Bank of Melbourne review
Bank
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
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
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.. Rates and fees are current as at 25 Aug 2026 and 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.
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.
Rates and fees current as at 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.
Think something on this page is out of date or inaccurate? Tell us via our complaints and disputes page.
Similar lenders
ANZ
Best suited for borrowers who want a major-bank unsecured loan up to $75,000 for a car or other purchase, priced to their credit score
Bank
Commonwealth Bank
Best suited for buyers with a good credit rating wanting a major-bank secured car loan, published EV rate discounts or pre-approval before shopping
Bank
Great Southern Bank
Best suited for borrowers who want a fixed-rate car or personal loan from a customer-owned bank with no monthly fees and free early payout, especially electric or hybrid buyers using the discounted Green Car Loan
Bank