Bank of Melbourne personal loan reviews

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

(as rated by the Mozo community)

7.3 / 10

based on 18 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 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

Less

Danny (VIC), reviewed almost 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

Less

Mark (VIC), reviewed almost 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

Less

Jason (WA), reviewed about 2 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 over 2 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

Less

Sue (VIC), reviewed over 2 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 2 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

Less

Shannan (VIC), reviewed over 2 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

Less

Roxanne (VIC), reviewed over 2 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

Less

Trent (VIC), reviewed over 2 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

Less

David , reviewed about 3 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

Less

John , reviewed over 3 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

Less

Michelle (VIC), reviewed over 3 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

Less

Sandra (VIC), reviewed about 4 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

Less

Mozo reviewer (VIC), reviewed about 4 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

Less

Mozo reviewer (VIC), reviewed about 4 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

Less

Mozo reviewer (VIC), reviewed about 4 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

Less

Kate (VIC), reviewed about 4 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

Less

Mozo reviewer (VIC), reviewed over 4 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 almost 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

Less

Karina (VIC), reviewed almost 5 years ago

Bank of Melbourne

Bank of Melbourne personal loan review

Overall rating   4 / 10

Poor customer service

The new branded Bank of Melbourne is actually Westpac in disguise - their helpdesk (BML) often forget who they are working for; so, in essnece; same crappy Westpac service with no idea about customer loyalty; customer retention etc.

Full review

The new branded Bank of Melbourne is actually Westpac in disguise - their helpdesk (BML) often forget who they are working for; so, in essnece; same crappy Westpac service with no idea about customer loyalty; customer retention etc.

    Price   5 / 10

    Features   3 / 10

    Customer service   2 / 10

    Convenience   7 / 10

    Trust   3 / 10

Less

Anthony (VIC), reviewed over 5 years ago

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Personal loan comparisons on Mozo - rates updated daily

  • Hume Bank Secured Personal Loan (secured by vehicle up to 5 years old, Fixed)

    Hume Bank Secured Personal Loan (secured by vehicle up to 5 years old, Fixed)

    • No monthly fees
    • No fees for early repayment
    • Weekly, fortnightly, or monthly repayments

    interest rate

    5.95% p.a.

    comparison rate*

    6.12% p.a.based on $30,000
    over 5 years

    fees

    $125.00upfront
    and
    $0.00/month

    Go to site

    More info

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,882.21 including fees.

    • No monthly fees
    • No fees for early repayment
    • Weekly, fortnightly, or monthly repayments
    • Other benefits:
    • Upfront fee: $125
    • Monthly fee: $0.00
    • Exit fee: $0.00
    • Repayment options: Weekly, Fortnightly, Monthly
    • Security required: Vehicle
    • Minimum loan amount: $2,000.00
    • Maximum loan amount:
    • Minimum loan term: 1 Year
    • Maximum loan term: 5 Years
    Overall rating

    10.0

    Based on 1 Hume Bank personal loan reviews

    Need more information?
    Go to site

    More info

  • MOZO EXPERTS CHOICE AWARDS 2016

    Harmoney Unsecured Personal Loan (Fixed)

    Harmoney Unsecured Personal Loan (Fixed)

    • Up to $70,000, unsecured. Fast, easy & 100% online
    • No hidden fees or early repayment penalties with Australasia's leading marketplace lending website
    • You're unique, so is your interest rate

    interest rate

    6.99% p.a.to 29.99% p.a.

    comparison rate*

    7.69% p.a.to 31.95% p.a.based on $30,000
    over 5 years

    fees

    $500.00upfront
    and
    $0.00/month

    Go to site

    More info

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,133.67 including fees.

