Personal Loans
Personal loans
Find the right personal loan for your needs and apply online.
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 apply*).
- 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
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
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 215KB) 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 17 December 2020.
^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 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 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 and maximum interest rate for a secured fixed rate loan is 7.49% p.a. (Comparison rate 8.60% p.a.) with the estimated total amount payable including fees is $37,014.
- The minimum and maximum interest rate for a secured variable rate loan is 12.74% p.a. (Comparison rate 13.81% p.a.) with the estimated total amount payable including fees is $41,701.
*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.