Bank of Melbourne Secured Fixed Personal Loan

Moneybuddy says

The Bank of Melbourne secured fixed rate personal loan uses your vehicle as security to help keep rates low. You can choose between fixed or variable interest rates, and loans can be between $3,000 and $80,000. There is a $195 establishment fee and a $9 monthly fee per loan, and repayment terms from 1 to 5 years are available. Loans can be repaid weekly, fortnightly, or monthly and you can track and manage your loan repayments by using Bank of Melbourne Internet Banking.

The Basics

Security Secured

Personal loan type Personal Loan

Start rate p.a. 10.99%

Interest Fixed

Max. loan $80,000

The cool stuff: features

Loan insurance available? Yes

Repayment schedule Weekly or Fortnightly or Monthly

Online application Yes

Redraw facility No

Early repayment allowed Yes

Additional repayments allowed No

The Facts & Figures

Comparison rate p.a. 11.88%

Min. loan $3,000

Min. term 1 year

Max. term 5 years

The ugly stuff: fees

Signup fee $195

Exit fee $150

Monthly fee $9

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Bank of Melbourne says

Time to upgrade the car? Consider a Bank of Melbourne Secured Personal Loan. Limited time offer - Fixed interest rates from 10.99% p.a. (comparison rates from 11.88% p.a.) for the life of your loan. Flexible personal loan repayment options. Choose a fixed interest rate for peace of mind that your repayments won’t change for the term of your loan, or a variable interest rate which lets you make extra repayments each month. The term of your secured personal loan is your choice. Choose a term of 1 to 7 years for variable interest rate loans 1 to 5 years for fixed interest rate loans. Fast and simple application process.