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. This has a special offer interest rate of 8.49% p.a (comparison rate 9.39% p.a).

The Basics

Interest Fixed

Security Secured

Personal loan type Personal Loan

Start rate p.a. from 8.49%

Comparison rate p.a.* 9.39%

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 No

Additional repayments allowed No

The Facts & Figures

Min. loan $3,000

Min. term 1 year

Max. term 5 years

The ugly stuff: fees

Signup fee 195.00

Exit fee $150

Monthly fee $9

Comparison Rate Disclaimer -

Early Repayment Fee -

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Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Bank of Melbourne says

Time to upgrade the car? Consider a Bank of Melbourne Secured Personal Loan. Limited time offer - Fixed interest rates from 8.49% p.a. (comparison rates from 9.39% 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.

Key features

  • Apply online and get a fast decision in 60 seconds
  • Your vehicle is used as security to help keep rates low
  • Borrow from $3,000 to $80,000
  • Choose from fixed or variable rate
  • Repayment terms from 1 to 5 years available on the fixed secured personal loan
  • There is an exit fee of $150 in the first year, and $100 thereafter.

Pros

  • Great promotional interest rate
  • Get a response in 60 seconds
  • Choice of fixed or variable interest rate
  • Flexible repayment options
  • Lower interest rate when your car is accepted as security

Cons

  • No redraw facility on the fixed personal loan

Terms & conditions

The comparison rate is based on a Secured Personal Loan of $30,000 for a term of 5 years.

 

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