Bank of Melbourne Fixed Secured Personal Loan
- Interest Rate (p.a.)
- 6.49% to 12.99%
- Comparison rate (p.a.)
- 7.90% to 14.34%
- Min Loan Amount
- $10,000
Summary
Secure a personal loan with a minimum interest rate in the top 15% of our database.The Bank of Melbourne Fixed Secured Personal Loan has some competitive features including a minimum interest rate in the top 15% of our database and a lower than average application fee.
However its Finder Score of 6.2 places it in the lower end of secured loans we've reviewed. This is mainly due to a $15 monthly fee and the inability to make extra repayments without penalty which reduces its flexibility.
Pros
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Flexible loan repayment options
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Internet banking is available
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Weekly, fortnightly or monthly repayments option
Cons
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$250 application fee applies
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There is a monthly fee of $15
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There are withdrawal fees
Details
Product details
| Product Name | Bank of Melbourne Fixed Secured Personal Loan |
| Interest Rate (p.a.) | 6.49% to 12.99% |
| Comparison rate (p.a.) | 7.90% to 14.34% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $10,000 |
| Max. Loan Amount | $130,000 |
| Loan Security | Secured |
How does Bank of Melbourne Fixed Secured Personal Loan compare?
- Competitive minimum interest rate. Its lowest rate is in the top 15% of lower rates in our database.
- Lower application fee. The $250 application fee is in the top half of lower fees.
- High maximum loan amount. You can borrow a higher amount compared to many other personal loans.
- Lower end Finder Score. This loan's Finder Score of 6.2 places it in the lower end of secured personal loans we have reviewed.
- Monthly fee applies. A $15 monthly fee adds to the overall cost of the loan compared to fee-free options.
- No free extra repayments. You cannot make extra repayments to pay off your loan faster without incurring a penalty unlike some other loans.
How does Bank of Melbourne Secured Personal Loan work?
This personal loan from Bank of Melbourne allows you to access a competitive rate when you attach your car to the loan as security. You can apply for between $10,000 and $130,000.
Fixed rates start from 6.49% p.a., with a comparison rate of 7.90% p.a. The rate you receive will depend on the value of the car you use as security.
How to apply
Applying for this loan is simple – just click "Go to Site" if you would like to begin the application process. You need to meet the following eligibility criteria to apply:
- You are over the age of 18
- You are a permanent Australian resident or Australian citizen
- The vehicle you are attaching to the loan as security meets the following requirements:
- It is registered in your name when purchased. If it is registered in two names you'll need to submit a joint application
- It is a four-wheel vehicle that has never been extensively damaged or written off
- It will be 12 years old or less at the end of the loan term
- It's covered for one year's full comprehensive car insurance
To submit your application, have the following information on hand:
- Identification: Australian driver's licence, Medicare card, passport, Australian birth certificate or NSW photo card. If applicable, your foreign tax details.
- Details of your income and employment
- Information regarding your assets and liabilities
Features of this loan
- Fixed rate. Opt for a competitive fixed rate from 6.49% p.a. Keep in mind these rates may change once Bank of Melbourne has determined the value of the car.
- Flexible repayment options. Make repayments when they suit your budget, either weekly, fortnightly or monthly.
- Loan terms. Terms are between 1 to 7 years.
- Loan amounts. You can apply for between $10,000 and $130,000 with this loan.
- Fees. An establishment fee of $250 and a monthly fee of $15 applies.
How much does the Bank of Melbourne Secured Personal Loan cost?
- Administration fee. You will pay a monthly fee of $15.
- Early repayment fee. You will be charged $150 if you repay your loan within the first 12 months. You will also pay $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 pay a $15 each time your direct debit payment fails.
- PPSR Fee. $6 PPSR fee (applies only if purchasing and securing against a vehicle).
You may also have to pay break costs if you repay your fixed rate loan early.
Remember that while Bank of Melbourne's Secured Personal Loan is a viable option to consider, make sure to compare personal loans before you apply to find the best loan for your needs.