Why choose an unsecured personal loan?
Set an end-date for your loan
Every repayment reduces what you owe and gets you closer to paying off your loan.
Borrow between $2k-$40k
Choose a loan size that suits you based on the amount of debt you need to consolidate.
Flexible loan repayments
Choose a loan term of 1-7 years to suit your circumstances and make weekly, fortnightly or monthly repayments.
Borrow without an asset as security
With an unsecured personal loan, you don't have to offer your car as security for your loan.
Redraw facility on variable rate loans
Redraw money from the amount you've repaid if you need to, provided you're at least $500 ahead on your repayments. Each request is subject to approval and a fee.1
Internet banking access
Viewing and tracking your loan is convenient – it’s all in the one place on the mobile banking app.
What you could use this loan for
Variable rate
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1-7 years flexible loan term
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From 12.99% p.a. variable interest rate *
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14.06% p.a. comparison rate^
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Pay your loan off sooner with fewer fees
Fixed rate
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1-5 years flexible loan term
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From 12.99% p.a. fixed interest rate *
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14.06% p.a. comparison rate^
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Set repayments for simpler budgeting
Repayment calculator
This calculator helps you estimate how much your personal loan repayments could be#.
Key fees
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$195 Establishment fee
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$12 Monthly administration fee
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$10 Per redraw on variable loans
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$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)
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$9 Fee when a direct debit order for payment from another institution is dishonoured
How to apply for a loan
The Detail
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 Internet and Phone Banking Terms and Conditions (PDF 3MB) before making a decision and consider whether the product is appropriate for you. If you need help, call 13 22 66.
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:
- with the minimum interest rate of 12.99% p.a. (comparison rate 14.06% p.a.), the estimated total amount payable including fees is $41,932; and
- with the maximum interest rate of 18.90% p.a. (comparison rate 19.93% p.a.), the estimated total amount payable including fees is $47,617.
^ Comparison rates help you understand the true cost of a loan. The comparison rate is based on an Unsecured Personal Loan with a loan amount of $30,000 and a term of 5 years. WARNING: This comparison rate applies only to the example or examples given. 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.
1. Redraw requests are subject to approval. Minimum redraw amount $500 and a redraw fee applies for each approved request. Other fees and charges may be payable.
# 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.