QUICK AND EASY APPROVAL: PERSONAL LOAN BANK OF MELBOURNE.

Borrow up to $50,000 for an unsecured loan and $80,000 for a secured loan. Interest rates vary based on type of loan.

Bank of Melbourne offers four types of personal loans, including an unsecured personal overdraft. Their loans can be fixed or variable, with a credit limit of $80,000 for secured loans and $50,000 for unsecured loans. The interest rate for their secured loans is starts at 4.99% for fixed and 6.49% for variable.

• Fees: All of the Bank of Melbourne’s personal loans come with an application, ongoing and late payment fee. Keep in mind, you may also be charged an early repayment fee if you try to pay out one of its loans early.
• Flexible repayments: You’ll enjoy the flexibility to choose the cycle of your repayments - weekly, fortnightly or monthly - with any of the Bank of Melbourne’s personal loans.
• Extra repayments: A variable rate loan with the Bank of Melbourne may mean you are vulnerable to rate rises, but one major benefit is you can take advantage of an extra repayments facility.
• Redraw facility: Another flexible feature that is solely found with the Bank of Melbourne’s variable rate loans is a redraw facility, giving you the option of drawing upon additional payments made on your loan.