Let us know where you want them to go, and we’ll take care of it from there.
Choose from 1-7 years, with your regular repayments at the level you’re most comfortable with.
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.
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.
Every repayment reduces what you owe and gets you closer to paying off your loan.
Choose a loan size that suits you based on the amount of debt you need to consolidate.
Choose a loan term of 1-7 years to suit your circumstances and make weekly, fortnightly or monthly repayments.
With an Unsecured Personal Loan, you don't have to offer your car as security for your loan.
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
Viewing and tracking your loan is convenient – it’s all in the one place on the mobile banking app.
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.
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.
Approval is subject to the Bank’s normal lending criteria. Terms and Conditions, Fees and Charges apply.
*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.