Personal Loan Terms and Conditions (PDF 197KB)

Fees and Charges (PDF 112KB)

Internet Phone Banking Terms and Conditions (PDF 471KB)

Unsecured Personal Loans Overdraft General Terms and Conditions (PDF 186KB)

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 14.99% p.a. (comparison rate 16.00% p.a.). The rate for some customers is based on personalised pricing. The final rate you're offered may be lower or higher than 14.99% p.a. (comparison rate 16.00% p.a.), depending on your personal financial circumstances.

**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.

¹A Redraw facility is available on variable interest rate loans only. Redraw requests are subject to approval. Minimum redraw amount is $500 and a $0 redraw fee applies to each approved request. Other fees and charges may apply.

#Loan discharge fee of $150 for a Fixed rate Personal Loan if you fully repay the loan within the first 12 months, or $100 if you fully repay the loan after the first 12 months and before the end of the loan term.

^Comparison rates: Comparison rates help you understand the true cost of a loan. All comparison rate examples shown are for a personal loan amount of $30,000 and a term of 5 years. WARNING: Comparison rates apply only to the example or examples given and may not include all fees and charges. Different loan amounts and terms will result in different comparison rates. Costs such as loan discharge fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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 8.54% p.a.) with the estimated total amount payable including fees is $36,960.
  
• The maximum interest rate for an unsecured fixed & variable rate loan is 20.59% p.a. (Comparison rate 21.59% p.a.) with the estimated total amount payable including fees is $49,284.

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 7.69% p.a.) with the estimated total amount payable including fees is $36,224.
• The maximum interest rate for a secured fixed rate loan is 12.99% p.a. (Comparison rate 14.14% p.a.) with the estimated total amount payable including fees is $42,008.

⁺⁺Establishment fee discount is available to existing Bank of Melbourne customers who apply, are approved and accept a Secured Personal Loan before 12 July 2025. You will be charged $125 for your establishment fee (Bank of Melbourne establishment fee is $250). Excludes non-resident applicants or applicants with temporary visas. Eligibility credit criteria, T&Cs and other fees apply. This offer is not available in conjunction with or in addition to any other special offers, negotiated rates or discounts. All other fees outlined on the Product page and in the Fees and Charges booklet apply. Offer starts 14 April 2025 and ends 12 July 2025.

^##The lending establishment fee will be deducted from your loan amount. Please read full terms and conditions & fees and charges before making a decision to apply for a Bank of Melbourne Personal Loan. 

>>Repayment amount examples: help you understand the estimated weekly cost of a personal loan. All repayment amount examples are shown for a loan term of 7 years with a weekly repayment schedule using the average customer loan amount over the last 12 months. Information as of 27 November 2023

• For a fixed rate Unsecured Personal Loan based on a borrowing amount of $15,000 and term of 7 years with a median interest rate of 16.09% p.a. (comparison rate of 17.10% p.a.), the weekly repayment amount including fees is $79.  
• For a variable rate Unsecured Personal Loan based on a borrowing amount of $15,000 and term of 7 years with a median interest rate of 16.09% p.a. (comparison rate of 17.10% p.a.), the weekly repayment amount including fees is $79.  
• For a Secured Personal Loan based on a borrowing amount of $30,000 and a term of 7 years with an interest rate of 10.99% p.a. (comparison rate 12.16% p.a.), the weekly repayment amount including fees is $133.

^^To qualify for a Secured Personal Loan, applicant must meet all credit criteria and the car offered as security must meet all criteria - either new or if used, cannot be older than 7 years at time of application, registered under the applicant's name once purchased, has been made locally or imported by the manufacturer, has never been written off (even if it was repaired), has a paid, fully comprehensive insurance policy with Bank of Melbourne noted as the financier and is for personal use only. The loan amount may exceed the vehicle's market value, as defined by Bank of Melbourne, to cover the purchase price of the vehicle and other expenses.

Unless otherwise specified, the products and services described on this website are available only in Australia from Bank of Melbourne - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.