Bank of Melbourne Secured Fixed Personal Loan
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. A special offer on the interest rate of 8.49% p.a (comparison rate 9.39% p.a) ends on May 31st 2015.
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. Offer ends May 31st 2015. 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.
- 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.
- 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
- 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.