HomePersonal LoansBank of MelbourneUnsecured Variable Rate Personal Loan

Bank of Melbourne Unsecured Variable Rate Personal Loan

The Bank of Melbourne Unsecured Variable Rate Personal Loan offers rates from 6.89% p.a. (8.01% p.a. comparison rate*). on loans of $2,000 to $50,000.


Updated 28 September 2023

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Expert Review

The Bank of Melbourne Unsecured Variable Rate Personal Loan is an unsecured loan with a variable rate from 7.99% to 18.90% p.a. (9.10% to 19.93% p.a. comparison rate). It offers loan amounts from $2,000 to $50,000 over 1-7 years. It comes with an establishment fee of $195 and an ongoing fee of $12 per month. A loan closure fee of $150 may apply in some cases too.

This product could be a great option for those looking to consolidate debt, renovate their house or go on that holiday they’ve been dreaming about. Plus you can get access to your loan finance within the same day and have the flexibility to redraw additional repayments made previously too.

Product Details
Fees

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$195 establishment fee

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$12 ongoing monthly fee

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$150 early repayment fee may apply

Other fees may apply.

Rates

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Fixed rate from 6.89% to 19.90% p.a.

Loan Amount

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From $2,000 to $50,000

Loan Terms

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1, 2, 3, 4, 5, 6 or 7 years

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Unsecured loan

Features

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Redraw extra repayments that you have made

TMD

Before applying for this product, you should read the Target Market Determination (TMD) available here on the Bank of Melbourne website.

More information
The comparison rates on this page are based on either a $30,000 loan over 5 years, or a $10,000 loan 3 years, as indicated with each rate. WARNING: This comparison rate applies only to the example given and may not include all fees and charges. Different terms, fees or loan amounts might result in different comparison rates.
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