    • Up to $70,000, unsecured. Fast, easy & 100% online
    • No hidden fees or early repayment penalties with Australasia's leading marketplace lending website
    • You're unique, so is your interest rate
    • Other benefits:
    • Upfront fee: $500
    • Monthly fee: $0.00
    • Exit fee: $0.00
    • Repayment options: Weekly, Fortnightly, Monthly
    • Security required: Unsecured
    • Minimum loan amount: $5,000.00
    • Maximum loan amount: $70,000.00
    • Minimum loan term: 1 Year
    • Maximum loan term: 5 Years
    Need more information?
    Go to site

    More info

  • Featured product

     

    Latitude Low Rate Personal Loan (Fixed, Unsecured)

    Latitude Low Rate Personal Loan (Fixed, Unsecured)

    • Available to new Latitude personal loan customers only
    • Applicants must be mortgage holders or homeowners
    • Applicants need an excellent credit score to apply

    interest rate

    10.99% p.a.

    comparison rate*

    12.21% p.a.based on $30,000
    over 5 years

    fees

    $250.00upfront
    and
    $13.00/month

    Go to site

    More info

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 10.99% would cost $40,307.39 including fees.

    • Available to new Latitude personal loan customers only
    • Applicants must be mortgage holders or homeowners
    • Applicants need an excellent credit score to apply
    • Other benefits:
    • Upfront fee: $250
    • Monthly fee: $13.00
    • Exit fee: $150.00
    • Repayment options: Weekly, Fortnightly, Monthly
    • Security required: Unsecured
    • Minimum loan amount: $20,000.00
    • Maximum loan amount:
    • Minimum loan term: 2 Years
    • Maximum loan term: 7 Years
    Overall rating

    4.4

    Based on 63 Latitude personal loan reviews

    Need more information?
    Go to site

    More info

  • IMB Bank Secured Personal Loan (secured by vehicle up to 6 years old, Fixed)

    IMB Bank Secured Personal Loan (secured by vehicle up to 6 years old, Fixed)

    • No monthly fees
    • Flexible terms from 1 - 5 years
    • Fast online conditional approval

    interest rate

    7.39% p.a.

    comparison rate*

    7.74% p.a.based on $30,000
    over 5 years

    fees

    $250.00upfront
    and
    $0.00/month

    Go to site

    More info

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 7.39% would cost $36,224.29 including fees.

    • No monthly fees
    • Flexible terms from 1 - 5 years
    • Fast online conditional approval
    • Other benefits:
    • Upfront fee: $250
    • Monthly fee: $0.00
    • Exit fee: $0.00
    • Repayment options: Monthly
    • Security required: Vehicle
    • Minimum loan amount: $2,000.00
    • Maximum loan amount: $60,000.00
    • Minimum loan term: 1 Year
    • Maximum loan term: 5 Years
    Overall rating

    6.6

    Based on 5 IMB Bank personal loan reviews

    Need more information?
    Go to site

    More info

  • MOZO EXPERTS CHOICE AWARDS 2016

    RateSetter Unsecured Personal Loan (Fixed)

    RateSetter Unsecured Personal Loan (Fixed)

    • Low rates for borrowers with good credit
    • 1 min rate estimate, simple online application
    • No exit fees, no early repayment fees

    interest rate

    8.46% p.a.

    comparison rate*

    9.23% p.a.based on $10,000
    over 3 years

    fees

    $75.00upfront
    and
    $0.00/month

    Go to site

    More info

    Terms from 1 to 5 years. Representative example: a 3 year $10,000 loan at 8.46% would cost $11,432.64 including fees.

    • Low rates for borrowers with good credit
    • 1 min rate estimate, simple online application
    • No exit fees, no early repayment fees
    • Other benefits:
    • Upfront fee: $75
    • Monthly fee: $0.00
    • Exit fee: $0.00
    • Repayment options: Monthly
    • Security required: Unsecured
    • Minimum loan amount: $2,001.00
    • Maximum loan amount: $45,000.00
    • Minimum loan term: 1 Year
    • Maximum loan term: 5 Years
    Need more information?
    Go to site

    More info

Want more? Compare all 190 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 for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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