Bank of Melbourne offers a range of personal loan products to suit diverse financial needs. 

These loans come in two main types: Secured and unsecured. Each comes with unique features and eligibility criteria.

Loan Type

Available via Bank of Melbourne?

Fixed rate secured personal loan

Variable rate secured personal loan


Fixed rate unsecured personal loan

Variable rate unsecured personal loan

Secured personal loan

  • Fixed interest rate

  • Borrow $3,000 to $100,000

  • Loan terms of one to seven years 

  • Weekly, fortnightly, or monthly repayments available 

  • $12 monthly fee

The bank’s secured personal loan is tailored for those who wish to fund the purchase of a car.

This type of loan comes with a fixed interest rate, which is generally lower than the fixed and variable rates offered on the bank’s unsecured personal loans. 

The security – often a car – helps to reduce the risk realised by the lender. However, a borrower would be wise to remember that putting up an item as collateral means they could lose it if they default on their loan. 

Any car put up as security must have four wheels, one year’s fully comprehensive car insurance at the time the funds are provided, and be registered in the applicant’s name once purchased.

It must also be seven years old or less in order for a borrower to secure a lower rate.

Unsecured personal loans

  • Fixed or variable interest rate

  • Borrow $2,000 to $50,000

  • Loan terms of one to seven years 

  • Weekly, fortnightly, or monthly repayments available 

  • $10 monthly fee 

Unsecured personal loans from Bank of Melbourne, on the other hand, don’t require any collateral. 

That means they might be more suitable for borrowers looking to consolidate debt, finance a wedding, or fund another significant expense. 

The unsecured nature of the loan often means a more straightforward application process. Although, it might come with different terms and a higher interest rate due to the increased risk taken on by the lender.

The loans come with either a fixed rate or a variable rate. 

Bank of Melbourne personal loans: Features and benefits

Flexible repayment options

Bank of Melbourne personal loans offer flexible repayments, with borrowers able to make payments weekly, fortnightly, or monthly.

Extra repayments and redraw facilities

Bank of Melbourne allows both secured and unsecured personal loan borrowers to make extra repayments without any penalty. 

However, it's important to note that redraw facilities are only available on its variable rate personal loans.

Eligibility criteria

To apply for a Bank of Melbourne personal loan, you must:

  • Be at least 18 years old 

  • Have permanent residency in Australia or New Zealand or hold an acceptable visa 

  • Have regular, verifiable Australian taxable income

  • Live at an Australian residential address 

Fees and charges

Fee Type

Secured Personal Loan

Unsecured Personal Loan

Establishment Fee



Ongoing Fees



Late Payment Fee



Early Repayment Fee (within 12 months of loan establishment)



Early Repayment Fee (≥12 months from loan establishment)