Unsecured Personal Loan

Consolidate debt or buy what you need

Personal loans
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Why choose an Unsecured Personal Loan?

Make a purchase
With interest rates from 12.99% p.a. (comparison rate 14.06% p.a.)
Simplify finances
Consolidate debts to a single loan, with one rate, regular repayment and set of fees.
Set an end-date
Every repayment reduces what you owe and gets you closer to paying off your loan.
Up to $40k
That you can borrow without offering an asset as security.

Variable rate

  • 1-7 years flexible loan term
  • 12.99% p.a. variable interest rate
  • 14.06% p.a. comparison rate^
  • Pay your loan off sooner with fewer fees  

Fixed rate

  • 1-5 years flexible loan term  
  • 12.99% p.a. fixed interest rate  
  • 14.06% p.a. comparison rate^ 
  • Set repayments for simpler budgeting

Note: Our risk-based pricing means the loan interest rate may vary between 10.99% p.a. and 19.99% p.a. depending on our credit assessment and the detail in your application. Interest rates may change and margins may apply in some circumstances. Your loan is more likely to be approved if you’ve been with Bank of Melbourne for six months or more.

You also get…

Flexible loan repayments

Choose a loan term of 1-7 years to suit your circumstances and make weekly, fortnightly or monthly repayments.

Redraw facility on variable rate loans

Redraw a minimum of $500 from your loan amount if you need to, provided you’re at least $500 ahead on your repayments. Each request is subject to approval and a fee.

Internet banking access

Manage your loan and track repayments online or through your mobile banking app.

Key fees

  • $195 Establishment fee (added to your loan amount)
  • $12 Monthly administration fee
  • $10 Per redraw on variable loans
  • $150 Early repayment fee if you fully repay the loan within the first 12 months
    (you will also have to pay break costs on early repayment of a fixed rate loan)
  • $100 Early repayment fee if you fully repay the loan after the first 12 months and before the end of the loan term (you will also have to pay break costs on early repayment of a fixed rate loan)
  • $9 Fee when a direct debit order for payment from another institution is dishonoured

What is a break cost?
Break costs are an amount equal to our reasonable estimate of loss if you break a fixed rate loan term. You’ll need to pay break costs upon early payout or partial payment (in excess of the limit set out in the loan terms and conditions) of a fixed rate loan.

Fees are subject to change. 

The Detail

Before making a decision, please read these documents to ensure you’re aware of all fees, charges and interest rates.
Terms and conditions
General details of our personal loan products
Fees and charges
All costs for specific personal loan services and accounts

How to apply for a loan

1.
Apply online in 10 minutes – 5 minutes for existing customers – depending on your internet connection.
2.
We’ll then review your application and may ask you for more detail to verify your income.
3.
Once your application is approved, we’ll invite you to review and accept the contract online.
4.
Upon final approval, we’ll credit the funds into your loan account.
Get started

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The Detail

Credit criteria, fees, charges, terms and conditions apply.

The advice on our website is prepared without knowing your personal objectives, financial situation or needs. Before you act on this or any advice, please consider if it's right for you. Read the above product disclosure documents as well as the Online Banking Terms and Conditions (PDF 8MB) before making a decision and consider whether the product is appropriate for you. If you need help, call 13 22 66.

^ Comparison rates help you understand the true cost of a loan. They usually include the annual interest rate plus most fees and charges. The above comparison rates are based on an unsecured personal loan of $30,000 over 5 years and are only true for this example. Interest rate ranges and representative examples are: Based on an unsecured loan of $30,000 borrowed for 5 years with the minimum interest rate of 10.99% p.a. (11.88% p.a. comparison rate), the estimated total amount payable including fees is $39,922; and with the maximum interest rate of 19.99% p.a. (20.84% p.a. comparison rate), the estimated total amount payable including fees is $48,529. WARNING: This comparison rate applies only to the example or examples given and may not include all fees and charges. Different 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.