexible repayment schedule
What's not:
$195 establishment 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; 8.49% fixed interest rate (9.60% 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 establish fee and a $12 monthly fee to consider, plus, remember you’ll need a car to put up as security.
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 8.49% (9.60% 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 fixed rate option letting you repay the loan between 1-5 years, while the variable rate option allows repayments between 1 and 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.
Who it's 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.
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 20 October 2018.
Rates
-
Fixed
-
8.49% p.a. fixed
-
9.60% p.a.based on $30,000
over 5 years
Fees
-
$195.00
-
$12.00
-
$9.00
-
$0.00
-
$150 within first year of term, $100 after.
Other financial bits
-
$3,000.00
-
$80,000.00
-
1 Year
-
5 Years
-
Vehicle
Features
-
Weekly, Fortnightly, Monthly
-
yes
-
no
-
none
-
none
Details
Rates and fees information correct as at 20 October 2018.
Rates
-
Variable
-
12.74% p.a.variable
-
13.81% p.a.based on $30,000
over 5 years
Fees
-
$195.00
-
$12.00
-
$9.00
-
$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
Customer Reviews
How are Bank of Melbourne personal loans rated by the Mozo community?
Latest reviews of Bank of Melbourne Secured Personal Loan
- Overall7/10
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.
Price5/10Features4/10Customer service8/10Convenience9/10Trust8/10Less
Alexander | Victoria
reviewed 29 days ago
- Overall10/10
Good customer service
Awesome bank.
Read full review
Awesome bank.
Price10/10Features10/10Customer service10/10Convenience10/10Trust10/10Less
Jason | Western Australia
reviewed almost 3 years ago
- Overall10/10
Good service and will go ahead
Give it with trust and no paperwork.
Read full review
Give it with trust and no paperwork.
Price10/10Features10/10Customer service10/10Convenience10/10Trust10/10Less
Puneet | Victoria
reviewed over 3 years ago
- Overall6/10
Ok ok overall
It's good pricing but customer support is a mess. Long call times and they continuously transfer...
Read full review
It's good pricing but customer support is a mess. Long call times and they continuously transfer to other departments
Price8/10Features7/10Customer service4/10Convenience4/10Trust7/10Less
Jas | Victoria
reviewed over 3 years ago
- Overall8/10
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...
Read full review
If my account is overdrawn, prior to loan payment, it will still come out at a later date with no fees.
Price6/10Features6/10Customer service9/10Convenience8/10Trust9/10Less
Matthew | Victoria
reviewed over 5 years ago
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.
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