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.
The loan offers a number of benefits, including your choice of a fixed or variable rate. Find out more about this loan in this review.
|Product Name||Bank of Melbourne Secured Personal Loan|
|Interest Rate (p.a.)||From 8.49% (fixed)|
|Comparison Rate (p.a.)||9.6%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$3,000|
|Max. Loan Amount||$80,000|
- Flexible loan repayment options
- Internet banking is available
- Weekly, fortnightly or monthly repayments option
- $195 application fee applies
- There is a monthly fee of $12
- There are withdrawal fees
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 8.49% p.a., with a comparison rate of 9.6% 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 8.49% 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 $9 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.