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Bank of Melbourne

Bank of Melbourne car loans

Bank

Buying privately, choosing an older car or planning extra repayments? Check the vehicle, seller paperwork and payout conditions before committing to a Bank of Melbourne car loan.

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Loanseekers is a broker, not a lender, and may receive commission from lenders on our panel. This does not change what you pay. See our Credit Guide.

Advertised rates

6.49% p.a. to 12.99% p.a. secured personal loan / car loan (fixed); 7.00% p.a. to 21.99% p.a. unsecured personal loan (fixed); 7.00% p.a. to 21.99% p.a. unsecured personal loan (variable). Standard variable rate for unsecured variable rate loans is 14.99% p.a.

Comparison rate 7.90% p.a. to 14.34% p.a. secured personal loan / car loan; 8.41% p.a. to 23.28% p.a. unsecured personal loan (fixed and variable); 16.00% p.a. on the 14.99% p.a. standard variable unsecured rate*

Approval speed

Published as conditional approval within 60 seconds of submitting the application, and an answer within 60 seconds on the personal loan pages. Funds are transferred within 60 minutes for existing Bank of Melbourne customers after approval and contract acceptance.

Credit-profile fit

Applicants must be 18 years or older and hold a current Australian driver licence or learner's permit for the car loan. Residency criteria are an Australian or New Zealand citizen, a permanent resident with an acceptable visa, or a migrant with an acceptable visa valid for a minimum of 1 year, together with a fixed, verifiable Australian address and a regular, verifiable Australian taxable income. No minimum income amount and no minimum credit score are published. The vehicle must be 7 years old or less at the time of loan application, must never have been written off even if it was repaired, must be comprehensively insured with Bank of Melbourne showing as the financier, and must be for personal use. The secured car loan is available from $10,000 to $130,000 and the unsecured personal loan from $2,000 to $50,000, both over terms of 1 to 7 years.

Pros & cons

Pros

  • Secured car loan fixed rates start at 6.49% p.a. (comparison rate 7.90% p.a.)
  • Publishes a median secured car loan rate of 10.99% p.a.
  • Secured car loan borrowing extends to $130,000
  • Publishes conditional approval within 60 seconds and funds within 60 minutes for existing customers
  • Residency criteria extend to migrants holding an acceptable visa valid for a minimum of 1 year

Cons

  • A $15 monthly loan account fee is payable on the personal loan
  • The financed car cannot be older than 7 years at the time of application
  • A $150 loan discharge fee applies if the loan is fully repaid within the first 12 months
  • The secured car loan requires the vehicle to be for personal use, so business buyers are directed to a separate business car loan

Key features

  • Secured car loan borrowing range of $10,000 to $130,000
  • Loan terms of 1 to 7 years across secured and unsecured products
  • Fixed interest rate on the secured car loan, with the vehicle used as security for the loan
  • Unsecured personal loan alternative of $2,000 to $50,000 in either fixed or variable rate
  • Weekly, fortnightly and monthly repayment frequency options on the unsecured personal loan
  • Redraw available on variable interest rate loans only, minimum redraw $500, with a $0 redraw fee

Fees

  • Lending establishment fee: $250
  • Loan account fee: $15 per month
  • PPSR fee for secured car loan: $6
  • Loan discharge fee, within the first 12 months of the loan term: $150
  • Loan discharge fee, after the first 12 months and before the end of the loan term: $100
  • Missed payment fee: $15
  • Redraw fee on variable interest rate loans: $0

Buying and repaying with Bank of Melbourne

Use the purchase details and your expected ownership period to compare the offer. The useful question is what needs to happen before settlement, and what you would owe if your plans change.

Check the car before paying a deposit

Bank of Melbourne's secured car loan requires a personal-use car no older than seven years at application, imported by the manufacturer and never written off, even if repaired. Comprehensive insurance must name the bank as financier. Confirm the exact vehicle's eligibility before relying on a finance estimate to commit to the purchase.

Prepare paperwork for the type of seller

A dealer or auction purchase needs a tax invoice or sale contract. A private sale needs registration papers and the bank's car-purchase confirmation form. Vehicle verification comes before final approval. Ask the seller for the required documents early, and confirm the remaining settlement steps before arranging collection.

