Bank of Melbourne Unsecured Personal Overdraft
Enjoy borrowing on your own terms with an unsecured personal overdraft from Bank of Melbourne.
With no regular minimum repayments, credit linked to your Bank of Melbourne transaction account and you only paying interest on the money you use, this overdraft makes for a competitive offering. An overdraft is a pre-approved extension of the amount you have available in your account, giving you peace of mind when you’re caught short and helping you to manage your personal cash flow.
Take a look at the features and benefits of an unsecured personal overdraft from Bank of Melbourne and find out if its the right product for you.
From 14.99% (variable)
Interest Rate (p.a.)
Min Loan Amount
Things to consider about this product
This overdraft facility is linked to your Bank of Melbourne transaction account, meaning you will need to have one of these accounts in order to take advantage of this offering. If you don't have one of these accounts, you can easily apply for one as part of your overdraft application. This facility is available with a Complete Freedom Account.
This overdraft is an unsecured, variable account. This means that while you don't have to attach any asset in order to secure this line of credit, the rate of interest is set to change. The benefit of an overdraft is that you won't pay interest unless you use the funds in the overdraft facility. You should also keep in mind that while there is no establishment fee for this facility, you will have to pay a monthly fee of $5.
Features of the Bank of Melbourne Unsecured Personal Overdraft
This overdraft comes with several features that make it a convenient option for those looking for a line of credit to draw on.
- Interest rate. You'll pay a variable rate of 14.99% p.a. on any funds you use.
- Credit limit. There is a minimum overdraft available for $500, with the maximum being $20,000.
- No minimum repayment. You will not be required to make any minimum ongoing repayments, no matter how much you overdraw on your account. There is also no fixed repayment amount.
- Unsecured. This is an unsecured overdraft, meaning you don't have to risk attaching an asset as a guarantee in order to take out this overdraft.
- Flexible repayments. If you request it, the outstanding amount can be repayable on demand.
- Account and funds access. The overdraft facility is linked to your Bank of Melbourne transaction account, and as such you can have convenient and quick access to your money when you need it.
- Internet banking. You're able to manage your loan repayments and see the state of your account via the internet banking portal.
- Fees. There is no establishment fee, although there is a monthly fee of $5.
- Only pay interest for the money you use. The overdraft facility will stay attached to your account, and you'll only pay interest on the money you use.
How to apply
You don't have to be an existing Bank of Melbourne customer to apply, but you will need to apply for a Complete Freedom Account as part of your application. You need to be over the age of 18 and a permanent Australian resident.
When you apply, make sure you have the following information handy:
- Your employer's name and contact information
- The weekly-after tax income for each applicant
- Information regarding your assets, savings and investments
- Your credit and store cards and their current limits
- Details of your other expenses
- A personal reference including their name and contact information
- Your recent tax information if you are self-employed.
Personal Loan OffersImportant Information*
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.66% p.a. to 19.59% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.34% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off.
You'll receive a fixed rate between 7.5% p.a. and 20.49% p.a. based on your risk profile
A loan from $10,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 7.95% p.a. and 16.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.