Bank of Melbourne Variable Secured Personal Loan

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

  • Please note that this product is no longer available. The information on this page has been kept for the benefit of those who are interested and historical records only. You can compare other Personal loans.

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 variable, which means that your repayments will fluctuate only a monthly basis depending on the market rate. 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. Loan terms range from 1 to 7 years. Rates range from 6.49% p.a. to 12.99% p.a. Fees include a monthly administration fee of $12 and an establishment fee of $195.

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From 6.49% (variable)

Interest Rate (p.a.)

7.61%

Comparison Rate (p.a.)

$3,000

Min Loan Amount

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Details

Product NameBank of Melbourne Variable Secured Personal Loan
Interest Rate (p.a.)
From 6.49% (variable)
Comparison Rate (p.a.)7.61%
Interest Rate TypeVariable
Min Loan Amount$3,000
Max. Loan Amount$80,000
Loan SecuritySecured

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 Variable 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.

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