Unsecured Personal Loans
Our Variable and Fixed rate Unsecured Personal Loans can help bring your plans to life.
Why choose an Unsecured Personal Loan?
Easy repayments
Make extra repayments, free of charge, with a range of repayment options.
Fast response
We’re ready when you are. Apply online for a 60-second response, if approved, accept your contract and spend within the hour.*
Redraw facility
Unexpected expenses? Access your extra repayments free of charge, at any time with our Variable Personal Loan.1
Save $150 with a Variable rate Personal Loan
Apply for a variable rate personal loan today and we'll waive your establishment fee, saving you $150 upfront.##
Offer ends 18 December 2023.
Offer not available for fixed rate personal loans or secured personal loans. Eligibility criteria, fees and charges apply.
Choose between our Unsecured Personal Loans
Variable Rate Personal Loan
Whether you’re planning for your big day or the trip of a lifetime, our Variable rate Personal Loan can help.
| 6.89% p.a. to 19.99% p.a. | Interest rate range |
| 7.59% p.a. to 20.59% p.a. | Comparison rate range^ |
| 15.49% p.a. | Median rate |
| $2,000 - $50,000 | Borrowing amount |
| 1 - 7 years | Loan term |
| $0 establishment fee Right now, we’ll waive your $150 establishment fee when you apply for a variable rate Unsecured Personal Loan by 18/12/23.## |
|
Fixed Rate Personal Loan
Time to upgrade your ride or home? Or looking to combine your debts? Our Fixed rate Personal Loan may be the right fit.
| 6.89% p.a. to 19.99% p.a. | Interest rate range |
| 7.81% p.a. to 20.83% p.a. |
Comparison rate range^ |
| 15.49% p.a. |
Median rate |
| $2,000 - $50,000 | Borrowing amount |
| 1 - 7 years | Loan term |
Our standard variable rate is 12.99% p.a. (comparison rate 14.06% p.a.^)
The rate for some customers is based on personalised pricing. The final rate you’re offered may be lower or higher than 12.99% p.a. (comparison rate 14.06% p.a.^), depending on your personal financial circumstances.
Key Fees
Variable rate Personal Loan
| $150 | Lending establishment fee |
| $10 | Monthly loan account fee |
| $0 | Per redraw on variable loans |
| $0 | Loan discharge fee if you fully repay the loan within the first 12 months |
Fixed rate Personal Loan
| $150 | Lending establishment fee |
| $10 | Monthly loan account fee |
| $150 | Loan discharge fee if you fully repay the loan within the first 12 months |
| $100 | Loan discharge 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.
Repayment calculator
Choose your preferred loan options to get an estimated repayment amount.#
I want to use a Personal Loan for
Debt consolidation
Stop juggling debts and combine your repayments into a single loan.
Travel
Plan your trip with our personal loans to avoid being stranded in Santorini or helpless in Hong Kong.
What’s the difference between a fixed and variable rate loan?
A fixed rate loan has an interest rate that’s fixed for the term of your loan. It will not change – helping you plan your finances around set repayments.
A variable rate loan has an interest rate that’s variable – i.e. it could go up or down over the course of the loan term.
Our variable loan also has a redraw feature, which means if you need access to cash, you can withdraw any extra repayment amounts you’ve made at any time1.
How to apply for a loan
Let's get started
- 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.
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.
Our standard variable rate for unsecured variable rate loans is 12.99% p.a. (comparison rate 14.06% p.a.). The rate for some customers is based on personalised pricing. The final rate you’re offered may be lower or higher than 12.99% p.a. (comparison rate 14.06% p.a.), depending on your personal financial circumstances.
^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.
Unsecured Personal Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on an unsecured loan of $30,000 borrowed for 5 years:
- The minimum interest rate for an unsecured fixed & variable rate loan is 6.89% p.a. (Comparison rate 7.81% p.a.) with the estimated total amount payable including fees is $36,327.
- The maximum interest rate for an unsecured fixed & variable rate loan is 19.99% p.a. (Comparison rate 20.83% p.a.) with the estimated total amount payable including fees is $48,517.
1A 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.
##$0 establishment fee offer is available for customers who apply, are approved and accept their Variable rate personal loan contract before 18/12/23. To receive this offer applicants must apply online using the 'Apply now' button on this page and select ‘Variable rate loan’. This offer is not available for Fixed-rate or Secured Personal Loans. Excludes non-resident or migrant applicants. Offer can be changed or withdrawn at any time.
*Access to funds within 60 minutes: Available for existing customers who are approved for an Unsecured Personal Loan. Loan funds will be disbursed into an existing Bank of Melbourne transaction account 60 minutes from when e-contract acceptance has been received. Funds requested to be transferred to a non-Bank of Melbourne account will take up to 3 days.
#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.
**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).
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.