If you’re looking to borrow some much-needed funds at a competitive interest rate, Bank of Melbourne’s Secured Personal Loan may be the right loan for you.
Bank of Melbourne’s Secured Personal Loan is available with a competitive fixed or variable interest rate to suit your borrowing needs. It also features flexible repayment options, a redraw facility and a customer service team to respond to all your queries.
Things to consider about the Bank of Melbourne Secured Personal Loan
Bank of Melbourne’s Secured Personal Loan requires you to use your car as security for your loan, which allows them to offer you a competitive rate. You can choose between a fixed or variable interest rate, while flexible repayment options are available to keep your payments within your financial capacity. The loan can be quickly and conveniently applied for online.
|Product Name||Bank of Melbourne Variable Secured Personal Loan|
|Interest Rate (p.a.)||From 12.74% (variable)|
|Comparison Rate (p.a.)||13.62%|
|Interest Rate Type||Variable|
|Minimum Loan Term||1 year|
|Maximum Loan Term||7 years|
|Min Loan Amount||$3,000|
|Max. Loan Amount||$80,000|
|Monthly Service Fee||$9|
- You can choose between fixed or variable interest rate
- Flexible repayment options of weekly, monthly and fortnightly
- Protect your loan with Consumer Credit Insurance
- Minimum loan amount of $3000
- Establishment fee of $195 required
- There is a monthly fee of $9 for administration charges
Features of the Bank of Melbourne Secured Personal Loan
- Competitive interest rate. The ability to offer your car as security lets you take advantage of lower interest rates than would be available on an unsecured loan.
- Flexible repayment options. Borrowers can choose to pay weekly, fortnightly or monthly, with the option of making extra repayments to pay back your loan sooner.
- Loan term. You can borrow money for up to five years for fixed interest rate loans and up to seven years for variable interest rate loans.
- Convenient redraw facility. Bank of Melbourne offers a redraw facility that gives you a way to make extra repayments for variable interest rate loans and then redraw the money when you need it.
- Internet banking. Track and manage your loan repayments and access your statements online with the convenience of Internet banking.
- Loan protection. You can protect your loan as Bank of Melbourne offers consumer credit insurance.
- Fast and simple application process. Applying for a Secured Personal Loan online is fast and simple. It usually takes only 15 minutes. You will usually receive a response within 60 seconds of completing your application.
How to apply for the Bank of Melbourne Secured Personal Loan
Click on ‘Go to Site’ if this loan sounds right for your needs. You don’t have to be an existing customer in order to apply online. To be eligible, you need to be at least 18 years of age, of good credit rating and a permanent Australian resident.
In addition to the minimum requirements set, you need to provide the following information:
- Driver’s licence
- Employment details. Include your employer’s name, address and contact number
- Income details
- Assets, savings or investment details
- Liability details, including credit cards and all other debts
- Personal reference. Include your reference’s name, address and contact number
- Recent tax information. This requirement applies to self-employed individuals
Bank of Melbourne’s Secured Personal Loan offers a range of features and benefits to prospective borrowers. However, make sure to compare your options before deciding which loan is the right one for you.