Find out which personal loan to choose — all you have to do is enter some basic details.
A number of lenders who provide personal loans give their customers the ability to find out what their repayments would look like. They do this by offering online loan calculators. Using these calculators is not particularly difficult, especially if you know a little about them. If you're interested in taking out a personal loan with Bank of Melbourne, bankmecu or BankSA, you can make use of their personal loan calculators to find out how much you're likely to pay. Find out more about these calculators, including how they work and how they can benefit you, in our guide below.
How you can use the calculators
Bank of Melbourne Personal Loan Calculator
Bank of Melbourne offers a personal loan calculator that tells you what your repayments will look like. The final result is based on multiple factors. This calculator can also take Personal Credit Protect Insurance into account when calculating repayments if you wish to opt for it. Details that the calculator requires are as follows:
- Loan type. You’ll have to choose between a secured and unsecured loan.
- Interest option. Do you want a fixed rate loan or a variable rate loan?
- Time to repay. While you can choose a time period anywhere between one and seven years, the loan term depends on the amount you borrow and the interest option you choose.
- Repayment frequency. Will you make weekly, fortnightly, or monthly repayments?
- Loan amount. You can borrow between $3,000 and $80,000 through a secured loan, while the unsecured option gives you access to between $3,000 and $40,000.
Bankmecu Personal Loan Calculator
The bankmecu personal loan repayment calculator gives you a graphic representation of how much you will pay in principal and interest over the course of the loan. You don’t have to enter the interest rate because the calculator picks the existing rate for your chosen loan type automatically. You'll have to enter the following details:
- Loan product. Choose from the different personal loans that bankmecu offers.
- Amount. The minimum you can borrow depends on the loan type while the maximum depends on factors like your ability to repay the loan and your income.
- Loan term. The maximum loan term depends on the type of loan you choose as well as the amount you want to borrow.
- Repayment frequency. Choose between making weekly, fortnightly, and monthly repayments.
BankSA Personal Loan Calculator
The personal loan calculator that BankSA offers is not very different from the one that you’ll find offered by Bank of Melbourne. This calculator can also account for additional Personal Credit Protect Insurance when calculating repayments. Given below are details you have to provide to use the BankSA calculator.
- Loan type. Do you want a secured loan or an unsecured loan?
- Interest option. This requires you to choose between fixed and variable interest rates.
- Time to repay. Choose a loan term in accordance to the repayments you can afford.
- Repayment frequency. Do you want to make repayments once, twice or four times a month? Choosing a frequency which matches with your pay dates can help you to better manage repayments.
- Loan amount. The loan type and loan term have an effect on the minimum amount you can borrow.
When will these bank personal loan calculators come in use?
When you use a personal loan calculator you get a fair idea of what you’re getting into ahead of time. Take a look at the benefits you stand to receive when using one of these calculators:
- Save time. Enter some simple details in the required fields and the calculator does the rest.
- Save money. Using a calculator enables you to compare multiple options and pick the most cost-effective.
- Choose in accordance to budget. Do you want a loan that you can repay quickly and that you don’t mind paying steep repayments towards? Or do you want a long-term loan with lower ongoing repayments? Use a calculator to find out which one might work best.
- Compare interest rates. A small difference in interest rates can have a telling effect on overall repayments — find out how much of an effect with a calculator.
- Compare loan terms. Longer loan terms can reduce your ongoing repayments but cost you more at the end of the loan term, while shorter loan terms can see your monthly repayments skyrocket to an unmanageable level. Using a loan calculator illustrates the effect a loan term has on any given loan.
Personal loan calculator
The personal loan calculator that finder.com.au has in place gives you a clear indication of how your loan progresses through its loan term. It tells you what your repayments will look like and how much you’ll pay in the form of interest, while also illustrating the breakdown of each payment through a graph.
By using the loan comparison calculator you can see how two different loans compare head-to-head. While the loan amount and loan term remain the same for both loans, values like fees and interest rates vary.
Both these calculators let you use details from loans offered by any lending institution.Back to top
Calculate your repayments and borrowing power
If you are looking to take a personal loan from Bank of Melbourne, bankmecu or BankSA you can use the calculator below to get an idea of the figures involved in your comparisons.
What personal loans do these banks offer?
Bank of Melbourne
Bank of Melbourne offers a secured personal loan and an unsecured personal loan, both allowing you to choose between fixed and variable interest rates. The secured loan uses your car as the guarantee. Fixed term loans come with loan terms of between one and five years, and for variable rate loans the term can extend up to seven years. You also have the option of a line of credit loan and personal overdraft with Bank of Melbourne.
Personal loan offerings from bankmecu include a home improvements personal loan, a lifestyle personal loan, and a lifestyle personal loan for property owners. These loans allow you to make extra repayments, and factors like just how much you can borrow, the loan term, and the interest rate, depend on the loan you choose.
You can apply for a secured or unsecured personal loan through BankSA, and you can choose between fixed and variable interest rates with both of these loan types. Variable rate loans allow you to make extra repayments and come with redraw facilities, while fixed rate loans can attract breakaway fees upon early repayment.
Anyone thinking about getting a personal loan should take some time to compare the options at hand. While comparing features is important, knowing how much you’ll have to repay over the course of the loan is also crucial. This is where using a good personal loan calculator can come in handy.