Bank of Melbourne Fixed Secured Personal Loan

Borrow from $3,000 up to $80,000. This loan is secured and interest rates are personalised.

This Secured Personal Loan from Bank of Melbourne lets you borrow from $3,000 up to $80,000. As this is a secured personal loan, you'll be required to attach an eligible vehicle as security in exchange for lower rates. Interest rates are fixed, meaning that your repayments will not fluctuate from month to month, making repayments predictable. Interest rates are also personalised based on your credit history and information provided. If your credit history is good, you’ll receive a lower rate, while less than perfect credit will result in higher rates.


From 4.99% (fixed)

Interest Rate (p.a.)

6.13%

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 4.99% (fixed)
Comparison Rate (p.a.)6.13%
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.

Fixed rates start from 4.99% p.a., with a comparison rate of 6.13% 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 rate. Opt for a competitive fixed rate from 4.99% p.a.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.
  • Loan terms. Terms are between 1 to 7 years.
  • 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 applies.

Fees and charges

  • Administration fee. You will pay a monthly fee of $12.
  • 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

$
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
4.88% (fixed)
5.23%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPSR fee)
$0
You'll receive a fixed rate of 4.88% 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.
Wisr Secured Car Loan
From 4.74% (fixed)
5.01%
$5,000
3 to 7 years
$195 for refinance and dealer sale ($245 for private sale)
$0
You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile
A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers.

⭐Special Offer: Wisr's standard establishment fee $605 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
Credit Concierge Car Loan
From 3.69% (fixed)
4.23%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.69% p.a. with a comparison rate of 4.23% p.a.
Get access to over 20 providers to fund a new or used car.
Plenti Car Loan
From 4.89% (fixed)
5.44%
$10,001
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.
loans.com.au - New and Dealer Used Car Loan
3.99% (fixed)
4.53%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate of 3.99% 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. Special offer: Settle the loan before 30 June 2022 and enter the draw to win a $1,000 fuel gift voucher. Terms and conditions apply.
Stratton Finance New Car Loan
From 3.69% (fixed)
5.27%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 3.69% 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.
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 3 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
NAB Personal Loan Unsecured Fixed
From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
Driva Car Loan
From 2.85% (fixed)
4.39%
$2,000
1 to 7 years
$295 (Varies by lender, starting from $295)
$10
You'll receive a fixed rate from 2.85% p.a.
Borrow up to $250,000 with loan terms from 1 to 7 years. Get access to a range of lenders.
OurMoneyMarket Car Loan
From 5.35% (fixed)
5.65%
$2,001
1 to 7 years
$250
$0
You'll receive a fixed interest rate from 5.35% 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 7 years.
NRMA Used Car Loan
From 6.24% (fixed)
6.94%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.24% 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.
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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 5.35% p.a. and 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 8.99% 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.

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

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 5.95% p.a. and 19.99% 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, 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. For more details and options, check personal loans for temporary residents.

      I hope this helps,

      Elizabeth

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