Finty
Bank of Melbourne

Bank of Melbourne Unsecured Variable Personal Loan

UnsecuredVariable rate

Our unsecured loan offering to meet your requirement for car, renovation, consolidation of debt or something else.

Written byDavid Boyd

7.00%

interest rate a year, from

8.41%

comparison rate, from

Establishment fee
$250
Monthly fee
$15
Borrow
$2,000 to $50,000

What it would cost

At the lowest published rate of 7.00%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$633
Total repayments
$22,772
Interest and monthly fees
$2,772

Loan details

Rates

Interest rate (a year)
7.00%–21.99%
Comparison rate (a year)
8.41%–23.28%
Rate type
Variable
Security
Unsecured

Limits and fees

Loan amount
$2,000 to $50,000
Loan term
1 year to 7 years
Establishment fee
$250
Monthly fee
$15

How it compares

Against the other unsecured personal loans we compare. Typical means the middle half of them.

Comparison rate

8.41%

From 8.41%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$4,911

Interest and fees at its starting rate. Typical is $5,455.

Setup fee

$250

A typical setup fee is $213.

Monthly fee

$15

A typical monthly fee is $10.

Most you can borrow

$50,000

Typically you can borrow up to $50,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 7.00% to 21.99%, and only some people get the starting rate.
  • A $15 monthly fee. That adds $900 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • A $15 late payment fee. Setting up automatic repayments avoids it.

Similar loans

Unsecured loans from other lenders that start at a similar comparison rate.