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Secured
Personal Loan
Personal Loan
Offer your car as security for 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 up to $80,000 to spend on anything from a car to renovations.
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 and a fee.^^
This calculator helps you estimate how much your personal loan repayments could be#.
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
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 215KB) 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 17 December 2020.
^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:
*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 $10 redraw fee applies to each approved request. Other fees and charges may apply.
#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.
##Break costs are an amount equal to the Bank's reasonable estimate of its loss due to breaking the fixed rate period of the loan. Full details of costs refer to Loan Account Fees and Charges document (PDF 131KB).
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.
# Repayment Calculator assumptions
Length of month
All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular 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
In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts.
Interest Rate
The interest rates represented on this page are Bank of Melbourne's standard interest rates and exclude any package or promotional discounts and are subject to change.
Please note – For secured loans, if the loan to value ratio of your loan is greater than 150%, then an extra 1% p.a. may be added to the interest rate for your loan. For unsecured loans, your actual interest rate applicable to the loan will be based on the information you provide at the time of your application and our credit assessment.
Any calculation 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 calculator does not take stamp duty or other government charges into account. The calculations does not constitute an offer from Bank of Melbourne.