Bank of Melbourne Unsecured Fixed Rate Personal Loan
- Interest Rate (p.a.)
- 7.49% to 20.59%
- Comp. Rate (p.a.)
- 8.54% to 21.59%
- Min Loan Amount
- $2,000
Summary
Borrow from $2,000 up to $50,000. This loan is unsecured and interest rates are fixed and personalised.
This Unsecured Personal Loan from Bank of Melbourne lets you borrow from $2,000 up to $50,000. As this is an unsecured loan, you won’t need to offer an asset as security. Interest rates are fixed, which means that your repayments will remain constant on a monthly basis. This makes predicting repayments and budgeting easier. 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. Loan terms range from 1 to 7 years. Rates range from 7.49% p.a. to 20.59% p.a. Fees include a monthly administration fee of $10 and an establishment fee of $250.
Pros
-
Competitive interest rate
-
Fast application process
-
Flexible repayment options
Cons
-
There is a monthly fee of $10
-
There are withdrawal fees
Details
Product details
| Product Name | Bank of Melbourne Unsecured Fixed Rate Personal Loan |
| Interest Rate (p.a.) | 7.49% to 20.59% |
| Comp. Rate (p.a.) | 8.54% to 21.59% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $2,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
Main points to consider about the Bank of Melbourne Unsecured Personal Loan
As this is an unsecured personal loan there is no need for you to use any of your assets as a guarantee. The loan comes with a fixed rate so your repayments will remain the same for the loan term.
Interest rates start from 7.49% p.a., with a personal loan comparison rate of 8.54% p.a. Your rate will vary based on your application and credit history, with a maximum interest rate of 20.59% p.a.
Features of the Bank of Melbourne Unsecured Personal Loan
- Flexible personal loan repayment options. Repay your loan weekly, fortnightly or monthly to suit your budget.
- Loan term options. Depending on your financial situation, you can choose a term to suit your need. Terms are available from 1 to 7 years.
- Loan amount. Borrow between $2,000 up to $50,000.
- Fast and simple application process. The online application takes about 15 minutes and you’ll then receive a response within 60 minutes.
- Internet banking. Check your e-statements and keep track of your repayments online.
- Loan protection. Feel secure with personal credit insurance from Bank of Melbourne.
Fees and charges
- $250 establishment fee.
- $10 Monthly fee. You will pay an administration fee every month.
- Redraw fee. You are charged $10 each time you redraw on your variable rate loan.
- Early repayment fee. If you fully repay the loan within the first 12 months, you will pay a $150 fee. This is reduced to $100 if you repay the loan after the first 12 months, but before the end of the loan term.
- Direct debit failure fee. There is a $9 charge every time a your direct debit repayment fails.
You may also have to pay break costs if you repay your fixed rate personal loan early.
How to apply for the Bank of Melbourne Unsecured Personal Loan
If you're ready to apply for this loan, you can click "Go to Site" to submit your application. Remember to check the personal loan eligibility criteria before you apply:
To be eligible for the Bank of Melbourne Unsecured Personal Loan, you must:
- Be at least 18 years old
- Are an Australian citizen or Australian permanent resident
In addition to the basic requirements, you need to provide the following details when you apply:
- Your employer’s name, address and phone number are required
- Weekly after-tax income for each applicant
- Assets, savings and investment details
- Information regarding your current credit account
- Information regarding your spending and other expenses
- One personal reference that includes their name, address and contact number
- Recent tax information if you are self-employed
Bank of Melbourne’s Unsecured Personal Loan is a viable option for prospective borrowers. However, make sure to compare your personal loan options and consider which can offer you the best benefits and features.
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