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Personal Loan Repayment Calculator

This simple calculator helps you estimate how much your personal loan repayments could be#.

You can borrow between $3,000 - $80,000

You can borrow between $2,000 - $50,000

You can select a loan term between 1 and 5 years

You can select a loan term between 1 and 7 years

The Detail

Please note – For Secured Personal Loans, if the loan to value ratio of your loan is greater than 150%, then an extra 1% p.a. may be added to the interest rate for your loan. For Unsecured Personal Loans, your actual interest rate applicable to the loan will be based on the information you provide at the time of your application and our credit assessment.

^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 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.

# Repayment Calculator assumptions
Any calculation made by you using this calculator is intended as a guide only.  It is for illustrative purposes only and is based on the accuracy of the information provided.  The calculator does not take stamp duty or other government charges into account.  The calculations does not constitute an offer from Bank of Melbourne.

Length of month
All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.

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

Rounding of amount of each repayment
In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts.

Interest Rate
The interest rates represented on this page are Bank of Melbourne’s standard interest rates and exclude any package or promotional discounts and are subject to change.