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Why choose an Unsecured Personal Overdraft?

14.99%
p.a. variable interest rate
$500-$20,000
credit limit (subject to approval)
$5
monthly administration fee
$0
establishment fee

Key rates & fees

  • 14.99% Variable interest rate (charged daily)*
  • $5 Monthly administration fee
  • $0 Establishment fee

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.

How to apply for a loan

1.
Apply online within 20 minutes.
2.
2.    We’ll then review your application and may ask you for more details to verify your income.
3.
Upon final approval, access your funds from your Complete Freedom transaction account.

The Detail

Before making a decision, please read these documents to ensure you’re aware of all fees, charges and interest rates.
Overdraft T&Cs
General details for Bank of Melbourne overdrafts
Overdraft fees
Costs that may apply to overdrafts
Account T&Cs and Fees
Information on transaction, savings and investment account terms, fees and charges

The Detail

Credit criteria, fees, charges, terms and conditions apply. Fees are subject to change. 

The advice on our website is prepared without knowing your personal objectives, financial situation or needs. Before you act on this or any advice, please consider if it's right for you. Read the above product disclosure documents as well as the Online Banking Terms and Conditions (PDF 576KB) before making a decision and consider whether the product is appropriate for you. If you need help, call 13 22 66.

* You must pay us interest charges for each day on the balance owing on your account for the end of that day if it is a debit balance. If the balance owing on your account exceeds the overdraft limit (or if a transaction would cause this to happen) we may, without notice, decline, stop or reverse the transaction or we may choose to honour the transaction. You will be charged a fee when we exercise our discretion to honour the transaction. If the overdraft limit is exceeded, you must immediately repay the excess. Higher interest charges may apply until you do so.