Why choose a Bank of Melbourne Car Loan
Lower interest rate^^
Our Car Loan offers a lower rate than our Unsecured Personal Loan.
$0 extra repayment fee##
Giving you the flexibility to make extra repayments.
Borrow the amount you need
Choose between $3,000 - $100,000 and get into your next car sooner.
More reasons to choose a Bank of Melbourne Car Loan
Flexible loan term
Control your repayment amount based on your choice of a 1-7 year loan term.
Simple online document upload
Easier for you to provide us your car loan documents.
No balloon payment
Your loan is paid in full at the end of the loan term.
$125 off the establishment fee
You could save $125 off the lending establishment fee++ (normally $250) when you're approved and accept your Car Loan^^ by 12 July 2025.
Existing Bank of Melbourne customers only. Eligibility credit criteria terms and conditions and other fees apply. Offer excludes Unsecured Personal Loans. Approved contracts must be accepted before 12 July 2025.
Logon and tap Products (at the bottom of the screen) > Personal loans > Car Loan > Apply now
Repayment calculator
This calculator helps you estimate how much your personal loan repayments could be#.
Fixed rate
| 6.49% p.a. to 12.99% p.a. Interest rate range |
| 7.69% p.a. to 14.14% p.a. Comparison rate^ |
| 10.99% p.a. median rate (Around half of our customers receive the median rate or lower) |
| 1-7 years Flexible loan term |
Note: the first interest rate you see in your application may change once we've determined the value of your car. As well as our assessment of your credit history and the information provided in the application, you are more likely to be approved if you've been with Bank of Melbourne for six months or more.
Key fees
| $15 | Monthly loan account fee |
| $6 | PPSR fee for Secured Car Loans (a government fee, charged by the Personal Property Securities Register) |
| $250 |
Lending 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 | Loan discharge fee if you fully repay the loan within the first 12 months |
| $100 | Loan discharge fees if you fully repay the loan after the first 12 months and before the end of the loan term |
Fees are subject to change.
Before you apply for a Bank of Melbourne Car Loan
Your eligibility
You must:
- Be 18 years or older and hold a current Australian driver licence or learner's permit
- Be an Australian or New Zealand citizen OR;
- Be an Australian permanent resident and hold an acceptable visa (PDF 504KB) OR;
- Be a non-resident or migrant and hold an acceptable visa (PDF 504KB), with a minimum 1 year before expiry
- Have a fixed, verifiable Australian address
- Receive a regular, verifiable Australian taxable income
Your car's eligibility
As your car is used as a guarantee for your loan, it must:
- Be for personal use and imported by the manufacturer
- Be 7 years old or less at the time of loan application
- Never have been written off, even if it was repaired
- Be comprehensively insured, with Bank of Melbourne showing as the financier
If your car doesn't meet the criteria, consider our Unsecured Personal Loan.
How to apply for a Bank of Melbourne Car Loan
Once you've met the eligibility requirements, complete your loan application in a few easy steps.
Follow these simple steps
Complete an online application: If you're an existing customer, we'll fill in the information we have about you to help make your application process quicker.
Submit your application: In just 60 seconds, you'll know if you're conditionally approved, which means you'll know exactly how much you could borrow. Then, you can start searching for that dream car!
Found the car you want?
Give us your car details: We'll need to verify the information before final approval.
- If you're buying from a dealer or auction, this would be a dealer’s tax invoice or contract of sale with the required information in the car purchase detail checklist.
- If you're buying from a private seller, you’ll need to provide the registration papers and complete the confirmation of car purchase form.
We'll email you: To confirm if your application's been approved.
Review and accept the contract: You can do this securely online. We'll then transfer the loan funds to the seller. If you've opted to borrow more than the value of your car, we'll transfer the remaining funds to your nominated account.
FAQs
A balloon payment is a lump sum paid at the end of your loan term and is usually charged by car dealers. With a Bank of Melbourne Car Loan, there's no balloon payment - you'll fully pay off your loan and own the car by the end of the loan term.
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 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 22 May 2024. 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 loan discharge 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 7 years. Interest rate ranges and representative examples are based on a secured loan of $30,000 borrowed for 5 years:
- The minimum interest rate for a secured fixed rate loan is 6.49% p.a. (Comparison rate 7.69% p.a.) with the estimated total amount payable including fees is $36,224.
- The maximum interest rate for a secured fixed rate loan is 12.99% p.a. (Comparison rate 14.14% p.a.) with the estimated total amount payable including fees is $42,008.
#Repayment calculator & assumptions: Any calculations 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 calculation is not an offer of credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The calculations should not be relied on for the purpose of making a decision whether to apply for a personal loan. Weekly and fortnightly repayment calculations - if your monthly repayments are $1000, fortnightly repayments are calculated by dividing $1000 by 2 and rounding up if required ($1000/2 = $500). Weekly repayments are calculated by dividing $1000 by 4 and rounding up if required ($1000/4 = $250).
++Establishment fee discount is available to existing Bank of Melbourne customers who apply, are approved and accept a Secured Personal Loan before 12 July 2025. You will be charged $125 for your establishment fee (Bank of Melbourne establishment fee is $250). Excludes non-resident applicants or applicants with temporary visas. Eligibility credit criteria, T&Cs and other fees apply. This offer is not available in conjunction with or in addition to any other special offers, negotiated rates or discounts. All other fees outlined on the Product page and in the Fees and Charges booklet apply. Offer starts 14 April 2025 and ends 12 July 2025.
##Loan discharge fee of $150 for a Fixed rate Personal Loan if you fully repay the loan within the first 12 months, or $100 if you fully repay the loan after the first 12 months and before the end of the loan term.
^^To qualify for a Secured Personal Loan, applicant must meet all credit criteria and the car offered as security must meet all criteria - either new or if used, cannot be older than 7 years at time of application, registered under the applicant's name once purchased, has been made locally or imported by the manufacturer, has never been written off (even if it was repaired), has a paid, fully comprehensive insurance policy with Bank of Melbourne noted as the financier and is for personal use only. The loan amount may exceed the vehicle's market value, as defined by Bank of Melbourne, to cover the purchase price of the vehicle and other expenses.
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.