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Bank of Melbourne personal loans
Bank of Melbourne is a Victoria-based Australian bank. Its headquarters and call centre are based in the Melbourne CBD, and the bank has 106 branches spread across the state.
Although Bank of Melbourne was established in 1989 as an independent organisation, it has been part of the Westpac Group since 1997.
In addition to personal loans, Bank of Melbourne, or BoM as it is also known, offers a wide range of home loans, credit cards, insurance and superannuation products and services.
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Why choose Bank of Melbourne
Bank of Melbourne Personal Loans
Personal Loans calculator
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
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
- 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.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
