Bank of Melbourne Personal Loans
Borrow up to $50,000 for an unsecured loan and $130,000 for a secured loan. Interest rates vary based on type of loan.
Key takeaways
- Bank of Melbourne offers secured personal loans up to $130,000 and unsecured options up to $50,000.
- Expect a $250 application fee and a $15 monthly fee on their personal loan products.
- Fixed rates often start from 6.49% p.a. for secured loans with terms from one to seven years.
What different scores mean
9+
Excellent
The crème de la crème of personal loans. These products offer the lowest cost loans accompanied by the best features.
7+
Great
Slightly higher in cost and fewer features, but these products are still competitive.
5+
Standard
Typically offering above average rates and possibly lacking in the features department.
0+
Basic
The least competitive in terms of both cost and features.
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How to apply for a Bank of Melbourne personal loan
Applying online is a straightforward process. You'll need to meet general eligibility requirements including:
- Being at least 18 years of age
- Being an Australian citizen or a permanent resident of Australia
- Being in paid employment
Compare other products from Bank of Melbourne
- Bank of Melbourne credit cards
- Bank of Melbourne home loans
- Bank of Melbourne savings accounts
- Bank of Melbourne business loans
- Bank of Melbourne home insurance
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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….
Hi Stacey,
Thanks for your comment.
To get more information on institutions that take Centrelink payments, please read through the guide to understand more on how this works.
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