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Personal Borrowing Power Calculator

Estimate how much you can borrow and what your loan repayments will be.


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Loan details


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.

~1.5% p.a. interest rate discount: Information current as at 18 February 2021. Offer is only available to a customer who applies by 15 April 2021 and is approved for a new fixed rate Bank of Melbourne Unsecured Personal Loan application via the ‘apply online’ application link, by calling 13 22 66, or by visiting a branch. Offer is not available when refinancing existing Westpac Group (including Westpac, St.George, BankSA & Bank of Melbourne) personal loans. Eligible customers will receive a special offer interest rate of from 9.99% p.a. (comparison rate 11.08% p.a.) on a new fixed rate Unsecured Personal Loan, which represents a 1.5% discount on the current advertised from rate of 11.49% p.a. (comparison rate 12.57% p.a.). This offer is open to single applicants only. This offer cannot be used in conjunction with any other offer and may be varied or withdrawn at any time. All other fees are outlined on Unsecured Personal Loan and in the Terms and Conditions (PDF 215KB) apply. Our personalised pricing means your loan interest rate may vary depending on our credit assessment and the detail you provide us in your application. As a result, the interest rate we offer you may vary and will be presented to you on your loan offer contract. Read the product Terms and Conditions (PDF 215KB), including the Internet and Phone Banking Terms and Conditions (PDF 605KB) before making a decision and consider whether the product is appropriate for you. If you need help, please call us on 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.

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 9.99% p.a. (Comparison rate 11.08% p.a.) with the estimated total amount payable including fees is $39,204.
  • The maximum interest rate for an unsecured fixed rate loan is 15.90% p.a. (Comparison rate 16.95% p.a.) with the estimated total amount payable including fees is $44,681.
  • 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.

Personal Loan Borrowing Power Calculator Disclaimer & Assumptions: The output shown by the borrowing power calculator is based on the information you have entered and is subject to the calculator assumptions set out below. It is for illustrative purposes only. The information provided is not an offer of credit and your borrowing power amount may vary once you have completed a loan application. The calculations should not be relied upon for the purpose of making a decision whether to apply for a personal loan.

The calculator does not take into account an establishment fee that maybe charged for a personal loan application.

Length of month: All months are assumed to be of equal length. When you are approved for a personal loan, interest will be charged on the number of days in each month. 

Number of weeks & fortnights in a year: One year is assumed to contain exactly 52 weeks or 26 fortnights. This assumes that a year has 364 days rather than the actual 365 or 366.

Rounding of amount of each repayment: This calculator does not round the repayment amount to the nearest cent, as it would for an approved personal loan. This assumption allows for a smooth graph and equal repayment amounts. 

Interest Rate: The interest rates represented on this page are standard interest rates and exclude any package or promotional discounts and are subject to change. Please note our personalised pricing means your unsecured personal loan interest rate may vary from the interest rate represented on this page.

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.