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Bank of Melbourne Secured Personal Loan

Advertiser disclosure
Interest rate from
4.99% p.a.to 12.99% p.a.
Comparison rate from
6.13% p.a.to 14.06% p.a.based on $30,000
over 5 years
Upfront fee
$195

Mozo editorial review Bank of Melbourne Secured Personal Loan - last updated: 3 August 2021

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What's hot
  • Fixed rates from 4.99% p.a. fixed interest rate (6.13% p.a. comparison rate*)
  • Flexible repayment schedule
  • 1 to 5 year options
What's not
  • $195 application fee
  • $12 monthly fee
Mozo snapshot

The Bank of Melbourne Secured Loan allows borrowers to choose either a fixed rate or variable rate. Rates are personalised depending on details such as your credit history, with fixed rates starting from 4.99% p.a. (6.13% p.a. comparison rate*) and variable rates starting from 6.49% p.a. (12.99% 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 fee. Plus, remember you’ll need a car to put up as security. 

NOTE: From 20 August 2021, St George will no longer be offering a variable interest rate with its Secured Personal Loan.

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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 offers fixed and variable rates, with fixed rates ranging from 4.99% p.a. to 12.99% p.a. (6.13% p.a. to 14.06% p.a. comparison rate*) and variable rates ranging from 6.49% p.a. to 12.99% p.a. (7.61% 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.

Both the variable and fixed rate loan options allow you to borrow between $3,000 and $80,000 over 1-5 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.

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.

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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 17 September 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

4.99% p.a.to 12.99% p.a. fixed

6.13% p.a.to 14.06% 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

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.

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