Summary

Borrow from $3,000 up to $100,000. This loan is secured and interest rates are personalised.

This Secured Personal Loan from Bank of Melbourne lets you borrow from $3,000 up to $100,000. As this is a secured personal loan, you'll be required to attach an eligible vehicle as security in exchange for lower rates. Interest rates are fixed, meaning that your repayments will not fluctuate from month to month, making repayments predictable. Interest rates are also personalised based on your credit history and information provided. If your credit history is good, you’ll receive a lower rate, while less than perfect credit will result in higher rates.

Pros

Flexible loan repayment options
Internet banking is available
Weekly, fortnightly or monthly repayments option

Cons

$250 application fee applies
There is a monthly fee of $12
There are withdrawal fees

Details

Product details

Product Name	Bank of Melbourne Fixed Secured Personal Loan
Interest Rate (p.a.)	6.49% to 12.99%
Comp. Rate (p.a.)	7.69% to 14.14%
Interest Rate Type	Fixed
Min Loan Amount	$3,000
Max. Loan Amount	$100,000
Loan Security	Secured

How does Bank of Melbourne Secured Personal Loan work?

This personal loan from Bank of Melbourne allows you to access a competitive rate when you attach your car to the loan as security. You can apply for between $3,000 and $100,000.

Fixed rates start from 6.49% p.a., with a comparison rate of 7.69% p.a. The rate you receive will depend on the value of the car you use as security.

How to apply

Applying for this loan is simple – just click "Go to Site" if you would like to begin the application process. You need to meet the following eligibility criteria to apply:

You are over the age of 18
You are a permanent Australian resident or Australian citizen
The vehicle you are attaching to the loan as security meets the following requirements:

It is registered in your name when purchased. If it is registered in two names you'll need to submit a joint application
It is a four-wheel vehicle that has never been extensively damaged or written off
It will be 12 years old or less at the end of the loan term
It's covered for one year's full comprehensive car insurance

To submit your application, have the following information on hand:

Identification: Australian driver's licence, Medicare card, passport, Australian birth certificate or NSW photo card. If applicable, your foreign tax details.
Details of your income and employment
Information regarding your assets and liabilities

Features of this loan

Fixed rate. Opt for a competitive fixed rate from 6.49% p.a. Keep in mind these rates may change once Bank of Melbourne has determined the value of the car.
Flexible repayment options. Make repayments when they suit your budget, either weekly, fortnightly or monthly.
Loan terms. Terms are between 1 to 7 years.
Loan amounts. You can apply for between $3,000 and $100,000 with this loan.
Fees. An establishment fee of $250 and a monthly fee of $12 applies.

How much does the Bank of Melbourne Secured Personal Loan cost?

Administration fee. You will pay a monthly fee of $12.
Early repayment fee. You will be charged $150 if you repay your loan within the first 12 months. You will also pay $100 if you repay the loan after the first 12 months, but before the end of the loan term.
Direct debit failure fee. You will pay a $15 each time your direct debit payment fails.
PPSR Fee. $6 PPSR fee (applies only if purchasing and securing against a vehicle).

You may also have to pay break costs if you repay your fixed rate loan early.

Remember that while Bank of Melbourne's Secured Personal Loan is a viable option to consider, make sure to compare personal loans before you apply to find the best loan for your needs.

Compare other personal loans

1 - 6 of 6

Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.75% to 26.95%	Comp. Rate (p.a.) 6.75% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $922.89	Go to site More Info Compare
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$75,000) Finder award winnerFixed1 - 7 Years $5,000 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee 1.50% - 6% min. $250	Monthly Fee $0	Monthly Repayment $934.23	Go to site More Info Compare
Harmoney Unsecured Personal Loan Finder award winnerFixed3 - 7 Years $2,000 - $70,000	Interest Rate (p.a.) 5.76% to 24.03%	Comp. Rate (p.a.) 6.55% to 24.98%	Application Fee $275 - $575	Monthly Fee $0	Monthly Repayment $926.83	Go to site More Info Compare
Latitude Variable Rate Personal Loan Variable2 - 7 Years $5,000 - $70,000	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.37% to 30.69%	Application Fee $0	Monthly Fee $13	Monthly Repayment $973.85	Go to site More Info Compare	Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.
NAB Personal Loan Unsecured Fixed Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.88% to 21.78%	Application Fee $250	Monthly Fee $15	Monthly Repayment $969.78	Go to site More Info Compare
NAB Personal Loan Unsecured Variable Rate Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.88% to 21.78%	Application Fee $250	Monthly Fee $15	Monthly Repayment $969.78	Go to site More Info Compare