Bank of Melbourne Unsecured Variable Rate Personal Loan
The Bank of Melbourne Unsecured Variable Rate Personal Loan offers rates from 7.49% p.a. (8.54% p.a. comparison rate*). on loans of $2,000 to $50,000.
Updated 10 July 2025
* See details below
The Bank of Melbourne Unsecured Variable Rate Personal Loan is an unsecured loan offering a variable interest rate ranging from 7.49% to 20.59% p.a., with a comparison rate between 8.54% and 21.59% p.a.* Loan amounts are available from $2,000 up to $50,000, with terms spanning from 1 to 7 years. An establishment fee of $250 applies, along with a monthly ongoing fee of $15. A loan closure fee of $150 may also be charged.
According to Stay or Go's personal loan comparison review, this product ranks among the lowest 1% in interest rates compared to other unsecured variable rate loans on the market. It may be a good choice if you’re looking to consolidate debt, renovate your house, or go on that holiday. Additional benefits include same-day access to funds and the flexibility to redraw any extra repayments made previously, providing greater control over your finances during the loan term.
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$15 ongoing monthly fee
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Other fees may apply.
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Fixed rate from 7.49% to 20.59% p.a.
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From $2,000 to $50,000
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1, 2, 3, 4, 5, 6 or 7 years
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Unsecured loan
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Redraw extra repayments that you have made
Before applying for this product, you should read the Target Market Determination (TMD) available here on the Bank of Melbourne website.