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.
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.
- 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
- $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)