Extra repayments and full payout have different costs

Bank of Melbourne allows extra repayments without a penalty, but a discharge fee applies when the loan is fully repaid before the agreed term ends. Ask for a dated payout figure if you plan to sell or refinance; the balance displayed in an app may not include every amount needed to close the loan.

Match the payment schedule to the monthly due date

The bank's guidance says the full monthly amount must arrive by its due date, even when you choose weekly or fortnightly transfers. Check the contract's amount and first due date, then confirm that your payment schedule covers them. Budget for insurance, registration and running costs alongside the loan payment.

Questions to bring to your finance comparison

  • Has the exact car been accepted, and which seller documents are still missing?
  • What is the full cost over my chosen term, including lender and broker fees?
  • What would the payout be if I sold the car earlier, and when must my first repayment arrive?

Related guides

Sources for these notes checked . Lender requirements can change; confirm the current conditions for your application.

Frequently asked questions

Who is Bank of Melbourne best suited to?

Based on our review, Bank of Melbourne is best suited for borrowers buying a car for personal use, up to seven years old at application, who want a fixed secured rate and a set repayment term.

What are Bank of Melbourne's rates?

6.49% p.a. to 12.99% p.a. secured personal loan / car loan (fixed); 7.00% p.a. to 21.99% p.a. unsecured personal loan (fixed); 7.00% p.a. to 21.99% p.a. unsecured personal loan (variable). Standard variable rate for unsecured variable rate loans is 14.99% p.a.. Comparison rate: 7.90% p.a. to 14.34% p.a. secured personal loan / car loan; 8.41% p.a. to 23.28% p.a. unsecured personal loan (fixed and variable); 16.00% p.a. on the 14.99% p.a. standard variable unsecured rate. Profile record dated 25 Aug 2026. Rates and fees are subject to change by the lender at any time.

What fees does Bank of Melbourne charge?

Lending establishment fee: $250. Loan account fee: $15 per month. PPSR fee for secured car loan: $6. Loan discharge fee, within the first 12 months of the loan term: $150. Loan discharge fee, after the first 12 months and before the end of the loan term: $100. Missed payment fee: $15. Redraw fee on variable interest rate loans: $0.

How fast is Bank of Melbourne's approval?

Published as conditional approval within 60 seconds of submitting the application, and an answer within 60 seconds on the personal loan pages. Funds are transferred within 60 minutes for existing Bank of Melbourne customers after approval and contract acceptance..

What credit profile does Bank of Melbourne accept?

Applicants must be 18 years or older and hold a current Australian driver licence or learner's permit for the car loan. Residency criteria are an Australian or New Zealand citizen, a permanent resident with an acceptable visa, or a migrant with an acceptable visa valid for a minimum of 1 year, together with a fixed, verifiable Australian address and a regular, verifiable Australian taxable income. No minimum income amount and no minimum credit score are published. The vehicle must be 7 years old or less at the time of loan application, must never have been written off even if it was repaired, must be comprehensively insured with Bank of Melbourne showing as the financier, and must be for personal use. The secured car loan is available from $10,000 to $130,000 and the unsecured personal loan from $2,000 to $50,000, both over terms of 1 to 7 years.

How do I apply through Bank of Melbourne?

Start a Loanseekers enquiry and we compare Bank of Melbourne against 70+ lenders for your situation. The initial check does not affect your credit score, and our specialists manage the application to settlement.

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See if Bank of Melbourne suits your situation

One enquiry compares Bank of Melbourne against 70+ lenders for your exact position. No obligation, no impact on your credit score to enquire.

This is general information only, not personal advice; we have not considered your objectives, financial situation or needs. Loanseekers is a broker, not a lender, and may receive commission from lenders on our panel. This does not change what you pay. Approval is subject to lender criteria. See our Credit Guide.

Profile record dated 25 Aug 2026. Rates and fees are subject to change by the lender at any time.

*The comparison rate is based on the lender's published example and is true only for that example. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Lender source pages

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