Bank of Melbourne Unsecured Personal Loans


The Bank of Melbourne Unsecured Personal Loans features a competitive rate and option to choose a fixed or variable rate. Borrow up to $40,000.


Interest Rate - Fixed
12.99 % p.a.

Interest Rate - Variable
12.99 % p.a.
Establishment Fee
$195
Monthly Service Fee
$12

Borrow up to $40,000, with flexible loan repayment options

Choose between a fixed rate or variable rate. A fixed rate allows for set repayments for simpler budgeting while a varible rate lets you pay your loan off sooner with fewer fees.

  • Interest Rate - fixed
    12.99% p.a.
  • Comparison Rate - fixed
    14.06% p.a.^
  • Interest Rate - variable
    12.99% p.a.
  • Comparison Rate - fixed
    14.06% p.a.^
  • Establishment Fee
    $195
  • Early repayment fee
    $150 + break costs apply on fixed loans
  • Monthly Service Fee
    $12
  • Missed Payment Fee
    $9
  • Declined direct debit fee
    $9


Secure online application


  • Clicking the Apply Now button will take you to your Online Application on the bank's website.
  • Your application will take less than 10 minutes to complete

Some Benefits of Bank of Melbourne Unsecured Personal Loans

  • Choose between a fixed rate or variable rate

    Fixed rate allows for set repayments for simpler budgeting. Varible rate lets you pay your loan off sooner with fewer fees.

  • Consolidate debts

    Consolidate debts to a single loan, with one rate, regular repayment and set of fees.

  • Redraw facility on variable rate loans

    Redraw a minimum of $500 from your loan amount if you need to, provided you’re at least $500 ahead on your repayments.

  • Loan terms

    Choose a loan term of 1-7 years to suit your circumstances and make weekly, fortnightly or monthly repayments.

  • Internet banking access

    Manage your loan and track repayments online or through your mobile banking app.

The Bank of Melbourne Unsecured Personal Loan

With the Bank of Melbourne Unsecured Personal Loan you can borrow up to $40,000, with flexible loan repayment options on offer and the choice of fixed or variable rate interest. You can take advantage of the loan’s redraw facility if needed.

What we love...

Even if you’re not using the loan to buy a car, there is plenty to love about this personal loan. One of the things we like best about this Bank of Melbourne offering is its flexibility. You can benefit from flexible loan options, with the choice of weekly, fortnightly or monthly repayments.

You can also choose to apply for either a fixed rate personal loan or a variable rate personal loan. If you choose a fixed rate loan, your loan term can range from one to five years, or if you opt for a variable rate loan, you can take out your loan over one to seven years.

What’s not so great...

It is worth pointing out that although there is an advertised rate of interest on the Bank of Melbourne Unsecured Personal Loan, the bank’s risk-based pricing means the loan interest rate may vary between 12.49% p.a. and 19.99% p.a. depending on its credit assessment and the detail in your application.

Note, your loan is more likely to be approved if you’ve been with Bank of Melbourne for six months or more. It’s also worth paying attention to the fees you will pay on this loan. There is a sizeable establishment fee to take into account, plus a monthly administration fee, a redraw fee and an early repayment fee.

Why should you choose this personal loan?

If you’re looking for flexible options on a loan amount between $2,000 and $40,000, the Bank of Melbourne Unsecured Personal Loan could be the perfect option for you. You can take out the loan to use as you wish, without having to put down an asset as security.

With a fixed rate loan, you will know how much your repayments will be, and when your loan will be paid off. With a variable rate loan, you may save on interest if the bank’s interest rates fall, and you can take advantage of the loan’s redraw facility (as long as you’re at least $500 ahead on your repayments). Each redraw request is subject to approval and a fee.

Lastly, this personal loan is easy to manage, with internet banking access allowing you to manage your loan and track your repayments online or through your mobile banking app.

Overall Rating

A flexible personal loan option offering the choice of variable or fixed rates, with loan terms over one to seven years, and features such as redraw available on variable rate loans.

Other Pros

  • A fixed interest rate of 12.99% p.a. (comparison rate of 14.06 p.a.^) available for new loans only
  • A variable interest rate of 12.99% p.a. (comparison rate of 14.06 p.a.^) available for new loans only

Cons

  • $150 Early repayment fee if you fully repay the loan within the first 12 months (you will also have to pay break costs on early repayment of a fixed rate loan)
  • $100 Early repayment fee if you fully repay the loan after the first 12 months and before the end of the loan term (you will also have to pay break costs on early repayment of a fixed rate loan)

Bank of Melbourne Unsecured
Personal Loans

Apply now

How to apply for a Bank of Melbourne Unsecured Personal Loan

If you are interested in applying for a Bank of Melbourne Unsecured Personal Loan, then it is as easy as clicking the 'apply now' button to be redirected to the online application form. Take a look at the application criteria and what you will need to apply:



Application criteria

Make sure you meet the following criteria before you apply:

  • Aged 18 years or over
  • Regular permanent income
  • You need to be a permanent resident of Australia

Required information

  • Identification
  • Financial information, including details of your existing financial commitments
  • Income and employment details

If this loan sounds like it is right for you, hit the 'apply now' button to get the application process started.

Bank of Melbourne Unsecured Personal Loans