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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 1 March 2021. 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 1 March 2021. 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

Thumbnail icon for 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.

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