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Variable Rate Loan - Unsecured

Pay less fees, so you can focus on repaying your loan faster.

Variable
7.49% p.a. to 20.59% p.a. Interest rate range
8.40% p.a. to 21.43% p.a. Comparison rate range^
16.09% p.a. Median rate

Around half of our customers receive the median rate or lower

Fixed Rate Loan - Unsecured

Lock-in your interest rate and repayments for the term of the loan.

Fixed
7.49% p.a. to 20.59% p.a. Interest rate range
8.40% p.a. to 21.43% p.a. Comparison rate range^
16.09% p.a. Median rate

Around half of our customers receive the median rate or lower

Secured Personal Loan

A great option for helping you purchase a new or used car.

Fixed
6.49% p.a. to 12.99% p.a. Interest rate range
7.61% p.a. to 14.06% p.a. Comparison rate range^
10.99% p.a.  Median rate

Around half of our customers receive the median rate or lower

Before you apply

Follow this section to improve the likelihood your application is approved. 

  • You’re aged 18 or over
  • You have permanent residency in Australia/NZ  OR;
  • You’re a non-resident or migrant and hold an acceptable Visa (PDF 126KB), with a minimum 1 year before expiry 
  • You have a regular, verifiable Australian taxable income
  • You have a fixed, verifiable residential address in Australia.
The Detail

Personal Loan Terms and Conditions (PDF 169KB) - for customers approved before 18 March 2024.​
Personal Loan Terms and Conditions (PDF 197KB) - for customers who apply, or are approved, on or after 18 March 2024.

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.

Our standard variable rate for unsecured variable rate loans is 12.99% p.a. (comparison rate 14.06% p.a.). The rate for some customers is based on personalised pricing. The final rate you’re offered may be lower or higher than 12.99% p.a. (comparison rate 14.06% p.a.), depending on your personal financial circumstances.

^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.

Unsecured Personal Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on an unsecured loan of $30,000 borrowed for 5 years:

  • The minimum interest rate for an unsecured fixed & variable rate loan is 7.49% p.a. (Comparison rate 8.40% p.a.) with the estimated total amount payable including fees is $36,840.
  • The maximum interest rate for an unsecured fixed & variable rate loan is 20.59% p.a. (Comparison rate 21.43% p.a.) with the estimated total amount payable including fees is $49,123.

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 7.61% p.a.) with the estimated total amount payable including fees is $36,160.
  • 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 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.

**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.