A loan that lets you draw on funds when you need them, but won’t charge you when you don’t.
The Get Set Loan from Bank of Melbourne (BoM) works as a flexible line of credit, letting you use up to and including your credit limit if and when you need to. You’ll only pay interest on the balance you use, and you can use the money to finance anything you want.
|Product Name||Bank of Melbourne Get Set Loan - Line of Credit|
|Interest Rate (p.a.)||17% (variable)|
|Comparison Rate (p.a.)|
|Interest Rate Type||Variable|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$50,000|
- Debit and cheque account combined in one account
- Pay interest only on your balance
- No set repayment term and no expiry date
- Application fee of $150
- Monthly fee of $12
- Penalty for outstanding balances
Main points to consider about the Get Set Loan
This loan acts as a flexible line of credit, letting you draw on your loan amount if and as you need to. The loan has no fixed repayment term and no expiry date, and you can be approved for a line of credit as high as $50,000. Any amount you withdraw from this line of credit will be charged at a variable rate of 17% p.a.
Features of the BoM Get Set Loan
- Loan amount. You can be approved for a credit limit of between $5,000 and $50,000.
- Loan terms. There is no set repayment term for this loan as it acts as a flexible line of credit.
- Interest rate. This line of credit comes with a competitive variable rate of 17% p.a.
- Monthly repayments. You’re required to pay $50 or 1.25% of your outstanding balance each month, whichever is higher, plus any monthly charges and administration fees
- Optional loan protection. You have the option of taking out Bank of Melbourne Get Set Protect, where your loan repayments will be covered in the case of involuntary unemployment, disablement and death.
- Account access. You can access your account online using Internet Banking as well as access your money via Bank of Melbourne, Westpac, St.George and BankSA ATMs.
While the features of a loan are important to consider, so too are the costs. Here is a breakdown of the applicable fees for the Bank of Melbourne Get Set Loan:
- Establishment fee. $150 paid at the onset of the loan
- Administration fee. $12 paid each month or part month of the loan
- Payment dishonour fee. $9 is payable each time a direct debit order for payment from a separate institution is dishonoured
- Payment honour fee. $9 will be charged when Bank of Melbourne approved a transaction that exceeds your credit limit
How to apply
If you’re interested in applying for the Get Set Loan, it’s as easy as clicking the "Go to Site" button. From there you’ll be securely redirected to Bank of Melbourne where you can apply online. The application will take 15 minutes to complete.
- Your current employer’s name, address and contact number
- Information regarding your assets, savings and investments
- Outstanding balances on your credit cards and store accounts
- Details of your expenses
- A personal reference. Include their name, address and contact number
- If you’re self-employed you’ll need your recent tax information