Bank of Melbourne Unsecured Personal Loan

Enjoy competitive fixed or variable rates and an online application with Bank of Melbourne’s Unsecured Personal Loan.

Bank of Melbourne offers an Unsecured Personal Loan as a fixed or variable rate option. The variable interest loan features flexible repayments and a redraw facility. In addition, the option to make extra repayments gives you more financial freedom as you are able to pay off your loan quicker and save money on interest charges.

No reviews yet. Write a review


From 12.99% (variable)

Interest Rate (p.a.)

14.06%

Comparison Rate (p.a.)

$2,000

Min Loan Amount

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product NameBank of Melbourne Unsecured Variable Rate Personal Loan
Interest Rate (p.a.)
From 12.99% (variable)
Comparison Rate (p.a.)14.06%
Interest Rate TypeVariable
Min Loan Amount$2,000
Max. Loan Amount$50,000
Loan SecurityUnsecured

Main points to consider with 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. You can choose between a fixed or variable interest rate; if you opt for the variable interest option you can make extra repayments each month to pay off your loan faster.

Rates start from 12.99% p.a. for both fixed and variable loans, with a comparison rate of 14.06% p.a. Your individual rate will vary based on your credit history and application.

Features of the Bank of Melbourne Unsecured Personal Loan

  • Convenient redraw facility. Gain access to extra payments you have made with Melbourne Bank's redraw facility. This feature is only available on variable interest rate loans, with a minimum redraw amount of $500 and a $10 fee per withdrawal.
  • Flexible personal loan repayment options. You can choose the repayment option that suits your financial needs. You can opt for a variable interest rate that allows you to make extra repayments each month, or a fixed interest rate to give you the peace of mind that comes with locked-in repayments.
  • Loan term options. Depending on your financial situation, you can choose a term to suit your need. Terms are available from 1 to 5 years for fixed interest rate loans, or up to 7 years for variable loans.
  • Loan amount. Borrow between $2,000 up to $50,000.
  • 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

  • $195 establishment fee.
  • Monthly fee. You will pay a $12 administration fee each month.
  • Redraw fee. You will pay $10 each time you use the redraw facility on your variable loan.
  • Early repayment fee. You will pay $150 if you fully repay the loan within the first 12 months, or $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 be charged $9 every time a repayment made via direct debit 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 about 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.

Compare other personal loans

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.
Borrow up to $50,000 with interest rate from 5.75% p.a. to 25.99% p.a. and earn 1 Qantas Point for every $1 borrowed.
Plenti Personal Loan

From 5.43% (fixed)
5.43%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 5.43% p.a. and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.

⭐ Finder Exclusive: Eligible applicants with excellent credit will receive rates starting from 5.43% p.a. (comparison rate 5.43% p.a.). Offer ends 30 June 2021. T&Cs apply.

Harmoney Unsecured Personal Loan

From 5.35% (fixed)
6.14%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
SocietyOne Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

⭐ Finder Exclusive: Get a $200 cashback if your loan is approved by June 30 2021. T&Cs apply.
Alex Personal Loan

From 5.45% (fixed)
5.45%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.45% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 30 June 2021.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a.
A credit limit up to $40,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021. The interest rate doesn’t change based on your risk profile, so you know your rate before you apply.
OurMoneyMarket Personal Loan

From 5.35% (fixed)
6.31%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 5.35% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

⭐Special Offer: If your loan is approved before June 30th, you will get a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months regardless of your credit score.
ANZ Fixed Rate Personal Loan
8.99% (fixed)
9.88%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate of 8.99% p.a. ( comparison rate 9.88% p.a. )
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
Wisr Personal Loan

From 6.49% (fixed)
6.49%
$5,000
3 to 7 years
$0
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.

Special Offer: Apply here and get your loan funded to waive the standard $595 application fee. Offer ends on 30 June 2021. T&Cs apply.
ANZ Variable Rate Personal Loan
10.50% (variable)
11.38%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate of 10.50% p.a. ( comparison rate 11.38% p.a. )
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
Plenti Variable Rate Personal Loan

From 5.43% (variable)
5.43%
$2,001
1 to 3 years
$0 to $999
$0
You'll receive a variable rate from 5.43% p.a and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.

⭐ Finder Exclusive: Eligible applicants with excellent credit will receive rates starting from 5.43% p.a. (comparison rate 5.43% p.a.). Offer ends 30 June 2021. T&Cs apply.
Pepper Money No Fee Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $50,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
NAB Personal Loan Unsecured Variable Rate

From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
loading

Compare up to 4 providers

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Ask an expert

To ask a question simply log in via your email or create an account.

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, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

7 Comments

    Default Gravatar
    ally
    November 13, 2018

    Can I apply for a personal loan under $5000 if I’m working self employed since January 2018? I get paid weekly. If so, what supporting docs do you need?

      Avatarfinder Customer Care
      John
      November 13, 2018

      Hi Ally,

      Thank you for reaching out to finder.

      Since you mentioned that you are self employed, please see additional documents required below for a Bank of Melbourne Unsecured Personal Loan:

      Assets, savings and investment details
      Information regarding your current credit account
      Information about your spending and other expenses
      One personal reference that includes their name, address and contact number
      Recent tax information if you are self-employed

      Hope this helps!

      Cheers,
      Reggie

    Avatarfinder Customer Care
    Dee
    May 21, 2017

    Hi Steve,

    Thanks for your question.

    To apply for a Bank of Melbourne loan, if you are a full-time employee, you must be able to present at least 2 payslips. If you are a part-time employee, the minimum time you must have been employed is 6 months.

    If you like to check the employment requirement of other lenders or if you want to compare new employee personal loans, you may check our guide on, “Personal loans available to new employees.”

    I hope this helps.

    Cheers,
    Anndy

    Default Gravatar
    DI
    August 24, 2015

    I want to pay off loans and get an extra 5500 would this be possible I work full time and also get centrelink payments as a carer it would total about 10,500 all up

      Avatarfinder Customer Care
      Elizabeth
      August 24, 2015

      Hi DI,

      Thanks for your question.

      You meet the minimum eligibility criteria for this loan so you may be eligible. When you submit your application you will send through details of your employment, Centrelink benefits and your plans for the loan and Bank of Melbourne will determine whether you can manage the repayments. If you have specific questions regarding your application or your chances of being approved you will need to contact Bank of Melbourne directly.

      I hope this has helped.

      Thanks,

      Elizabeth

    Default Gravatar
    Marie
    August 16, 2015

    Can you obtain a loan if on the Single Parent Pension?

      Avatarfinder Customer Care
      Elizabeth
      August 17, 2015

      Hi Marie,

      Thanks for your question.

      The minimum eligibility criteria for this loan is that you are over the age of 18 and a permanent Australian resident. You will not to show that the income you receive is sufficient to meet your repayments, though. You may want to get in contact with Bank of Melbourne directly if you want to discuss your eligibility.

      I hope this has helped.

      Thanks,

      Elizabeth

Go to site