Unsecured Personal Loan

Get a rate that’s right for you, and an online application response in 60 seconds.

Why?
Rates
Key fees
How to apply
The detail

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Personalised rates, fixed from 6.89% p.a. (comparison rate 8.01% p.a.^{^})

Our fixed rates range from 6.89% p.a. to 18.90% p.a. (comparison rate 8.01% p.a.^{^} to 19.93% p.a.^{^})

Why choose an Unsecured Personal Loan?

Borrow between $2k-$50k

Choose a loan size that suits you based on the amount of debt you need to consolidate.

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.¹

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.

About our ‘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.

Fixed rate

6.89% p.a. to 18.90% p.a.
Interest rate range

8.01% p.a. to 19.93% p.a.
Comparison rate^

1-7 years
Flexible loan term

Set repayments for simpler budgeting

Variable rate

8.89% p.a. to 18.90% p.a.
Interest rate range

9.99% p.a. to 19.93% p.a.
Comparison rate^

1-7 years
Flexible loan term

Redraw facility available

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

$195	Lending establishment fee
$12	Monthly loan account fee
$0	Per redraw on variable loans
$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

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 7 years

With an interest rate of

With an interest rate of % p.a.

Comparison rate of ^{^}

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

Calculate Calculate

Before you apply

Follow this section to improve the likelihood your application is approved.

Make sure you’re eligible to apply

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 40KB), with a minimum 1 year before expiry
You have a regular, verifiable Australian taxable income
You have a fixed, verifiable residential address in Australia.

Review your credit history

You’ll be assessed on your ability to repay the money you borrow. Three things you can do to help:

Make sure you’re meeting your current repayment obligations for
- other credit cards or loans (including lenders such as afterpay and zip pay)
- rent as well as utilities such as your phone, internet and electricity.
Check the details on your credit report are correct before applying. Head to CreditSmart.org.au and follow the links to a free credit report. More about credit reports.
Don’t make multiple applications (with us or any other lender). Every application is listed as an enquiry on your credit report. Too many can be seen as a red flag and reduce your chances of approval.

Get your documents ready

Make sure you have everything in the list below:

Current debts in your name (e.g. home loan, personal loans, other credit or store cards as well as instalment purchases such as zip pay)
Proof of income. If your pay doesn’t already go into a Bank of Melbourne account, you’ll need to show at least one of the following:
- Two payslips from your main employer from the last two months
- A Government Authority statement from the last two months confirming your pension or allowance
- Rental income proof covering the last three months
- Self-employed? You’ll need to show you’ve been in business for at least 18 months, the last two months’ business bank statements and last year’s Notice of Assessment.
All your regular monthly expenses (including phone bills, insurances etc.)

If you’re already a Bank of Melbourne customer, you’ll also need to:

Sign into online banking to double-check your personal details (name, address etc) are up-to-date
Apply as an existing customer in the application form
We will have answered some of the basic questions such as personal details (name, address etc) on your application for you. Check that they’re correct.

Additional eligibility criteria or documentation may be required.

How to apply for a loan

Apply online in 20 minutes, 10 minutes if you’re already with us.

When you press submit you’ll get an answer within 60 seconds. Part of that answer may be that we’ll need to verify some of your details

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

Once you’ve accepted, we’ll automatically send the funds to the account (or accounts) you’ve nominated. If that’s an account with us, it’ll be there within 60 minutes.

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

Personal Overdraft

Be ready to cover
unexpected expenses

View all personal loans

Help me choose

Use the selector to find a loan that's right for you.

Compare personal loans

Use our compare personal loans tool so that you feel confident in your decision.

The Detail

Personal Loan Terms and Conditions (PDF 2MB)

Fees and Charges (PDF 91KB)

Internet Phone Banking Terms and Conditions (PDF 381KB)

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 2MB) 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 20 January 2022. Interest rates are subject to change.

Our standard variable rate for unsecured variable rate loans is 12.99% p.a. (comparison rate 14.06%). 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 rate loan is 6.89% p.a. (Comparison rate 8.01% p.a.) with the estimated total amount payable including fees is $36,500.
The maximum interest rate for an unsecured fixed rate loan is 18.90% p.a. (Comparison rate 19.93% p.a.) with the estimated total amount payable including fees is $47,617.
The minimum interest rate for an unsecured variable rate loan is 8.89% p.a. (Comparison rate 9.99% p.a.) with the estimated total amount payable including fees is $38,231.
The maximum interest rate for an unsecured variable rate loan is 18.90% p.a. (comparison rate 19.93% p.a.). The estimated total amount payable including fees is $47,617.

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.

**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 entered and is subject to the calculator assumptions set out below. The calculator does not take into account a lending establishment fee that maybe charged for a personal loan application. 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.

Length of month: All months are assumed to be of equal length. When you are approved for a personal loan, interest will be charged on the number of days in each 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: This calculator does not round the repayment amount to the nearest cent, as it would for an approved personal loan. This assumption allows for a smooth graph and equal repayment amounts.

Interest Rate: The interest rates represented on this page are standard interest rates and exclude any package or promotional discounts and are subject to change. Please note our personalised pricing means your unsecured personal loan interest rate may vary from the interest rate represented on this page.

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.