Personal Loans

Personal loans

Find the right personal loan for your needs and apply online.

Compare personal loans

I would like to...

Would you like to offer a car as security? You could borrow up to $80,000 and get a lower interest rate.

Would you like to offer the car you're purchasing as security? You could borrow up to $80,000 and get a lower interest rate.

How would you like to access the funds for your renovation project?

Would you like to offer a car as security? You could borrow up to $80,000 and get a lower interest rate.

How would you like to access your funds?

Trying to get your debt under control? Consolidating multiple cards and loans with an Unsecured Personal Loan could be the answer.

You can use an Unsecured Personal Loan to combine balances from credit cards, store cards and other loans into one loan. This might be useful if you want to:

  • Apply and complete an application for a new Bank of Melbourne Unsecured Personal Loan and we’ll waive the $195 establishment fee. Offer ends 30 September 2019.#
  • Simplify multiple debts to a single loan with one repayment and interest rate.
  • Borrow between $2,000 and $40,000 (conditions apply).
  • Choose a loan term of 1-7 years.
  • Select either a variable or fixed loan rate.
  • Make extra repayments throughout the life of your personal loan.
  • Redraw any extra repayments you've made, provided you're at least $500 ahead on your repayments (subject to approval).

 

Unsecured personal loans

Get your debt under control with a Secured Personal Loan and one of our lowest personal loan rates.

Consolidate the outstanding balances from credit cards, store cards and other loans into one loan, one rate and one repayment.

  • Simplify multiple debts to a single loan with one repayment and interest rate.
  • Borrow between $3,000 and $80,000 (conditions apply).
  • Choose a loan term of 1-7 years.
  • Select either a variable or fixed loan rate.
  • Fixed interest rate from 8.49% p.a. (comparison rate 9.60% p.a.^).

 

Secured personal loans

On the hunt for your next car? You could get a better deal on a loan if you offer a car as security.

A Bank of Melbourne Secured Personal Loan lets you offer your car as security to borrow as much as $80,000 at a lower rate than other loan types.

  • Borrow between $3,000 to $80,000 (conditions apply).
  • Set a loan term between 1 and 7 years and choose weekly, fortnightly or monthly repayments.
  • Use conditional approval to know what you could spend before you negotiate with the seller.*
  • Lock in a low fixed interest rate from 8.49% p.a. (comparison rate 9.60%p.a.^) or variable rate from 12.74% p.a. (comparison rate 13.81% p.a.^).
  • Apply online in only 10 minutes for new customers and 5 minutes for existing customers.

 

Secured personal loans

Planning a long-term renovation project?

A Bank of Melbourne Get Set Loan is an ongoing line of credit that you can use as you go, making it useful for projects that can take time, such as a new bathroom, kitchen or backyard.

  • Withdraw what you need as you need it from a dedicated account with a set credit limit.
  • Access money through your Complete Freedom account, using internet banking or mobile banking.
  • Pay interest only on what you use, rather than the full credit limit, so you don't pay more for the loan than you need to over the life of the project.

 

Get Set loans

Ready to breathe life into your grand designs?

A Bank of Melbourne Unsecured Personal Loan could give you a lump sum to put towards the cost of your renovation.

  • Apply and complete an application for a new Bank of Melbourne Unsecured Personal Loan and we’ll waive the $195 establishment fee. Offer ends 30 September 2019.#
  • Borrow between $2,000 and $40,000 (conditions apply).
  • Pay your loan off over a period that you choose between 1 and 7 years.
  • Select weekly, fortnightly or monthly repayments.
  • Make extra repayments throughtout the life of your personal loan.
  • Redraw any extra repayments you've made, provided you're at least $500 ahead on your repayments (subject to approval).

 

Unsecured personal loans

Ready to renovate but short on budget?

A Bank of Melbourne Secured Personal Loan could help you achieve your renovation goals sooner than you think at a better rate than other loan types.

  • Borrow between $3,000 and $80,000 (conditions apply).
  • Pay your loan off over a period that you choose between 1 and 7 years.
  • Select weekly, fortnightly or monthly repayments.
  • Apply online in only 10 minutes for new customers and 5 minutes for existing customers.
  • Offer your car as security to receive a lower interest rate than Get Set or Unsecured Personal Loans.

Secured personal loans

Ready to book your next getaway, business trip or a honeymoon, but need more funds to make it happen?

A Bank of Melbourne Unsecured Personal Loan could help you cover the cost of the plane tickets, hotels, tours and even travel accessories.

  • Apply and complete an application for a new Bank of Melbourne Unsecured Personal Loan and we’ll waive the $195 establishment fee. Offer ends 30 September 2019.#
  • Borrow between $2,000 and $40,000 (conditions apply).
  • Pay your loan off over a period that you choose between 1 and 7 years.
  • Select weekly, fortnightly or monthly repayments.
  • Make extra repayments throughout the life of your personal loan.
  • Redraw any extra repayments you've made, provided you're at least $500 ahead on your repayments (subject to approval).

 

Unsecured personal loans

Looking for funds to start booking your wedding plans?

