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%
- Min Loan Amount
- $3,000
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.
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