Unsecured personal loan

Why?
Rates
Key fees
How to apply
The detail

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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-$50k

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.

Unsecured Personal Loan fixed rate drop.

Now from 11.49% p.a.
(comparison rate 12.57% p.a.^{^})

The fixed interest rate on our Unsecured Personal Loan has indeed dropped. And that’s got to help, whether you’re looking to fund that trip you’ve been thinking of, a set of wheels or something else.

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What you could use this loan for

Simplifying finances

Consolidate debts to a single loan, with one rate, regular repayment and set of fees.

Home renovations

Make those home improvements you’ve been thinking about.

Going travelling

Help fund some well-deserved relaxation time.

Something else

Whether it's your big day, school fees or unexpected costs, our Unsecured Personal Loan could help.

Fixed rate

From 11.49% p.a. fixed interest rate *
From 12.57% p.a. comparison rate^
1-5 years flexible loan term
Set repayments for simpler budgeting

Variable rate

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

*Our personalised pricing means your loan interest rate may vary depending on our credit assessment and the detail you provide us in your application. As a result, the interest rate we offer you may vary; for a Fixed Rate Unsecured Personal Loan the rate will range between 11.49% p.a. (comparison rate 12.57% p.a.^) and 17.40% p.a. (comparison rate 18.44% p.a.^); and for a Variable Rate Unsecured Personal Loan the rate will range between 12.99% p.a. (comparison rate 14.06% p.a.^) and 18.90% p.a. (comparison rate 19.93% p.a.^). The Interest Rate will be presented to you on your loan offer contract.

Repayment calculator

This calculator helps you estimate how much your personal loan repayments could be^#.

I'm interested in the following type of rate

Fixed Variable

I would like to borrow You can borrow between $2,000 - $50,000

I would like to borrow $

Over a loan term of (years) You can select a loan term between 1 and 5 years

Over a loan term of (years) You can select a loan term between 1 and 7 years

With an interest rate of

With an interest rate of % p.a.

Comparison rate of ^{^}

Comparison rate of ^{^} % p.a.

Calculate Calculate

Key fees

$195 Establishment fee
$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)

Prep for application success

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.

For starters, make sure you meet our eligibility basics

Be aged 18 years or over
Have a regular permanent income before tax of at least $35,000 p.a.
Be an Australian citizen or have a permanent residency visa
If you’re a non-resident, have confirmed employment in Australia.

Some things that could help

Check your credit report

As part of reviewing your application we look at the information on your credit report, which is produced by an independent credit bureau. This report shows a snapshot of your liabilities, available credit, and your repayment behaviour for these accounts. To learn more about credit reporting in Australia visit www.bankofmelbourne.com.au/ccr.

It’s a good idea to view your own credit report and check your details are correct before starting your application. You can do this for free by visiting the credit bureau website directly, or via CreditSmart.org.au. We work with three bureaus: Equifax, illion and Experian, so you might like to check the report produced by each of them.

Get your documents and information ready

Before starting your application, make sure you have everything in the list below:

Current employer’s name, address and phone number
Your income information from the last 3 months, such as including payslips, bank statements and rental income (you won’t need this if your pay already goes into a Bank of Melbourne bank account)
Recent tax information if you're self-employed
Asset, savings and investment details
Details of all existing liabilities that are in your name (e.g. personal loans, other credit or store cards, ‘interest-free’ instalment purchases, home loan)
All your regular monthly expenses (including school fees, insurance, utilities etc.)

If you are an existing Bank of Melbourne customer, you will also need to:

Apply as an Existing Customer in the application form and log in to your account
Once logged in, double-check that your personal details (name, address etc) are up-to-date. If not, log in to internet banking to update them. Allow 24 hours for records to update.

Double-check your application before pressing ‘Submit

Don’t make multiple applications

How to apply for a loan

Apply online in 10 minutes – 5 minutes for existing customers – depending on your internet connection.

We’ll then review your application and may ask you for more detail to verify your income.

Once your application is approved, we’ll invite you to review and accept the contract online.

Upon final approval, we’ll credit the funds into your loan account.

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

Not what you’re looking for? Try these.

Secured Loan

Offer a car as
security for a lower rate

Get Set Loan

Access your funds
as you need them

View all personal loans

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 236KB) 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 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:

with the minimum interest rate for a fixed rate loan of 11.49% p.a. (comparison rate 12.57% p.a.) or with the minimum interest rate for a variable rate loan of 12.99% p.a. (comparison rate 14.06% p.a.), the estimated total amount payable including fees is $40,555 or $41,932 respectively; and
with the maximum interest rate for a fixed rate loan of 17.40% p.a. (comparison rate 18.44% p.a.), or with the maximum interest rate for a variable rate loan of 18.90% p.a. (comparison rate 19.93% p.a.), the estimated total amount payable including fees is $46,136 or $47,617 respectively.

^ 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
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.

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.

COVID-19 Updates