Bank of Melbourne Secured Personal Loan

Rates and fees last updated on

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 NameBank of Melbourne Secured Personal Loan
Interest Rate (p.a.)From 8.49% (fixed)
Comparison Rate (p.a.)9.6%
Interest Rate TypeFixed
Min Loan Amount$3,000
Max. Loan Amount$80,000
Loan SecuritySecured

Pros

  • Loan repayment options are flexible
  • Internet banking is available to access your funds
  • Choose weekly, fortnightly or monthly repayments option

Cons

  • $195 application fee applies
  • There is a monthly fee of $12
  • 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 $12 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.

Was this content helpful to you? No  Yes

This page was last modified on 8 July 2016 at 3:18am.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

2 Responses

  1. Default Gravatar
    CyprianSeptember 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

    • Staff
      ElizabethSeptember 16, 2016Staff

      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

Ask a question
feedback