Get behind the wheel of your next car sooner with a Secured Personal Loan from Bank of Melbourne
If you’re looking to finance a car purchase, you can enjoy competitive rates when you use your vehicle as security with a personal loan from Bank of Melbourne. You have a choice of a fixed or variable rate and with loan amounts ranging from $3,000 to $80,000, you have more options for the car you want to buy.
|Product Name||Bank of Melbourne Secured Personal Loan|
|Interest Rate (p.a.)||From 8.49% (fixed)|
|Comparison Rate (p.a.)||9.39%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||1 year|
|Maximum Loan Term||5 years|
|Min Loan Amount||$3,000|
|Max. Loan Amount||$80,000|
|Monthly Service Fee||$9|
- Loan repayment options are flexible
- Internet banking is available to access your funds
- Choose weekly, fortnightly or monthly repayments option
- $195 application fee applies
- There is a monthly fee of $9
- There are withdrawal fees
Features of Bank of Melbourne personal loans
- Fixed or variable rate. Choose between a competitive fixed or variable rate to suit your needs.
- Flexible repayment options. You can choose to make repayments when they suit your budget, either weekly, fortnightly or monthly. Variable rate loans allow you to make extra repayments to pay off your loan faster.
- Loan terms. Terms are between 1 year(s) and 7 year(s) for variable rate loans, or 1 year(s) and 5 year(s) for fixed loans.
- Loan amounts. The Unsecured Personal Loan lets you borrow between $3,000 and $40,000, while the Secured Personal Loan offers amounts between $3,000 and $80,000.
- Fees. An establishment fee of $195 and a monthly fee of $9 apply to both loans. A redraw fee of $10 also applies.
What other products does Bank of Melbourne offer?
- Personal. Products for personal banking customers include Bank Accounts, Home Loans, Credit Cards, Personal Loans and Private Banking.
- Business Banking. Products in this sector include Transaction Accounts, Payment Solutions, Super and Insurance.
- Corporate Banking. This includes Business Solutions, Transaction Banking, Foreign Exchange, Financial Markets and Industry Specialists.
How to apply for a Bank of Melbourne personal loan
Click ‘Go to Site’ if you would like to begin the application process for a Bank of Melbourne personal loan. When you plan to apply for a personal loan from Bank of Melbourne, you should have the following information handy:
- Driver’s licence
- After-tax weekly income details
- Details of your assets, savings and investments
- Repayment amounts and balances owing on any liabilities
You must be 18 years or older and a permanent Australian resident to apply for a loan. While Bank of Melbourne’s two personal loans are viable options to borrowers, make sure to compare personal loans at finder.com.au to find the best loan for your needs.