The Bank of Melbourne Unsecured Variable Rate Personal Loan offers rates from 7.49% p.a. (8.40% p.a. comparison rate*). on loans of $2,000 to $50,000.
Updated 18 March 2025
* See details below
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.
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$10 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.