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Why choose an Unsecured Personal Loan?

Additional funds

Let us know where you want them to go, and we’ll take care of it from there.

Adjust your repayment terms

Choose from 1-7 years, with your regular repayments at the level you’re most comfortable with.

A lower interest rate

That 1% p.a. interest rate discount could help. What’s more, you won’t be charged early repayment fees on your current loan, or an establishment fee on your new one.

How refinancing works

Refinancing means taking out a new loan to replace your current one. That means you’ll need to apply for a new Unsecured Personal Loan, with a credit check as part of the loan approval.


You’ll still get all this

Set an end-date for your loan

Every repayment reduces what you owe and gets you closer to paying off your loan.

Borrow between $2k-$50k

Choose a loan size that suits you based on the amount of debt you need to consolidate.

Flexible loan repayments

Choose a loan term of 1-7 years to suit your circumstances and make weekly, fortnightly or monthly repayments.

Borrow without an asset as security

With an Unsecured Personal Loan, you don't have to offer your car as security for your loan.

Redraw facility on variable rate loans

Redraw money from the amount you've repaid if you need to, provided you're at least $500 ahead on your repayments. Each request is subject to approval and a fee.1

Internet banking access

Viewing and tracking your loan is convenient – it’s all in the one place on the mobile banking app.

Variable rate top up refinance offer from 11.99% p.a.* (comparison rate 13.07% p.a.^)

That’s a full 1% p.a. off our current variable rate Unsecured Personal Loan.

Plus, $0 establishment fee (saving $195) and no early repayment fee on your existing loan*.

This discounted rate refinancing offer is only available using the ‘Apply now’ button on this page. Make sure to select ‘Variable rate’, and ‘Refinance’ in the loan purpose section.

Conditions, fees and charges apply.

What you could use this top up offer for

Simplifying finances
Consolidate debts to a single loan, with one rate, regular repayment and set of fees.
Home renovations
Make those home improvements you’ve been thinking about.
Going travelling
Help fund some well-deserved relaxation time.
Something else
Whether it's your big day, school fees or unexpected costs, our Unsecured Personal Loan could help.

Variable rate

  • From 11.99% p.a. variable interest rate*
  • From 13.07% p.a. comparison rate^
  • 1-7 years flexible loan term
  • Pay your loan off sooner with fewer fees

Key fees

  • $0 Establishment fee
  • $12 Monthly administration fee
  • $10 Per redraw on variable loans
  • $0 Early repayment fee* on your existing loan. An early repayment fee of $150 is due if you fully repay the new loan within the first 12 months (you will also have to pay break costs on early repayment of a fixed rate loan).

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.

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

The Detail

Approval is subject to the Bank’s normal lending criteria. Terms and Conditions, Fees and Charges apply.

Personal Loan Terms and Conditions (PDF 215KB)

Personal Loan Fees and Charges (PDF 131KB)

Before using Internet and Phone Banking, please read the Bank of Melbourne Terms and Conditions for Internet Banking and Phone Banking (PDF 576KB) and before using Mobile or Tablet Banking please read the Mobile Terms and Conditions.  

*Special refinance interest rate and Establishment fee waiver offer: Information current as at 13 October 2020. The offer is only available to existing Bank of Melbourne Unsecured Personal Loan customers who are the recipient of this communication, and who apply and are approved to refinance their existing Bank of Melbourne variable rate Unsecured Personal Loan via the 'Apply now' application button on this page. Approved customers will receive an establishment fee waiver (usually $195), and an interest rate of from 11.99% p.a. (comparison rate 13.07% p.a.^) on their refinanced variable rate Unsecured Personal Loans, which represents a 1% p.a. discount on the current advertised from rate of 12.99% p.a. (comparison rate 14.06% p.a.^). Customers will not be charged an early repayment fee for refinancing their existing Bank of Melbourne Unsecured Personal Loan. Offer is open to single applicants only. 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. Read the product Terms and Conditions, including the Online 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

Our variable rate Unsecured Personal Loans have a standard term of 1 to 7 years. There is a $150 early repayment fee if you fully repay the new loan within the first 12 months (you will also have to pay break costs on early repayment of a fixed rate loan); or a $100 early repayment fee if you fully repay the loan after the first 12 months and before the end of the new loan’s term (you will also have to pay break costs on early repayment of a fixed rate loan). This early repayment fee is waived if you pay out your personal loan by refinancing to another Bank of Melbourne personal loan. 

^Comparison rates help you understand the true cost of a loan. The comparison rate is based on an Unsecured Personal Loan with a loan amount of $30,000 and a term of 5 years. WARNING: This comparison rate applies only to the example or examples given. Different 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. 

1. Redraw requests are subject to approval and so long as you are at least $500 ahead on your repayments. There is a minimum redraw amount of $500 and a redraw fee applies for each approved request. Other fees and charges may be payable.