Secured Personal Loan
Offer your car as security for a lower interest rate.*
Personalised rates, fixed from 4.99% p.a. (comparison rate 6.13% p.a.^)
Our fixed rates range from 4.99% p.a. to 12.99% p.a. (comparison rate 6.13% p.a.^ to 14.06% p.a.^)
The variable interest rate option on our Secured Personal Loan will soon no longer be available.
From 20th August 2021, we will no longer be offering a variable interest rate on our Secured Personal Loan. If you’d like a variable interest rate on this loan, your completed application needs to be submitted before 20th August 2021.
Note you will not be able to retrieve an incomplete saved application after 20th August 2021.
Why choose a secured personal loan?
Get a lower interest rate
By offering your car as security for the loan, you can access a lower rate than our unsecured personal loan.
Borrow between $3k-$80k
Borrow up to $80,000 to spend on anything from a car to renovations.
Redraw facility on variable rate loans
Redraw money from the amount you're repaid if you need to, provided you're at least $500 ahead on your repayments. Each request is subject to approval.^^
About our '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.
Fixed rate
| 4.99% p.a. to 12.99% p.a. Interest rate range |
| 6.13% p.a. to 14.06% p.a. Comparison rate^ |
| 1-5 years Flexible loan term |
| Set repayments for simpler budgeting |
Variable rate
| 6.49% p.a. to 12.99% p.a. Interest rate range |
| 7.61% p.a. to 14.06% p.a. Comparison rate^ |
| 1-7 years Flexible loan term |
| Redraw facility available |
Note: the first interest rate you see in your application may change once we've determined the value of your car. As well as our assessment of your credit history and the information provided in the application, you are more likely to be approved if you’ve been with Bank of Melbourne for six months or more.
Key fees
| $12 | Monthly administration fee |
| $0 | Per redraw on variable loans |
| $195 | Establishment fee (added to your loan amount). Excludes all government charges such as stamp duty, search fees, fees to register security interest with the Personal Property Securities Register |
| $150 | Early repayment fee if you fully repay the loan within the first 12 months |
| $100 | Early repayment fee if you fully repay the loan after the first 12 months and before the end of the loan term |
Fees are subject to change.
Is your car eligible as security?
The car you offer as security for the loan must be:
Repayment calculator
This calculator helps you estimate how much your personal loan repayments could be#.
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 a citizen or permanent resident of Australia, or hold an acceptable visa (PDF 40KB)
- If you’re a non-resident, have confirmed employment in Australia.
How to apply for a loan
The Detail
The Detail
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 (PDF 199KB) 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 18 June 2021. Interest rates are subject to change.
^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 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.
Secured Personal Loan repayment terms range from 1 to 5 years for a fixed rate loan and 1 to 7 years for a variable rate loan. Interest rate ranges and representative examples are based on an unsecured loan of $30,000 borrowed for 5 years:
- The minimum interest rate for a secured fixed rate loan is 4.99% p.a. (Comparison rate 6.13% p.a.) with the estimated total amount payable including fees is $34,901.
- 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.
- The minimum interest rate for a secured variable 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 variable rate loan is 12.99% p.a. (Comparison rate 14.06% p.a.) with the estimated total amount payable including fees is $41,932.
#Repayment calculator & assumptions: Any calculations made by you using this calculator is intended as a guide only. It is for illustrative purposes only and is based on the accuracy of the information entered and is subject to the calculator assumptions set out below. The calculator does not take into account an establishment fee that maybe charged for a personal loan application. The calculation is not an offer of credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The calculations should not be relied on for the purpose of making a decision whether to apply for a personal loan.
Length of month: All months are assumed to be of equal length. When you are approved for a personal loan, interest will be charged on the number of days in each month.
Number of weeks & fortnights in a year: One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of amount of each repayment: This calculator does not round the repayment amount to the nearest cent, as it would for an approved personal loan. This assumption allows for a smooth graph and equal repayment amounts.
Interest Rate: The interest rates represented on this page are standard interest rates and exclude any package or promotional discounts and are subject to change. Please note our personalised pricing means your unsecured personal loan interest rate may vary from the interest rate represented on this page.
*To qualify for a lower interest rate, the motor vehicle offered as security must not be more than 12 years old upon loan expiry. The vehicle used as security must be registered under the applicant's name and made locally or imported by the manufacturer and all the lending criteria met. If the loan to value ratio of your loan is greater than 150%, then an extra 1% p.a. may be added to the presented interest rate shown for your secured loan.
^^A Redraw facility is available on variable interest rate loans only. Redraw requests are subject to approval. Minimum redraw amount is $500 and a $0 redraw fee applies to each approved request. Other fees and charges may apply.
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.