Bank of Melbourne personal loan repayment calculator

Thinking about taking out a personal loan with Bank of Melbourne? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Bank of Melbourne personal loans compare with other options.

I'd like to borrow

$

Loan term

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Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Flexible repayment options
  • Can apply online
  • Redraw options
Cons
  • Establishment fees
  • Ongoing fees
  • Not the lowest rate on the market

Bank of Melbourne personal loans rates

Product
Advertised Rate
Comparison Rate*
Company
Repayment
Upfront Fee
Features
Go to site

7.49%

Fixed

8.60%

Bank of Melbourne

$601

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
More details

9.99%

Fixed up to 17.4%

11.08%

Bank of Melbourne

$637

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
More details

12.74%

Variable

13.81%

Bank of Melbourne

$679

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
More details

17.00%

Variable

17.99%

Bank of Melbourne

$746

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
More details

Features of a Bank of Melbourne personal loan

Bank of Melbourne offers a range of secured and unsecured personal loans, car loans and line of credit facilities.

Bank of Melbourne offers personal loans of up to $50,000 or car loans of up to $80,000 for up to seven years, depending on the type of loan. Borrowers can choose between weekly, fortnightly or monthly instalments. Some loan options offer a redraw facility which gives you access to any additional repayments if you need extra funds.

Borrowers will have to pay a one-off establishment fee in addition to an ongoing monthly fee.

Bank of Melbourne personal loans can be used for a range of different purposes including:

  • Debt consolidation
  • Buying a car
  • Renovations and home improvement
  • Travel and holidays
  • Weddings and other occasions

Bank of Melbourne personal loans – customer service

Bank of Melbourne customers can contact the bank online, on the phone, or in one of the 106 branches across the state. Borrowers can also contact customer service via:

  • Online banking
  • Email
  • Phone, Mon-Sat 8am–8pm (AEST)
  • Live chat
  • Mobile app

Who is eligible for a Bank of Melbourne personal loan?

To be eligible for a Bank of Melbourne personal loan, borrowers must meet the following criteria:

  • Be at least 18 years old  
  • Be an Australian citizen, permanent resident or have a valid visa
  • Provide details of income and employment
  • Provide details of a personal reference

How to apply for a Bank of Melbourne personal loan?

Applications for a Bank of Melbourne personal loan can be made online. The process takes around 10 minutes and involves the following steps:

  • Once you’ve chosen a personal loan, click ‘apply now’ on the BoM website
  • Once your application is completed, BoM will review
  • Once your application is approved, BoM will send you a contract which can be accepted online
  • Upon final approval, the funds will be credited to your loan account

Bank of Melbourne personal loans review

Bank of Melbourne’s fixed and variable personal loan interest rates are higher than the market average, with secured loans offering a moderately high fixed rate and a high variable rate. When it comes to fees and charges, Bank of Melbourne personal loans come with an upfront fee in addition to an ongoing monthly fee.

Borrowers can choose from a range of available loan amounts, with up to $80,000 for a new car, or up to $50,000 for an ongoing line of credit. Bank of Melbourne also caters to smaller loan amounts.

Borrowers have the option of tailoring their personal loan repayments to suit their budgets and lifestyles and can opt for weekly, fortnightly or monthly payments. Depending on the loan, there’s a redraw facility available which gives you access to any additional repayments you’ve made. Borrowers looking to pay off their personal loan faster may have the option to make extra repayments and save money on interest charges.

Learn more about Bank of Melbourne

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term