Bank of Melbourne Secured Variable Personal Loan

Moneybuddy says

Secured variable rate personal loan from the Bank of Melbourne which uses your vehicle as security to help keep rates low. There is a choice of fixed or variable interest rate, 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 7 years are available. You can choose to repay the loan weekly, fortnightly, or monthly, and a redraw facility is available on variable interest rate personal loans. You can track and manage your loan repayments by using Bank of Melbourne Internet Banking and you can make extra repayments on the variable personal loan to pay off your loan faster.

The Basics

Security Secured

Personal loan type Personal Loan

Start rate p.a. 12.74%

Interest Variable

Max. loan $80,000

The cool stuff: features

Loan insurance available? Yes

Repayment schedule Weekly or Fortnightly or Monthly

Online application Yes

Redraw facility Yes

Early repayment allowed Yes

Additional repayments allowed Yes

The Facts & Figures

Comparison rate p.a. 13.62%

Min. loan $3,000

Min. term 1 year

Max. term 7 years

The ugly stuff: fees

Signup fee $195

Exit fee $150

Monthly fee $9

* Important note: All product information comes from the product provider or an affiliate and to the best of our knowledge is correct at time of publishing. Money Buddy earns a referral fee in the form of a commission payment per successful application from redirecting website users to Bank of Melbourne's website. Website users have no obligation to apply for a product or service that they may be referred to by this website.