Consider your personal loan options, including whether a Bank of Melbourne offer is right for you, here with Savvy.
Fact checked
Bank of Melbourne is another of the wide scope of financial institutions operating on the market in Australia, in this case as a subsidiary of the Westpac Group, and offers a variety of products across different areas.
One of these is a personal loan, so if you’re currently in the market for one and surveying your options, it’s important to know all about its main features when making an ultimate decision on which is best for you.
Fortunately, at Savvy, we break down personal loan offers into simple-to-digest comparison information which helps you make an accurate decision on the loan which is ideal for your needs. Start comparing with us today.
*Please note that Savvy does not represent Bank of Melbourne for their personal loan product.
You can secure a rate as low as 7.49% p.a. (8.40% p.a. comparison) on your personal loan, helping your chances of securing a cheap personal loan from the outset.
Whether you need a smaller loan of just $2,000 or a larger injection of funds of up to $50,000, a personal loan through Bank of Melbourne can do the trick.
These personal loans come without the requirement for security, meaning there’s no need for you to put your car forward to act as security for the agreement.
Depending on the type of loan you choose, you can access a redraw facility to draw from any additional payments you’ve made over the course of your loan term.
You can take as much time as you need to repay your personal loan debt, with terms available as short as one year and as long as seven years available to tailor to your needs.
In addition to this, you can decide whether to pay your loan down once per week, every second week or once per month in line with whatever suits you.
It’s important to have the choice between fixed and variable interest rates, as you might want to lock in for better budgeting or leave open for potential savings.
When you submit your loan application, you can receive an outcome as soon as 60 seconds thereafter, granting you fast pre-approvals so you can advance the process.
Because personal loans are designed to be highly flexible, you can use their funds to cover just about anything you need, from consolidating debts to renovating your home.
You’ll be required to pay a $150 fee if you pay out your loan inside its first 12 months on fixed rate loans and $100 if you pay it out before the scheduled conclusion of your loan term.
A $150 charge for establishing your loan will have to be paid, while you’ll also need to contribute $10 every month as an ongoing service cost, potentially adding up to hundreds overall
Although Bank of Melbourne does offer a secured personal loan product, this is essentially just a car loan which can only be used for this purpose, unlike their unsecured offer.
Submitting your application through Bank of Melbourne isn’t substantially different from other lenders (especially Westpac loans). The process itself is very simple to follow, but it’s still important to have your bases covered when applying and know what to expect. Of course, it’s important to compare different lenders with Savvy before diving into the application process, as doing so is the best way to ensure you’re not paying more than you need to and have access to a range of features, both necessary and useful. The process of applying for finance is as follows:
Gather your documents
Before you apply, ensure you have the following pieces of documentation:
Submit your application and receive a response
With the information you need, you can go ahead and submit your personal loan application via their online portal. This will likely take up to 20 minutes to complete, although it won’t take as much time if you already bank with them. Once you’ve completed this application and sent it off, you can receive a conditional outcome in just 60 seconds.
Verify any further details
If your application was successful, you may be required to verify some of the details in your application. If this is the case, Bank of Melbourne will let you know what information they need from you when pre-approving you to expedite the process. Once you’ve done this, you can send it off once again for assessment.
Sign your contract and receive your funds
With the clarifications they need, your lender can approve your application formally and send a loan contract for you to sign, which will lay out all the terms of your agreement. You can sign this electronically and return it, after which they can advance your approved funds into your nominated account.
Eligibility is a factor which is important to consider with any loan you apply for, including personal loans. Every lender will set out clear qualification criteria for their applicants to follow, which will help you find out whether you’re eligible to apply for the personal loan you’re looking for. Bank of Melbourne’s criteria include the following:
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
