Bank of Melbourne Unsecured Fixed Rate Personal Loan

Enjoy competitive fixed rate and flexible repayment options.

Bank of Melbourne offers an Unsecured Personal Loan with a competitive fixed rate. This rate gives you the confidence to budget with steady repayments throughout your loan term. Find out more about this loan in the review below.

Product NameBank of Melbourne Unsecured Fixed Rate Personal Loan
Interest Rate (p.a.)From 12.99% (fixed)
Comparison Rate (p.a.)14.06%
Interest Rate TypeFixed
Min Loan Amount$2,000
Max. Loan Amount$40,000
Loan SecurityUnsecured

Pros

  • Competitive interest rate
  • Fast application process
  • Flexible repayment options

Cons

  • Application fee of $195
  • There is a monthly fee of $12
  • There are withdrawal fees

Main points to consider about the Bank of Melbourne Unsecured Personal Loan

As this is an unsecured personal loan there is no need for you to use any of your assets as a guarantee. The loan comes with a fixed rate so your repayments will remain the same for the loan term.

Rates start from 12.99% p.a., with a comparison rate of 14.06% p.a.. Your rate will vary based on your application and credit history, with a maximum rate of 18.9% p.a..

Features of the Bank of Melbourne Unsecured Personal Loan

  • Flexible personal loan repayment options. Repay your loan weekly, fortnightly or monthly to suit your budget.
  • Loan term options. Depending on your financial situation, you can choose a term to suit your need. Terms are available from 1 year(s) to 5 year(s).
  • Loan amount. Borrow between $2,000 up to $40,000.
  • Fast and simple application process. The online application takes about 15 minutes and you’ll then receive a response within 60 minutes.
  • Internet banking. Check your e-statements and keep track of your repayments online.
  • Loan protection. Feel secure with personal credit insurance from Bank of Melbourne.

Fees and charges

  • $12 Monthly fee. You will pay an administration fee every month.
  • Redraw fee. You are charged $10 each time you redraw on your variable rate loan.
  • Early repayment fee. If you fully repay the loan within the first 12 months, you will pay a $150 fee. This is reduced to $100 if you repay the loan after the first 12 months, but before the end of the loan term.
  • Direct debit failure fee. There is a $9 charge every time a your direct debit repayment fails.

You may also have to pay break costs if you repay your fixed rate loan early.

How to apply for the Bank of Melbourne Unsecured Personal Loan

If you're ready to apply for this loan, you can click "Go to Site" to submit your application. Remember to check the eligibility criteria before you apply:

To be eligible for the Bank of Melbourne Unsecured Personal Loan, you must:

  • Be at least 18 years old
  • Are an Australian citizen or Australian permanent resident

In addition to the basic requirements, you need to provide the following details when you apply:

  • Your employer’s name, address and phone number are required
  • Weekly after-tax income for each applicant
  • Assets, savings and investment details
  • Information regarding your current credit account
  • Information regarding your spending and other expenses
  • One personal reference that includes their name, address and contact number
  • Recent tax information if you are self-employed

Bank of Melbourne’s Unsecured Personal Loan is a viable option for prospective borrowers. However, make sure to compare your personal loan options and consider which can offer you the best benefits and features.

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