Bank of Melbourne personal loan reviews

Bank of Melbourne
Bank of Melbourne's overall rating for personal loans

(as rated by the Mozo community)

7.1 / 10

based on 27 reviews

Price

Features

Customer service

Convenience

Trust

Featured personal loan from Bank of Melbourne

Recent Bank of Melbourne personal loan reviews

Bank of Melbourne

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

Overall rating   7 / 10

They really helped us when we were struggling

I like this bank because when we needed help we got the help we needed. The pricing is also ok.

Full review

I like this bank because when we needed help we got the help we needed. The pricing is also ok.

    Price   5 / 10

    Features   4 / 10

    Customer service   8 / 10

    Convenience   9 / 10

    Trust   8 / 10

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Alexander, Victoria, reviewed about 1 month ago

Bank of Melbourne

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

Overall rating   10 / 10

Can't recommend them more highly

They are great to deal with.

Full review

They are great to deal with.

    Price   6 / 10

    Features   6 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

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Danny, Victoria, reviewed over 2 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   7 / 10

Good customer service

Easy to approach and talk to about different loans

Full review

Easy to approach and talk to about different loans

    Price   5 / 10

    Features   5 / 10

    Customer service   8 / 10

    Convenience   7 / 10

    Trust   6 / 10

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Mark, Victoria, reviewed over 2 years ago

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

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Jason, Western Australia, 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

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Puneet, Victoria, reviewed over 3 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   1 / 10

Terrible

Banked a lot of years, no customer service .

Full review

Banked a lot of years, no customer service .

    Price   2 / 10

    Features   2 / 10

    Customer service   1 / 10

    Convenience   2 / 10

    Trust   0 / 10

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Sue, Victoria, reviewed over 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

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Jas, Victoria, reviewed over 3 years ago

Bank of Melbourne

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

Overall rating   10 / 10

Awesome

Awesome

Full review

Awesome

    Price   9 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

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Jason, Victoria, reviewed over 3 years ago

Bank of Melbourne

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

Overall rating   8 / 10

Will always stay with this bank

Great customer service, not waiting for hours, lovely people to deal with, Australian call centre.

Full review

Great customer service, not waiting for hours, lovely people to deal with, Australian call centre.

    Price   6 / 10

    Features   6 / 10

    Customer service   10 / 10

    Convenience   8 / 10

    Trust   5 / 10

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Shannan, Victoria, reviewed over 3 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   5 / 10

Transparency

At first they were very helpful but when nearly to the end they will push their own products like insurances. I feel that once I did not take their offer I got given the cold shoulder.

Full review

At first they were very helpful but when nearly to the end they will push their own products like insurances. I feel that once I did not take their offer I got given the cold shoulder.

    Price   5 / 10

    Features   5 / 10

    Customer service   6 / 10

    Convenience   4 / 10

    Trust   4 / 10

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Roxanne, Victoria, reviewed over 3 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   1 / 10

Customer service quick

The information (lack of) in paying off and closing off the loan was terrible as 4 times the loan account was NOT closed off and I was charged admin fees 3 to 4 months after the loan had been paid off. After asking 3 to 4 times if there was...

Full review

The information (lack of) in paying off and closing off the loan was terrible as 4 times the loan account was NOT closed off and I was charged admin fees 3 to 4 months after the loan had been paid off. After asking 3 to 4 times if there was anything I needed to pay off and the answers given (no) each time... VERY unhappy with them.

    Price   2 / 10

    Features   1 / 10

    Customer service   0 / 10

    Convenience   4 / 10

    Trust   0 / 10

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Trent, Victoria, reviewed over 3 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   1 / 10

All banks are pricks

I think all the big banks are all the same

Full review

I think all the big banks are all the same

    Price   2 / 10

    Features   2 / 10

    Customer service   0 / 10

    Convenience   1 / 10

    Trust   0 / 10

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Thomas, , reviewed almost 4 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   6 / 10

Helpful and good

One who helps at any stage of life and is best at my part

Full review

One who helps at any stage of life and is best at my part

    Price   4 / 10

    Features   10 / 10

    Customer service   5 / 10

    Convenience   6 / 10

    Trust   8 / 10

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Paramjit singh, , reviewed almost 4 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   8 / 10

Bank of Melbourne were easy to interact with

The people at the Bank of Melbourne are courteous, professional and knowledgeable of their products.

Full review

The people at the Bank of Melbourne are courteous, professional and knowledgeable of their products.

    Price   7 / 10

    Features   7 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   8 / 10

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David , , reviewed almost 4 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   10 / 10

Life changing, brilliant product, friendly stafd

Helped me roll all my accounts, get my life back on track and borrow enough to purchase an engagement ring and take my partner out to a beautiful place where I proposed to her.

Full review

Helped me roll all my accounts, get my life back on track and borrow enough to purchase an engagement ring and take my partner out to a beautiful place where I proposed to her.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

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John, , reviewed over 4 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   9 / 10

Fast approvals with great customer service

Bank of Melbourne is very customer focussed and provides fast answers to loan applications.

