Bank of Melbourne Fixed Secured Personal Loan

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Get a competitive fixed or variable rate when you attach your car as security with Bank of Melbourne.

This Secured Personal Loan from Bank of Melbourne lets you borrow up to $80,000 as well as access a competitive rate. As a secured personal loan, you'll be required to attach an eligible vehicle as security in order to be eligible.


From 7.49% (fixed)

Interest Rate (p.a.)

8.60%

Comparison Rate (p.a.)

$3,000

Min Loan Amount

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Details

Product NameBank of Melbourne Fixed Secured Personal Loan
Interest Rate (p.a.)
From 7.49% (fixed)
Comparison Rate (p.a.)8.60%
Interest Rate TypeFixed
Min Loan Amount$3,000
Max. Loan Amount$80,000
Loan SecuritySecured

Main factors to consider about the Secured Personal Loan

This personal loan from Bank of Melbourne allows you to access a competitive rate when you attach your car to the loan as security. You can apply for between $3,000 and $80,000.

When you apply for the loan you will need to select a fixed or variable rate. The features of the loan change depending on the type of interest rate you select. This includes how long you can hold the loan for, whether you can pay off the loan early with fewer fees and how low your rate is.

Fixed rates start from 7.49% p.a., with a comparison rate of 8.60% p.a. Variable rates start from 12.74% p.a., with a comparison rate of 13.81% p.a. The rate you receive will depend on the value of the car you use as security.

Features of a Secured Personal Loan from Bank of Melbourne

  • Fixed or variable rate. Opt for a competitive fixed rate from 7.49% p.a. or a variable rate from 12.74% p.a., depending on which better suits your repayment needs. Keep in mind these rates may change once Bank of Melbourne has determined the value of the car.
  • Flexible repayment options. Make repayments when they suit your budget, either weekly, fortnightly or monthly. If you choose the variable rate loans you can make extra repayments to pay off your loan faster.
  • Loan terms. Terms are between 1 to 7 years for variable rate loans, or 1 to 5 years for fixed loans.
  • Loan amounts. You can apply for between $3,000 and $80,000 with this loan.
  • Fees. An establishment fee of $195 and a monthly fee of $12 apply to both loans. A redraw fee of $10 also applies for variable rate loans.

Fees and charges

  • Administration fee. You will pay a monthly fee of $12.
  • Redraw fee. You will pay $10 each time you access the redraw facility on a variable loan.
  • Early repayment fee. You will be charged $150 if you repay your loan within the first 12 months. You will also pay $100 if you repay the loan after the first 12 months, but before the end of the loan term.
  • Direct debit failure fee. You will pay a $15 each time your direct debit payment fails.

You may also have to pay break costs if you repay your fixed rate loan early.

How to apply for a Bank of Melbourne personal loan

Applying for this loan is simple – just click "Go to Site" if you would like to begin the application process. You need to meet the following eligibility criteria to apply:

  • You are over the age of 18
  • You are a permanent Australian resident or Australian citizen
  • The vehicle you are attaching to the loan as security meets the following requirements:
  • It is registered in your name when purchased. If it is registered in two names you'll need to submit a joint application
  • It is a four-wheel vehicle that has never been extensively damaged or written off
  • It will be 12 years old or less at the end of the loan term
  • It's covered for one year's full comprehensive car insurance

To submit your application, have the following information on hand:

  • Identification: Australian driver's licence, Medicare card, passport, Australian birth certificate or NSW photo card. If applicable, your foreign tax details.
  • Details of your income and employment
  • Information regarding your assets and liabilities

Remember that while Bank of Melbourne’s Secured Personal Loan is a viable option to consider, make sure to compare personal loans before you apply to find the best loan for your needs.

Compare other personal loans

Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
IMB New Car Loan
4.99% (fixed)
5.34%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
$0
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
Loans.com.au - New and Dealer Used Car Loan
From 4.67% (fixed)
5.22%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
NRMA New Car Loan
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
Plenti Car Loan
From 4.89% (fixed)
5.44%
$2,000
3 to 7 years
from $249 to $799
$0
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
Wisr Secured Car Loan
From 5.19% (fixed)
5.46%
$5,000
3 to 7 years
$195 (Includes PPSR registration and private sale fee, if applicable)
$0
You'll receive a personalised interest rate from 5.19% p.a. to 17.69% p.a. based on your risk profile
A flexible car loan from $5,000 - $50,000 with personalised rates and rewards for strong credit customers.

NOW Finance Secured Personal Loan
From 4.45% (fixed)
4.45%
$15,000
18 months to 7 years
$0
$0
You'll receive an interest rate from 4.45% p.a. to 15.45% p.a.
Borrow up to $100,000 for terms between 18 months and 7 years. You can use this loan to buy a car, motorbike, boat, motorhome or caravan.
OurMoneyMarket Car Loan
From 5.5% (fixed)
5.85%
$2,001
1 to 7 years
$250
$0
You'll receive a fixed interest rate from 5.5% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 10 years.
Latitude Personal Loan (Secured)
From 5.99% (fixed)
7.26%
$3,000
1 to 7 years
Loans under $5000 - $140
$13
You'll receive a fixed rate between 5.99% p.a. and 21.99% p.a. based on your risk profile
Lock in a competitive fixed rate when you offer security. Loan can be used for any purpose and repayments are flexible. You can check your interest rate before applying with no impact to your credit score.
NRMA Used Car Loan
From 6.49% (fixed)
7.19%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.49% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
Credit Concierge Car Loan
From 3.99% (fixed)
5.08%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.99% p.a. with a comparison rate of 5.08% p.a.
Get access to over 20 providers to fund a new or used car.

Stratton Finance New Car Loan
From 4.05% (fixed)
5.63%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 4.05% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
Driva Car Loan
From 3.95% (fixed)
5.1%
$2,000
1 to 7 years
$295 (Varies by lender, starting from $295)
$10
You'll receive a fixed rate from 3.95% p.a.
Borrow up to $250,000 with loan terms from 1 to 7 years. Get access to a range of lenders.
NAB Personal Loan Unsecured Fixed
From 9.99% (fixed)
10.88%
$5,000
1 to 7 years
waived
$10
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% 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% (13.56% comparison rate) or less. See Comparison rate warning in (i) above.
Symple Loans Personal Loan
From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
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Compare up to 4 providers

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 24.79% 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.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. Note: These rates are available until 31 March 2021. Credit, eligibility criteria and terms & conditions apply.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% 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. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off for applications submitted by 31 March 2021.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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2 Comments

    Default Gravatar
    Cyprian
    September 16, 2016

    Dear Sir,
    I have been offered admission for the professional accounting programme (Master’s level) and I wish to find out if you do grant student loans to international students?

    Thanks for your time and consideration

    CYprian Tsi Che

      Avatarfinder Customer Care
      Elizabeth
      September 16, 2016

      Hi Cyprian,

      You’ve come through to finder.com.au, a financial comparison service and not a lender. Bank of Melbourne does offer personal loans to temporary residents but you need to have at least two years on your visa when you apply and be able to provide proof of taxable income. You can find out which other loans are available to temporary residents on this page.

      I hope this helps,

      Elizabeth

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