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Personal Loans

Unsecured Personal Loan

General purpose - car, renovate, consolidate debt or something else.

  • From 11.49% p.a. (comparison rate 12.57% p.a.^)
  • Borrow $2,000 - $50,000
  • Fixed or variable rate options
  • Have a set end-date to your repayments

Secured Personal Loan

Use your car as security to get a lower rate (conditions apply1).

  • Our new lower rate from 7.49% p.a. (comparison rate 8.60% p.a.^)
  • Borrow $3,000 - $80,000
  • Fixed or variable rate options
  • A lower rate than our other personal loans2

Don’t want to access funds all at once? Our Personal Overdraft allows you to access funds as you need to, without having to reapply.

 

Borrowing Power Calculator

Estimate how much you could borrow with our personal loans based on your income and expenses.

Personal Loan Repayment Calculator

Deciding between personal loans? This simple calculator helps you estimate what your repayments could be for our secured, unsecured, fixed and variable loans.

Car Loan Calculator

After a car loan in particular? Find out what the loan repayments could be for your next car with our Secured Personal Loan.

Personal Loan FAQs

Some useful information to help you when looking and applying for a personal loan

Compare our Personal Loans

Find the personal loan that best suits you.

Help managing your personal loan

Already have a personal loan with us? Information, tips and guides to help you make the most of your personal loan.

The Detail

Credit criteria, fees, charges, terms and conditions apply.

The information on our website is prepared without knowing your personal objectives, financial situation or needs. For this reason, you should read the product disclosure documents as well as the Internet and Phone Banking Terms and Conditions (PDF 576KB) before making a decision and consider whether the product is appropriate for you. If you need help, call 13 22 66.

^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 redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Our personalised pricing means the interest rate on an approved application may vary, based on the information you provided and our credit assessment criteria. Personalised pricing interest rates are from 11.49% p.a. to 18.90% p.a. Rates may change and margins may apply in some circumstances. Your loan is more likely to be approved if you’ve been with Bank of Melbourne for six months or more.

Unsecured Personal Loan repayment terms range from 1 to 5 years for a fixed rate loan and 1 to 7 years for a variable rate loan. 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 rate loan is 11.49% p.a. (Comparison rate 12.57% p.a.) with the estimated total amount payable including fees is $40,555.
  • The maximum interest rate for an unsecured fixed rate loan is 17.40% p.a. (Comparison rate 18.44% p.a.) with the estimated total amount payable including fees is $46,136.
  • The minimum interest rate for an unsecured variable rate loan is 12.99% p.a. (Comparison rate 14.06% p.a.) with the estimated total amount payable including fees is $41,932.
  • The maximum interest rate for an unsecured variable rate loan is 18.90% p.a. (comparison rate 19.93% p.a.). The estimated total amount payable including fees is $47,617.


Secured Personal Loans
interest rate may vary based on the value of the car you offer as security.

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:

  • with the minimum interest rate of 7.49% p.a. (comparison rate 8.60% p.a.), the estimated total amount payable including fees is $37,014
  • with the maximum interest rate of 12.74% p.a. (comparison rate 13.81% p.a.), the estimated total amount payable including fees is $41,701.
  1. The range of loan purposes for a Secured Personal Loan consist of: boats, caravans, trailers; home improvements; household goods; motorcycle; new car; refinance and consolidate debt; travel and used car.
  2. To qualify for a lower interest rate, any 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. Whether purchasing new or refinancing a used car, the vehicle has to have been imported to Australia by the manufacturer, and all the lending criteria met.