A Bank of Melbourne Unsecured Personal Loan could help you turn your research into venue dates and bridesmaids' dresses.

  • Apply and complete an application for a new Bank of Melbourne Unsecured Personal Loan and we’ll waive the $195 establishment fee. Offer ends 30 September 2019.#
  • Borrow between $2,000 and $40,000 (conditions apply).
  • Pay your loan off over a period you choose between 1 and 7 years.
  • Select weekly, fortnightly or monthly repayments.
  • Redraw money from the amount you've repaid on a variable rate loan if you need to, provided you're at least $500 ahead on your repayments (subject to approval).
  • Apply online in only 10 minutes for new customers and 5 minutes for existing customers.

 

Unsecured personal loans

Ready for your first car or after an upgrade? Get started with an Unsecured Personal Loan from Bank of Melbourne.

An Unsecured Personal Loan could help you get into the driver's seat without having to offer an asset as security.

  • Apply and complete an application for a new Bank of Melbourne Unsecured Personal Loan and we’ll waive the $195 establishment fee. Offer ends 30 September 2019.#
  • Borrow between $2,000 and $40,000 (conditions apply).
  • Set a loan term between 1 and 7 years and weekly, fortnightly or monthly repayments.
  • Use conditional approval to know what you could spend before you negotiate with the seller (* Conditions apply).
  • Make extra repayments throughtout the life of your personal loan.
  • Redraw any extra repayments you've made, provided you're at least $500 ahead on your repayments (subject to approval).

 

Unsecured personal loans

Do you have multiple expenses on the horizon with separate payments due at different stages?

A Bank of Melbourne Get Set Loan is a reusable, ongoing line of credit that could help you cover several expenses over a period of time.

  • Withdraw what you need as you need it from a dedicated account with a set credit limit.
  • Access money through your Complete Freedom account, using internet banking or mobile banking.
  • Pay interest only on what you use, rather than the full credit limit, so you don't pay more for the loan than you need to over the life of the project.

 

Get Set loans

Want to know the money’s there in case you need it? We hear you.

You can link a personal overdraft to your Complete Freedom account. If your balance can’t cover an unexpected expense, you can then still draw funds from the account up to a pre-approved credit limit. With a personal overdraft, you can:

  • Get started without paying an establishment fee
  • Access up to $20,000 credit limit
  • Pay no additional withdrawal, early repayment fee or exit fees. Withdrawals may need to be authorised.

 

Personal overdrafts

Special offer

$0

Establishment fee on Unsecured Personal Loans

Apply and complete an application for a new Bank of Melbourne Unsecured Personal Loan and we’ll waive the $195 establishment fee. Offer ends 30 September 2019.#

Learn more


Our personal loans

Unsecured Personal Loan

For consolidating debt, buying a car, renovating, heading on holiday or a one-off purchase.

  • Borrow $2,000-$40,000 in one go
  • Choose between a fixed interest rate for repayment stability, or a variable interest rate for flexibility
  • Have a set end-date to your repayments. 

Find out more

Secured Personal Loan

Borrow for a range of purposes1 and get a lower interest rate by using your car as security (conditions apply) 2.

  • Borrow $3,000-$80,000 in one go
  • Offer your car as security to get a lower rate than our other personal loans2
  • Have a set end-date to your repayments. 

Find out more

Don’t want to access funds all at once? Our Get Set Loan and 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.

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 4MB) before making a decision and consider whether the product is appropriate for you. If you need help, call 13 22 66.

The interest rate may vary based on the value of the car you offer as security.

^Comparison rates help you understand the true cost of a loan. The comparison rate is based on a Personal Loan with a loan amount of $30,000 and a term of 5 years. WARNING: This comparison rate applies only to the example or examples given. Different 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.

*Conditional approval is valid for 30 days based on the understanding that the information you have provided is correct and there will be no significant changes to your financial situation. Before final approval, we will ask you for further details, including information about the car being offered as security. Please note that conditional approval is not a loan offer or formal approval. If your circumstances change, please contact us on 13 22 66 to discuss your application.

Note: you must draw down on your Get Set loan within 60 days of its approval or your loan account will be closed.

  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. If the vehicle is registered in joint names, the loan application must be under joint names. 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.

#$0 Establishment fee offer: Information current as at 22 August 2019. The offer is open to customers who apply and complete an application for a new fixed or variable rate Bank of Melbourne Unsecured Personal Loan by 30 September 2019 in Branch, by calling call 13 22 66  or online via the 'Apply now' application button on this page. For existing customers applying via the Bank of Melbourne Mobile Online Banking app please enter Special Offer Code ‘U9‘ to receive the offer. If approved, the Establishment fee will be waived, saving $195. This offer cannot be used in conjunction with any other offer and may be varied or withdrawn at any time. All other fees outlined on the Product page and in the Terms and Conditions apply. Interest rates are subject to change. Read the product Terms and Conditions, including the Internet and Phone Banking Terms and Conditions before making a decision and consider whether the product is appropriate for you. If you need help, call 13 22 66.