Secured Personal Loan
Offer your car as security for a lower interest rate^^
Personalised rates, fixed from 6.49% p.a. (comparison rate 7.61% p.a.^)
Our fixed rates range from 6.49% p.a. to 12.99% p.a. (comparison rate 7.61% p.a.^ to 14.06% p.a.^)
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 - $100K
Borrow up to $100,000 to spend on a new or used car.
Help to cover the extras
You may be able to borrow a little more to cover other expenses, such as insurance, registration and optional extras.
About our 'personalised' rates
The rate for some customers is based on personalised pricing. If you're eligible, you'll get a personalised rate and estimated repayments that reflect your credit score and the details you give us in your application.
Fixed rate
| 6.49% p.a. to 12.99% p.a. Interest rate range |
| 7.61% p.a. to 14.06% p.a. Comparison rate^ |
| 9.99% p.a. median rate (half of our customers are offered this 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
| $12 | Monthly loan account fee |
| $6 | PPSR fee for Secured Car Loans (a government fee, charged by the Personal Property Securities Register) |
| $195 | 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 |
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#.
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.
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 169KB) 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 27 November 2023. 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 7.61% 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.
**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.
#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).
^^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.