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Personalised rates, fixed from 4.99% p.a. (comparison rate 6.13% p.a.^)

Our fixed rates range from 4.99% p.a. to 12.99% p.a. (comparison rate 6.13% p.a.^ to 14.06% p.a.^
 

The variable interest rate option on our Secured Personal Loan will soon no longer be available.

From 20th August 2021, we will no longer be offering a variable interest rate on our Secured Personal Loan. If you’d like a variable interest rate on this loan, your completed application needs to be submitted before 20th August 2021.  

Note you will not be able to retrieve an incomplete saved application after 20th August 2021.

Why choose a Car Loan?

Offer your new or existing car as security and borrow up to $80,000 at a lower interest rate

Fixed interest rate
from 4.99% p.a. to 12.99% p.a. (comparison rate 6.13% p.a.^ to 14.06% p.a.^)
Variable interest rate
from 6.49% p.a. to 12.99% p.a. (comparison rate 7.61% p.a.^ to 14.06% p.a.^)
$3k–$80k
For you to spend how you like


About our 'personalised' rates

The rate for some customers is based on personalised pricing. Instead of a one-size-fits-all approach, personalised pricing allows us to offer more people personal loans at a better rate, based on an assessment of credit history as well as the information provided in the application.
 

Fixed rate

4.99% p.a. to 12.99% p.a.
Interest rate range
6.13% p.a. to 14.06% p.a.
Comparison rate^
1-5 years
Flexible loan term
Set repayments for simpler budgeting

Variable rate

6.49% p.a. to 12.99% p.a.
Interest rate range
7.61% p.a. to 14.06% p.a.
Comparison rate^
1-7 years
Flexible loan term
Redraw facility available

Note: the first interest rate you see in your application may change once we've determined the value of your car. Your loan is more likely to be approved if you’ve been with Bank of Melbourne for six months or more.


Key fees

$12 Monthly administration fee
$0 Per redraw on variable loans
$195 Establishment fee (added to your loan amount). Excludes all government charges such as stamp duty, search fees, fees to register security interest with the Personal Property Securities Register
$150  Early repayment fee if you fully repay the loan within the first 12 months
$100 Early repayment fee if you fully repay the loan after the first 12 months and before the end of the loan term

Fees are subject to change.

Is your car eligible as security?

The car you offer as security for the loan must be:

Registered in the applicant’s name once purchased.
A four-wheel vehicle that has never been extensively damaged or written off.
12 years old or less at the end of the loan term to qualify for a lower interest rate.
Covered for one year’s full comprehensive car insurance when you access the funds.

You also get…

Preferred repayment frequency

Choose to make weekly, fortnightly or monthly repayments.

Redraw facility on variable rate loans

Redraw a minimum of $500 from your loan amount if you need to, provided you’re at least $500 ahead on your repayments. Each request is subject to approval.^^

Internet banking access

Manage your loan and track repayments online or through your mobile banking app.

The Detail

Before making a decision, please read these documents to ensure you’re aware of all fees, charges and interest rates.
Terms and conditions
General details of our personal loan products
Fees and charges
All costs for specific personal loan services and accounts

Prep for application success

COVID-19 has impacted the time it takes to process and follow up on incomplete applications. To ensure we assess your application in a timely manner, please read the following sections carefully before applying.

  • Be aged 18 years or over
  • Have a regular permanent income before tax of at least $35,000 p.a.
  • Be an Australian citizen or have a permanent residency visa
  • If you’re a non-resident, have confirmed employment in Australia.

How to apply for a loan

1.
Apply online in 10 minutes – 5 minutes for existing customers – depending on your internet connection.
2.
We’ll then review your application and may ask you for more details to verify your income and learn about the car you’re offering as security.
3.
When you’re ready, provide us with information about your car and we’ll review it to make sure the vehicle is suitable for your secured loan.
4.
Once your application has been approved, visit a branch with proof of comprehensive insurance to review and accept the contract. We’ll then credit the funds into your account or give you a cheque payable to the car seller.

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 199KB) 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.

^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.

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.

^^A Redraw facility is available on variable interest rate loans only. Redraw requests are subject to approval. Minimum redraw amount is $500 and a $0 redraw fee applies to each approved request. Other fees and charges may apply.

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.