How to get a personal loan at the Bank of Melbourne

Sometimes we find ourselves at a time in life when we need quick cash to pay off debts, renovate the house, travel, or simply to go after that dream that seemed impossible. The personal loan at the Bank of Melbourne will enable you to achieve all of this, in a very simple way with the online application.

Before applying for a personal loan, it is important to know a few things. At the Bank of Melbourne, personal loans are divided into two types: unsecured personal loans and secured personal loans. It is important to know which type of loan fits your needs to facilitate the application.

The unsecured personal loan does not require an asset as security, so you don’t have to offer your car as security for your loan. This type of loan is of general purpose and its rate starts at 11.49% p.a., with a comparison rate of 23.57% p.a. With this loan modality, you can have from $ 2,000 to $ 50,000, at a fixed or variable rate.

Personal loan at the Bank of Melbourne: flexible and simple application

You can easily apply for an unsecured loan at the website of the bank. But first, be sure you meet the requirements: be aged 18 years or over; have an income of at least $ 35,000 p.a .; be an Australian citizen or a permanent resident (If a non-resident, have confirmed employment in Australia). Also, you will need to hold a good credit report, as this will be assessed when approving your application.

Another interesting option is the secured personal loan. In this modality, you offer your car as security for the loan. This way, you have the great advantage of having a lower rate than our unsecured personal loan. In addition, you can borrow a larger amount – from $ 3,000 to $ 80,000.

To be accepted for the loan, your car must be registered in your name (name of the borrower); be a 4 wheel vehicle that has never suffered serious damage; have been manufactured no more than 12 years ago at the end of the loan to receive a lower interest rate. Don’t forget to gather your documents and information about current employment, income, expenses, and investments.

Once you have all the necessary documents, double-check the information so that there is no error in the application before sending it. Send it only once and wait for our return.

Access the Bank of Melbourne website now and apply for a personal loan online. See also the repayment calculator and a list of key fees.

Written By