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 type | Name | Min loan amount | Max loan amount | |
|---|---|---|---|---|
| | Fixed | Secured Personal Loan (Fixed) | $3,000 | $80,000 |
| | Variable | Secured Personal Loan (Variable) | $3,000 | $80,000 |
Loan: $3,000 $80,000
Loan: $3,000 $80,000
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.
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.
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
7.49% p.a. fixed
8.60% p.a.based on $30,000
over 5 years
$195.00
$12.00
$15.00
$0.00
$150 within first year or $100 after. Break costs may apply.
$3,000.00
$80,000.00
1 Year
5 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.
Variable
12.74% p.a.variable
13.81% p.a.based on $30,000
over 5 years
$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
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.
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.
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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SocietyOne
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6.99% p.a.to 10.49% p.a.
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Unsecured Personal Loan (Fixed)
6.39% p.a.to 8.69% p.a.
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