Full review

Bank of Melbourne is very customer focussed and provides fast answers to loan applications.

    Price   8 / 10

    Features   8 / 10

    Customer service   9 / 10

    Convenience   7 / 10

    Trust   8 / 10

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Michelle, Victoria, reviewed over 4 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   10 / 10

Fantastic customer service

Bank of Melbourne is the only bank that really takes the time to personally discuss and answer any questions you may have about any of their products.

Full review

Bank of Melbourne is the only bank that really takes the time to personally discuss and answer any questions you may have about any of their products.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

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Sandra, Victoria, reviewed almost 5 years ago

Bank of Melbourne

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

Overall rating   7 / 10

Competitive features

I believe this financial instition to be reliable.

Full review

I believe this financial instition to be reliable.

    Price   9 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   9 / 10

    Trust   8 / 10

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Name not supplied, Victoria, reviewed almost 5 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   10 / 10

Cleared up all queries

They have it all set up and ready to go when you go to the branch after doing an online application.

Full review

They have it all set up and ready to go when you go to the branch after doing an online application.

    Price   8 / 10

    Features   7 / 10

    Customer service   9 / 10

    Convenience   8 / 10

    Trust   9 / 10

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Name not supplied, Victoria, reviewed about 5 years ago

Bank of Melbourne

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

Overall rating   9 / 10

Great customer service

Not the lowest interest option but customer service and ease of process/administration makes it worthwhile.

Full review

Not the lowest interest option but customer service and ease of process/administration makes it worthwhile.

    Price   8 / 10

    Features   5 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

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Name not supplied, Victoria, reviewed about 5 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   10 / 10

Open six days per week for banking friendly option

Our bank is located nice and handy to my home, the staff are awesome, so I can't moan!

Full review

Our bank is located nice and handy to my home, the staff are awesome, so I can't moan!

    Price   10 / 10

    Features   5 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

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Kate, Victoria, reviewed about 5 years ago

Bank of Melbourne

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

Overall rating   10 / 10

Excellent customer service

I'm very happy with this product. Excellent customer service, awesome assistance and very good explanation. I recommend to everyone go to Bank of Melbourne.

Full review

I'm very happy with this product. Excellent customer service, awesome assistance and very good explanation. I recommend to everyone go to Bank of Melbourne.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

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Name not supplied, Victoria, reviewed over 5 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

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Matthew, Victoria, reviewed over 5 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   2 / 10

Good customer service but rates aren't that great

I do not like this product because: the interest gradually increases, and if you pay it off early, you do not save any money because you must pay your fortnightly payment X the amount of payments left. For the first 2 years you are unable to pay...

Full review

I do not like this product because: the interest gradually increases, and if you pay it off early, you do not save any money because you must pay your fortnightly payment X the amount of payments left. For the first 2 years you are unable to pay it off early without a fee. There is not much I like about this except that they did not deceive us, we knew the truth up front and it gets taken out of our bank each fortnight automatically. The people at the branch are nice, but they are a bank after all, they are there to make money. We must remember that when we are signing, take some responsibility ourselves for the choices we make.

    Price   2 / 10

    Features   2 / 10

    Customer service   4 / 10

    Convenience   4 / 10

    Trust   4 / 10

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Karina, Victoria, reviewed over 5 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   6 / 10

try other credit providers for a fairer deal

Locations are in excellent positions. Personal Loan interest rates & fees are not compatible with online credit unions. If I knew before I was locked into my personal loan I would've tried online personal loans through other Australian credit...

Full review

Locations are in excellent positions. Personal Loan interest rates & fees are not compatible with online credit unions. If I knew before I was locked into my personal loan I would've tried online personal loans through other Australian credit provider. Big difference in interest rates e.g. Bank of Melbourne 16% over three years ($7,000 personal loan) or, a Credit Provider online $9.95% for same caluations.

    Price   5 / 10

    Features   5 / 10

    Customer service   6 / 10

    Convenience   9 / 10

    Trust   5 / 10

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Julie, Victoria, reviewed about 6 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.

Personal loan comparisons on Mozo - rates updated daily

  • SocietyOne Unsecured Personal Loan - Excellent Credit (Fixed)

    SocietyOne Unsecured Personal Loan - Excellent Credit (Fixed)

    • Low rates that reward your good credit
    • Apply online in minutes
    • No monthly or early repayment fees

    interest rate

    7.50% p.a.to 9.99% p.a.

    comparison rate*

    9.51% p.a.to 12.71% p.a.based on $10,000
    over 3 years

    fees

    $300.00upfront
    and
    $0.00/month

    Go to site

    More info

    Terms from 2 to 3 years. Representative example: a 3 year $10,000 loan at 7.50% would cost $11,498.24 including fees.

