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Our personal loan rates can be found below. If you need help finding the right loan for you, call us on 13 22 66 or visit a branch.

Secured Personal Loan interest rates

Term Annual rate* Comparison rate^
Fixed interest rate from 6.49% p.a. to 12.99% p.a. 7.61% p.a. to 14.06% p.a.

Unsecured Personal Loan interest rates

Term Annual rate Comparison rate^
Variable interest rate from 7.49% p.a. to 20.59% p.a. 8.40% p.a. to 21.43% p.a.
Fixed interest rate from 7.49% p.a. to 20.59% p.a. 8.40% p.a. to 21.43% p.a.

Unsecured Personal Overdraft interest rate (no longer for sale)

Variable interest rate 14.99% p.a.

The Detail

Personal Loan Terms and Conditions - for customers approved before 18 March 2024.​
Personal Loan Terms and Conditions - for customers who apply, or are approved, on or after 18 March 2024.

Fees and Charges

Internet Phone Banking Terms and Conditions

Unsecured Personal Loans Overdraft General Terms and Conditions - for customers approved before 18 March 2024.​
Unsecured Personal Loans Overdraft General Terms and Conditions - for customers who apply, or are approved, on or after 18 March 2024.

Any advice on this website is general in nature and has been prepared without considering your objectives, financial situation or needs. Please read the product disclaimer and Terms and Conditions documents and consider your individual circumstances before applying for a Bank of Melbourne Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information correct as of 22 May 2024. Interest rates are subject to change.

Our standard variable rate for unsecured variable rate loans is 12.99% p.a. (comparison rate 14.06%). The rate for some customers is based on personalised pricing. The final rate you’re offered may be lower or higher than 12.99% p.a. (comparison rate 14.06% p.a.), depending on your personal financial circumstances.

Unsecured Personal Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on an unsecured loan of $30,000 borrowed for 5 years:

  • The minimum interest rate for an unsecured fixed & variable rate loan is 7.49% p.a. (Comparison rate 8.40% p.a.) with the estimated total amount payable including fees is $36,840.
  • The maximum interest rate for an unsecured fixed & variable rate loan is 20.59% p.a. (Comparison rate 21.43% p.a.) with the estimated total amount payable including fees is $49,123.

Secured Personal Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on a secured loan of $30,000 borrowed for 5 years:

  • The minimum interest rate for a secured fixed rate loan is 6.49% p.a. (Comparison rate 7.61% p.a.) with the estimated total amount payable including fees is $36,160.
  • The maximum interest rate for a secured fixed rate loan is 12.99% p.a. (Comparison rate 14.06% p.a.) with the estimated total amount payable including fees is $41,932.

*To qualify for a lower interest rate, the motor vehicle offered as security must not be more than 12 years old upon loan expiry. The vehicle used as security must be registered under the applicant's name and made locally or imported by the manufacturer and all the lending criteria met. If the loan to value ratio of your loan is greater than 150%, then an extra 1% p.a. may be added to the presented interest rate shown for your secured loan.

About our 'personalised' rates: The rate for some customers is based on personalised pricing. Instead of a one-size-fits-all approach, personalised pricing allows us to offer more people personal loans at a better rate, based on an assessment of credit history as well as the information provided in the application.