Bank of Melbourne Personal Loans

Rates and Fees verified correct on December 5th, 2016

Enjoy competitive rates, flexibility and a range of optional extras with a personal loan from the Bank of Melbourne.

When you’re looking for a personal loan, sometimes you don’t need to look too far to find what you need. As a self-proclaimed "local bank" that’s based in Victoria, Bank of Melbourne offers you a suite of competitive personal loan products that can help you finance your next purchase, whatever that may be. Take a look at their competitive offerings and see if there’s a personal loan option that’s right for you.

Bank of Melbourne Unsecured Personal Loan

Bank of Melbourne Unsecured Personal Loan Offer

Apply for Bank of Melbourne Unsecured Personal Loan and take an advantage of a low interest rates with affordable fees. Borrow up to $40,000

  • Interest Rate From: 12.99% p.a.
  • Comparison Rate: 13.87% p.a.
  • Interest Rate Type: Variable
  • Application Fee: $195 ($0 for existing customers)
  • Minimum Loan Term: 1 year
  • Maximum Loan Term: 7 year
  • Minimum Loan Amount: $3,000
  • Maximum Loan Amount: $40,000

Bank of Melbourne personal loan comparison

Rates last updated December 5th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
Bank of Melbourne Unsecured Personal Loan
An unsecured personal loan that gives you a choice between a fixed or variable rate.
From 12.99% (variable) 13.87% $3,000 1 to 7 years $195 ($0 for existing customers) Go to site More
Bank of Melbourne Get Set Loan - Line of Credit
This is a flexible line of credit loan from Bank of Melbourne.
From 17% (variable) $5,000 $150 Go to site More
Bank of Melbourne Secured Personal Loan
A low rate personal loan from Bank of Melbourne with variable or fixed option.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
Bank of Melbourne Secured Car Loan
A low rate personal loan from Bank of Melbourne with variable or fixed option.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
Bank of Melbourne Unsecured Personal Overdraft
The overdraft option from Bank of Melbourne is a flexible revolving line of credit
From 14.99% (variable) $500 1 year $0 More
  • 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.
  • Get Set Loan. This loan works as a line of credit whereby you can have access to between $5,000 and $50,000 as you need it. You also can enjoy a redraw facility, a Visa Debit Card and a cheque book as optional extras. This loan comes with a variable rate.
  • 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 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, one to five years, compared to terms of between 1 and 7 years for variable rate loans.
  • Loan terms. As mentioned above, there are different loan terms available depending on the type of loan you select. You’re able to select a term of between and 5 years for a fixed rate loan and one and seven years for a variable rate loan.
  • Range of available loan amounts. There are a wide range of loan amounts available, with up to $80,000 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 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 as well as with the Get Set Loan. 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 cheque book.

What other products does Bank of Melbourne offer?

As well as personal loans, Bank of Melbourne offer 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 after 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 are 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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This page was last modified on 13 May 2016 at 10:04.

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Latitude Personal Loan (Secured)

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SocietyOne Unsecured Personal Loan

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2 Responses to Bank of Melbourne Personal Loans

  1. Default Gravatar
    michelle | October 23, 2014

    Hi was just looking at ways of getting a personal loan and am hoping you may be able to help me…I am receiving centrelink payments of $900pf and have no other source of income…I have a credit card balance owing to the anz of $1100 and various other debts that i am paying off on a weekly/fortnightly basis ranging from payments of $100/$150pf…Ideally i would like to consolidate these debts and was wondering if you could help me…My mother has a 2007 Mitsubishi Sedan valued at $8000 and she is willing to use that as security against my personal loan…Is there anyway you would consider giving me a personal secured loan of $2500/$3000… Look forward to your reply…Thank you very much Stacey….

    • Staff
      Matt | October 23, 2014

      Hi Stacey,

      Thanks for your comment. To get more information on institutions that take Centrelink payments, please read our guide here.

      Most lenders usually set the minimum borrowing amount at $5,000 so it might be worth your while to head into a branch to discuss your options for consolidation and using cars as security.

      Please let us know how you go, and if we could provide anymore information that might help!

      Thanks
      Matt

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