Terms and Conditions (PDF 222KB)

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Unsecured Personal Loans Overdraft General Terms and Conditions (PDF 1MB)

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 (PDF 222KB) 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 18 June 2021. 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.

^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.

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 6.89% p.a. (Comparison rate 8.01% p.a.) with the estimated total amount payable including fees is $36,500.
  
• The maximum interest rate for an unsecured fixed rate loan is 18.90% p.a. (Comparison rate 19.93% p.a.) with the estimated total amount payable including fees is $47,617.
• The minimum interest rate for an unsecured variable rate loan is  8.89% p.a. (Comparison rate 9.99% p.a.) with the estimated total amount payable including fees is $38,231.
• 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 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 a secured fixed rate loan is 4.99% p.a. (Comparison rate 6.13% p.a.) with the estimated total amount payable including fees is $34,901.
• 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.
• The minimum interest rate for a secured variable 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 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.

*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.

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.