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 Review

Review published: 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.

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

Product Type Overall Rating Price Features Service Convenience Trust
7.3

Based on 18
Bank of Melbourne personal loans reviews

7.1 6.8 7.3 7.3 7.1

Read Bank of Melbourne personal loan reviews by the Mozo community

Latest reviews of Bank of Melbourne Secured Personal Loan

Bank of Melbourne

Bank of Melbourne Secured Personal Loan (Fixed) personal loan review

Overall rating   10 / 10

Good customer service

Awesome bank.

Full review

Awesome bank.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Jason (WA), reviewed almost 3 years ago

Bank of Melbourne

Bank of Melbourne Secured Personal Loan (Fixed) personal loan review

Overall rating   10 / 10

Good service and will go ahead

Give it with trust and no paperwork.

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 (VIC), reviewed about 3 years ago

Bank of Melbourne

Bank of Melbourne Secured Personal Loan (Fixed) personal loan review

Overall rating   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

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 (VIC), reviewed over 3 years ago

Bank of Melbourne

Bank of Melbourne Secured Personal Loan (Fixed) personal loan review

Overall rating   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.

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 (VIC), reviewed over 5 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Currently showing

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

  • no

  • no

  • none

  • none

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

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.

*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. WARNING: 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.

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