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

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

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

Bank of Melbourne personal loans rates

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

7.49%

Fixed

8.60%

$601

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Bank of Melbourne
More details

11.49%

Fixed up to 17.4%

12.57%

$660

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Bank of Melbourne
More details

12.74%

Variable

13.81%

$679

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Bank of Melbourne
More details

17.00%

Variable

17.99%

$746

based on $30,000 loan amount for 5 years

$150

Redraw facility
Extra repayments
Fully drawn advance
Secured
Bank of Melbourne
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

What do single mothers need to apply for a personal loan?

Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

How are credit ratings/scores calculated?

Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.

They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.

Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).

What causes bad credit ratings/scores?

Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.

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.

Can I get a self-employed personal loan with bad credit?

It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.

If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.

Are there alternatives to $2000 loans?

If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.

Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.

Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.

How long will I have bad credit?

Most negative events that appear on a person’s credit file will stay in their credit history for up to seven years.

You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.

What is comprehensive credit reporting?

Comprehensive credit reporting is a system which includes both positive and negative information on a person’s credit file. Before comprehensive credit reporting was introduced, only negative information was included.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

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

Will comprehensive credit reporting change my credit score?

Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.

Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007