    • Low rates that reward your good credit
    • Apply online in minutes
    • No monthly or early repayment fees
    • Other benefits:
    • Upfront fee: $300
    • Monthly fee: $0.00
    • Exit fee: $0.00
    • Repayment options: Fortnightly, Monthly
    • Security required: Unsecured
    • Minimum loan amount: $5,000.00
    • Maximum loan amount: $50,000.00
    • Minimum loan term: 2 Years
    • Maximum loan term: 3 Years
    Overall rating

    4.0

    Based on 2 SocietyOne personal loan reviews

    Need more information?
    Go to site

    More info

  • Bank Australia Lifestyle Personal Loan (Variable, Unsecured)

    Bank Australia Lifestyle Personal Loan (Variable, Unsecured)

    • Additional payments accepted
    • No early exit fees
    • Experts Choice Winner 2017 - Australia's Best Bank

    interest rate

    11.89% p.a.

    comparison rate*

    12.94% p.a.based on $10,000
    over 3 years

    fees

    $150.00upfront
    and
    $0.00/month

    Go to site

    More info

    Terms from 1 to 10 years. Representative example: a 3 year $10,000 loan at 11.89% would cost $12,088.25 including fees.

    • Additional payments accepted
    • No early exit fees
    • Experts Choice Winner 2017 - Australia's Best Bank
    • Other benefits:
    • Upfront fee: $150
    • Monthly fee: $0.00
    • Exit fee: $0.00
    • Repayment options: Weekly, Fortnightly, Monthly
    • Security required: Unsecured
    • Minimum loan amount: $1,000.00
    • Maximum loan amount:
    • Minimum loan term: 1 Year
    • Maximum loan term: 10 Years
    Overall rating

    7.6

    Based on 15 Bank Australia personal loan reviews

    Need more information?
    Go to site

    More info

  • HSBC Unsecured Personal Loan (Fixed)

    HSBC Unsecured Personal Loan (Fixed)

    • Apply online and get an instant response in 60 seconds
    • Borrow from $5,000 up to $50,000
    • Fixed set monthly repayment terms to help you manage your budget

    interest rate

    9.50% p.a.to 15.99% p.a.

    comparison rate*

    10.06% p.a.to 16.53% p.a.based on $30,000
    over 5 years

    fees

    $150.00upfront
    and
    $5.00/month

    Go to site

    More info

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 9.50% would cost $38,253.35 including fees.

    • Apply online and get an instant response in 60 seconds
    • Borrow from $5,000 up to $50,000
    • Fixed set monthly repayment terms to help you manage your budget
    • Other benefits:
    • Upfront fee: $150
    • Monthly fee: $5.00
    • Exit fee: $0.00
    • Repayment options: Monthly
    • Security required: Unsecured
    • Minimum loan amount: $5,000.00
    • Maximum loan amount: $50,000.00
    • Minimum loan term: 1 Year
    • Maximum loan term: 5 Years
    Overall rating

    6.4

    Based on 19 HSBC personal loan reviews

    Need more information?
    Go to site

    More info

  • ANZ Unsecured Personal Loan (Fixed)

    ANZ Unsecured Personal Loan (Fixed)

    • A Fixed Personal Loan with terms from 1 to 7 years
    • 60 Sec. Response time
    • Borrow up to $50,000

    interest rate

    12.45% p.a.

    comparison rate*

    13.32% p.a.based on $30,000
    over 5 years

    fees

    $150.00upfront
    and
    $10.00/month

    Go to site

    More info

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 12.45% would cost $41,500.53 including fees.

    • A Fixed Personal Loan with terms from 1 to 7 years
    • 60 Sec. Response time
    • Borrow up to $50,000
    • Other benefits: ANZ Loan Protection Insurance available.
    • Upfront fee: $150
    • Monthly fee: $10.00
    • Exit fee: $300.00
    • Repayment options: Weekly, Fortnightly, Monthly
    • Security required: Unsecured
    • Minimum loan amount: $5,000.00
    • Maximum loan amount: $50,000.00
    • Minimum loan term: 1 Year
    • Maximum loan term: 7 Years
    Overall rating

    6.9

    Based on 1143 ANZ personal loan reviews

    Need more information?
    Go to site

    More info

  • RACQ Bank Unsecured Personal Loan (Variable)

    RACQ Bank Unsecured Personal Loan (Variable)

    • Unlimited additional repayments and no early payout fee
    • Queensland borrowers only
    • Borrow from $3K to $60K

    interest rate

    12.95% p.a.

    comparison rate*

    13.25% p.a.based on $30,000
    over 5 years

    fees

    $200.00upfront
    and
    $0.00/month

    Go to site

    More info

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 12.95% would cost $41,109.47 including fees.

    • Unlimited additional repayments and no early payout fee
    • Queensland borrowers only
    • Borrow from $3K to $60K
    • Other benefits:
    • Upfront fee: $200
    • Monthly fee: $0.00
    • Exit fee:
    • Repayment options: Weekly, Fortnightly, Monthly
    • Security required: Unsecured
    • Minimum loan amount: $3,000.00
    • Maximum loan amount: $60,000.00
    • Minimum loan term: 1 Year
    • Maximum loan term: 5 Years
    Need more information?
    Go to site

    More info

*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.

Want more? Compare all 202 personal loans in the Mozo comparison engine.

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*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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