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.^)
Why choose a Car Loan?
Offer your new or existing car as security and borrow up to $80,000 at a lower interest rate
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 |
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
| $12 | Monthly administration fee |
| $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:
You also get...
The Detail
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 a citizen or permanent resident of Australia, or hold an acceptable visa (PDF 40KB)
- If you’re a non-resident, have confirmed employment in Australia.
How to apply for a 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 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 27 September 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. 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 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.
^^To qualify for a lower personalised interest rate on a Secured Personal Loan, the car offered as security must meet all criteria - either be new or if used, cannot be older than 12 years at the end of loan term, registered under the applicant’s name, 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.
**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.
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.