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.

If you opt for the fixed rate option you'll have the confidence of budgeting with steady repayments throughout your loan term. Find out more about this loan in the review below.

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$40,000
Loan SecurityUnsecured

Pros

  • Access additional repayments with a redraw (variable only)
  • Terms available up to 7 years
  • Choose weekly, fortnightly or monthly repayments

Cons

  • Monthly fee of $12
  • Early exit fees apply

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 year(s) to 5 year(s) for fixed interest rate loans, or up to 7 year(s) for variable loans.
  • 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

  • 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.

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7 Responses

  1. Default Gravatar
    allyNovember 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?

    • finder Customer Care
      JohnNovember 13, 2018Staff

      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

  2. finder Customer Care
    LouMay 21, 2017Staff

    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 employees personal loans, you can visit this page.

    Cheers,
    Anndy

  3. Default Gravatar
    DIAugust 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

    • finder Customer Care
      ElizabethAugust 24, 2015Staff

      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

  4. Default Gravatar
    MarieAugust 16, 2015

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

    • finder Customer Care
      ElizabethAugust 17, 2015Staff

      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

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