Bank of Melbourne offers four types of personal loans, including an unsecured personal overdraft. Their loans can be fixed or variable, with a credit limit of $80,000 for secured loans and $50,000 for unsecured loans. The interest rate for their secured loans is starts at 6.49% for fixed and 6.49% for variable. The rate you receive will depend on the value of the car you use as security. For secured loans, the fixed rate starts at 6.89% p.a. and for variable it is 6.89% p.a. An establishment fee of $195 and a $12 monthly fee apply for all the loans.
Bank of Melbourne personal loan comparison
- Unsecured personal loan. This loan can help finance a holiday, consolidate debt, or can be used to fund any other type of purchase. You can choose between fixed or variable rates, make extra repayments when you can and take advantage of a redraw facility.
- Secured personal loan. Featuring a competitive fixed or variable rate, this loan can help you finance a new or used car. Also, you have access to a redraw facility on the variable rate option.
- Unsecured Personal Loan Overdraft. Also working as a line of credit, this loan gives you access to between $500 and $20,000 worth of funds to overdraw on your account. There are minimal fees on this loan and you'll be charged at a 14.99% p.a. variable rate.
Features and benefits of a Bank of Melbourne personal loan
Whether you're looking to buy a new car, take a holiday, or you just want to safeguard yourself against the unexpected, personal loans from the Bank of Melbourne have a range of competitive features to offer you.
- Choice of fixed or variable. Many of the personal loans from Bank of Melbourne let you select a variable or fixed rate option, so you can tailor your loan and repayments to the way they suit you. Keep in mind that the fixed rate options come with shorter terms, 1 to 7 years, compared to terms of between 1 to 7 years for variable rate loans.
- Loan terms. There are different loan terms available depending on the type of loan you select. You're able to select a term of between 1 to 7 years for a fixed rate loan and 1 to 7 years for a variable rate loan.
- Range of available loan amounts. There are a wide range of loan amounts available, with up to $100,000 able to be borrowed for a new car, or up to $50,000 for an ongoing line of credit. If you're after a smaller loan amount, bank of Melbourne approves loans for as little as $3,000 for secured or unsecured personal loans or $500 with an Unsecured Personal Overdraft.
- Repayment flexibility. For the secured and unsecured personal loan, you're able to choose between weekly, fortnightly or monthly repayments, helping you to line up your repayments with your own pay frequency.
- Redraw facility. There is a redraw facility available on the variable rate options for the unsecured and secured personal loans. This feature lets you get back any additional repayments you make should you need them.
- Optional extras. Personal loans from Bank of Melbourne also come with a range of optional extras that you can take advantage of, including loan insurance, a Visa debit card and a chequebook.
What other products does Bank of Melbourne offer?
As well as personal loans, Bank of Melbourne offers a suite of other products for your personal, business and corporate banking needs.
- Bank accounts. Bank of Melbourne offers transaction accounts, savings accounts, term deposits, cheque accounts, plus a range of tailored business banking accounts.
- Home loans. Their portfolio of home loans includes a Standard Variable Rate Loan, a Fixed Rate Loan, a Portfolio Loan, a Basic Home Loan and a Low Doc Home Loan.
- Credit cards. You can choose from low rate credit cards, rewards credit cards, balance transfer credit cards, no annual fee credit cards, plus a business and corporate credit card option.
- Insurance. Cover options include Home and Contents Insurance, Travel Insurance, Car Insurance, Home Loan Protection, Personal Loan Protection, Credit Card Protection, Landlord Protection and BT Protection plans.
- Investments and super. You can take advantage of BT Super for Life, direct shares Online Broking, financial planning services, Margin Lending and DIY super accounts.
- Business payment solutions. If your business is looking for a way to receive payment from customers, you can look to Bank of Melbourne for EFTPOS, eCommerce and phone solutions as well as customised products.
- Agribusiness. If you're in the agricultural industry you can take out a Farm Management Deposit Account or even Farm Insurance with Bank of Melbourne.
- Corporate banking. There is a range of corporate banking products available, including reporting, business finance, risk management, access to industry specialists as well as international business solutions.
How to apply for a personal loan from Bank of Melbourne
If you're interested in applying for a personal loan from the Bank of Melbourne, you can click "Go to Site" to start your application. To be eligible for a loan with Bank of Melbourne, you:
- Must be over the age of 18
- Need to have an Australian residential address
You'll need the following information to apply:
- Your current employer's name, address and contact number
- Your weekly after-tax income
- Details of your assets, savings and investments
- Limits of your credit cards and store accounts
- Information regarding your other expenses
- One personal reference including their name and contact information
- Recent tax information if you are self-employed.
The online application takes 10 to 15 minutes to complete and you'll receive an immediate response as to whether you've been approved.
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