Important disclosure
Calculate your repayments for this loan
Your estimated repayment
$1,040
based on $30,000 loan amount for 3 years at 14.99%
Pros and cons
For Unsecured Personal Overdraft
Benefits
- Flexible repayment options
- No security required
- Can apply online
- Can apply in branch
- Use the loan for any worthwhile purpose
- Approval is instant
Drawbacks
- Service fee charged
Bank of Melbourne Rate Personal loan overview
For Unsecured Personal Overdraft
Details
Total repayments $37,433 | Interest rate type Variable |
Borrowing range $500 - $20k | Security type Unsecured |
Loan term 0 to 10 years | Secured by |
Loan type | Repayment frequency Weekly, Fortnightly, Monthly |
Target Market Determination Visit Bank of Melbourne to view Target Market Determination. |
Features
Extra repayments | Redraw facility |
Instant approval | Time to funding N/A |
Fees
Upfront Fee $0 | Ongoing Fee $5 Monthly |
Missed Payment Penalty $0 | Early Exit Penalty Fee $0 |
Permitted Loan Purposes
New Car | Used Car |
Motorcycle | Boat |
Debt Consolidation | Renovation |
Holidays | Medical Bill |
Shares | Student Loan |
Wedding |
FAQs
How long are $3000 loans?
Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.
Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.