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.

Product NameBank of Melbourne Unsecured Personal Overdraft
Interest Rate (p.a.)14.99% (variable)
Comparison Rate (p.a.)
Interest Rate TypeVariable
Min Loan Amount$500
Max. Loan Amount$20,000
Loan SecurityUnsecured


  • No minimum repayment amount
  • Access your funds 24/7
  • A $0 application fee applies


  • There is a service fee of to pay each month

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 .

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 , 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 .
  • 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.

Required information

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.
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