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Consolidating your debts

Take back control of your debts. One frequent repayment, one interest rate, one less worry.
Life can be challenging when you have multiple debts, like credit cards and personal loans creeping up on you.

Are you...

Juggling multiple debts, interest rates and payment frequencies?


Struggling with unmanageable repayment amounts?


Sick and tired of juggling multiple repayments?



We could help

Debt consolidation may help you manage your repayments. One simple to manage unsecured personal loan, with one frequent repayment and one interest rate.

 We offer loan terms from 1 to 7 years for variable interest rate loans and from 1 to 5 years for fixed interest rate loans to help to create more manageable repayments.

 Choose how often you pay, weekly, fortnightly or monthly

 Our instalments pay both the interest and principal so you can watch your debt decrease after each payment, working towards your loan end date.

Unsecured Personal Loan features


One loan, one recurrent repayment, one interest rate

Borrow from $2,000 to $40,000

Apply online - usually takes less than 10 minutes1

Special Offer

Apply and complete an application for a new Bank of Melbourne
Unsecured Personal Loan and we’ll waive the $195 establishment fee
. Offer ends 30 September 2019.*

Unsecured Personal Loan Variable Rate option Fixed Rate option
Interest rate from4 12.99% p.a. 12.99% p.a.
Comparison rate2 14.06% p.a. 14.06% p.a.
Loan term 1 to 7 years 1 to 5 years
Establishment fee $195 $195
Monthly administration fee $12 $12
Flexibility to pay off the loan sooner3    
Convenient redraw facility5    
Other Fees and Charges Personal Loan Fees and Charges  
Interest rates Unsecured Personal Loan interest rates  

The Detail

Credit criteria, terms and conditions, fees and charges apply.

Before making a decision, it's best to read the terms and conditions:

The advice on our website is prepared without knowing your personal financial circumstances. Before you act on this or any advice, please consider if it's right for you. If you need help, call 13 22 66.

1. Subject to system availability and Bank of Melbourne Lending criteria. Approval may take longer if application is referred for further review.

2. The comparison rate is based on an unsecured personal loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

3. Pre-payment fees apply. Break costs are payable on early payout or partial payment (in excess of the limit set out in the loan terms and conditions) of a fixed rate loan. Break costs are an amount equal to the Bank's reasonable estimate of its loss due to breaking of the fixed rate period or early repayment of a fixed rate personal loan.

4. Our risk-based pricing means the loan interest rate may vary between 12.49% p.a. and 19.99% p.a. depending on our credit assessment and the detail in your application. Interest 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.

5. Redraw requests are subject to approval. Minimum redraw amount $500 and a redraw fee applies for each approved request. Other fees and charges may be payable.

* $0 Establishment fee offer: Information current as at 22 August 2019. The offer is open to customers who apply and complete an application for a new fixed or variable rate Bank of Melbourne Unsecured Personal Loan by 30 September 2019 in Branch, by calling call 13 22 66  or online via the 'Apply now' application button on this page. For existing customers applying via the Bank of Melbourne Mobile Online Banking app please enter Special Offer Code ‘U9‘ to receive the offer. If approved, the Establishment fee will be waived, saving $195. This offer cannot be used in conjunction with any other offer and may be varied or withdrawn at any time. All other fees outlined on the Product page and in the Terms and Conditions apply. Interest rates are subject to change. Read the product Terms and Conditions, including the Internet and Phone Banking Terms and Conditions before making a decision and consider whether the product is appropriate for you. If you need help, call 13 22 66.