Secured Personal Loan
Fixed interest rates from 6.49% p.a. (comparison rate 7.69% p.a.^)^^.
Why choose a Bank of Melbourne Secured Personal Loan
More reasons to choose a Bank of Melbourne Secured Personal Loan
1-7 year loan term to fit your budget
Choose a longer term to lower your repayments or a shorter term to pay less interest.
Help to cover the extras
Depending on the value of your car, you could borrow more to cover expenses like insurance and registration.
No balloon payment
Your loan is paid in full at the end of the loan term.
Repayment calculator
This calculator helps you estimate how much your personal loan repayments could be#.
Fixed rate
| 6.49% p.a. to 12.99% p.a. Interest rate range |
| 7.69% p.a. to 14.14% p.a. Comparison rate^ |
| 10.99% p.a. median rate (Around half of our customers receive the median rate or lower) |
| 1-7 years Flexible loan term |
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
| $15 | Monthly loan account fee |
| $6 | PPSR fee for Secured Car Loans (a government fee, charged by the Personal Property Securities Register) |
| $250 |
Lending 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 | Loan discharge fee if you fully repay the loan within the first 12 months |
| $100 | Loan discharge fees if you fully repay the loan after the first 12 months and before the end of the loan term |
| $15 | Missed payment fee |
Fees are subject to change.
Before you apply for a Bank of Melbourne Secured Personal Loan
Your eligibility
You must:
- Be 18 years or older and hold a current Australian driver licence or learner's permit
- Be an Australian or New Zealand citizen OR;
- Be an Australian permanent resident and hold an acceptable visa (PDF 504KB) OR;
- Be a non-resident or migrant and hold an acceptable visa (PDF 504KB), with a minimum 1 year before expiry
- Have a fixed, verifiable Australian address
- Receive a regular, verifiable Australian taxable income
Your car's eligibility
As your car is used as a guarantee for your loan, it must:
- Be for personal use and imported by the manufacturer
- Be 7 years old or less at the time of loan application
- Never have been written off, even if it was repaired
- Be comprehensively insured, with Bank of Melbourne showing as the financier
If your car doesn't meet the criteria, consider our Unsecured Personal Loan.
How to apply for a Bank of Melbourne Secured Personal Loan
Once you've met the eligibility requirements, complete your loan application in a few easy steps.
Follow these simple steps
Complete an online application: If you're an existing customer, we'll fill in the information we have about you to help make your application process quicker.
Submit your application: In just 60 seconds, you'll know if you're conditionally approved, which means you'll know exactly how much you could borrow.
Car verification
Give us your car details: We'll need to verify the information before final approval.
- If you're buying from a dealer or auction, this would be a dealer’s tax invoice or contract of sale with the required information in the car purchase detail checklist.
- If you're buying from a private seller, you’ll need to provide the registration papers and complete the confirmation of car purchase form.
- If you’re using your existing personal car as security for the loan, you’ll need to provide the current registration certificate or renewal notice for the car.
We'll email you: To confirm if your application's been approved.
Review and accept the contract: You can do this securely online. We’ll then transfer the loan amount to the seller for car purchases. If you’ve borrowed more than the car’s value, the remaining funds will go to your nominated account. For other purchases, the full amount will be transferred to your nominated account.
FAQs
A balloon payment is a lump sum paid at the end of your loan term and is usually charged by car dealers. With a Bank of Melbourne Secured Personal Loan, there's no balloon payment - you'll fully pay off your loan and own the car by the end of the loan term.
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 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.
^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.
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 7.69% p.a.) with the estimated total amount payable including fees is $36,224.
- The maximum interest rate for a secured fixed rate loan is 12.99% p.a. (Comparison rate 14.14% p.a.) with the estimated total amount payable including fees is $42,008.
#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 provided. 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. Weekly and fortnightly repayment calculations - if your monthly repayments are $1000, fortnightly repayments are calculated by dividing $1000 by 2 and rounding up if required ($1000/2 = $500). Weekly repayments are calculated by dividing $1000 by 4 and rounding up if required ($1000/4 = $250).
##Loan discharge fee of $150 for a Fixed rate Personal Loan if you fully repay the loan within the first 12 months, or $100 if you fully repay the loan after the first 12 months and before the end of the loan term.
^^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.
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.