The Bank of Melbourne Secured Loan allows borrowers to choose a fixed rate that is personalised depending on details such as your credit history, with fixed rates starting from 4.99% p.a. (6.13% p.a. comparison rate*). There is some flexibility when it comes to your repayment schedule and loan amount, but be mindful of the $195 establishment fee and a $12 monthly loan account fee. Plus, remember you’ll need a car to put up as security.
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 offers fixed rates ranging from 4.99% p.a. to 12.99% p.a. (6.13% p.a. to 14.06% p.a. 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.
The fixed rate loan options allow you to borrow between $3,000 and $80,000 over 1-7 years. 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.
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.
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.
|
Fixed |
|
|
4.99% p.a.to 12.99% p.a. fixed |
|
|
6.13% p.a.to 14.06% p.a.based on $30,000 |
|
$195.00 |
|
|
$12.00 |
|
|
$15.00 |
|
|
$0.00 |
|
|
$150 within first year of term, $100 after. |
|
$3,000.00 |
|
|
$80,000.00 |
|
|
1 Year |
|
|
7 Years |
|
|
Vehicle |
|
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.
I like this bank because when we needed help we got the help we needed. The pricing is also ok.
Read full reviewI like this bank because when we needed help we got the help we needed. The pricing is also ok.
Awesome bank.
Read full reviewGive it with trust and no paperwork.
Read full reviewGive it with trust and no paperwork.
It's good pricing but customer support is a mess. Long call times and they continuously transfer to other departments
Read full reviewIt's good pricing but customer support is a mess. Long call times and they continuously transfer to other departments
If my account is overdrawn, prior to loan payment, it will still come out at a later date with no fees.
Read full reviewIf my account is overdrawn, prior to loan payment, it will still come out at a later date with no fees.
OurMoneyMarket
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5.35% p.a.to 19.09% p.a.
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6.68% p.a.to 29.2% p.a.based on $30,000
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NOW Finance
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5.95% p.a.to 19.95% p.a.
5.95% p.a.to 19.95% p.a.based on $30,000
over 5 years
OurMoneyMarket
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8.85% p.a.to 11.56% p.a.based on $30,000
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6.09% p.a.
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over 5 years
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6.99% p.a.
8.24% p.a.based on $30,000
over 5 years
Wisr
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5.09% p.a.to 10.74% p.a.
5.92% p.a.to 11.61% p.a.based on $30,000
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OurMoneyMarket
Low Rate Personal Loan
5.45% p.a.to 8.48% p.a.
6.07% p.a.to 8.84% p.a.based on $30,000
over 5 years
Harmoney
Unsecured Personal Loan
5.35% p.a.to 19.09% p.a.
6.14% p.a.to 19.99% p.a.based on $30,000
over 5 years
NOW Finance
Unsecured Personal Loan
5.95% p.a.to 19.95% p.a.
5.95% p.a.to 19.95% p.a.based on $30,000
over 5 years
OurMoneyMarket
Low Rate Personal Loan
8.49% p.a.to 11.19% p.a.
8.85% p.a.to 11.56% p.a.based on $30,000
over 5 years
Great Southern Bank
Unsecured Personal Loan (Fixed)
9.39% p.a.
9.64% p.a.based on $30,000
over 5 years
Latitude
Personal Loan
5.75% p.a.to 25.99% p.a.
6.68% p.a.to 29.2% p.a.based on $30,000
over 5 years
