Secured personal loan

Why?
Rates
Security
Key fees
How to apply

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Personalised rates, fixed from 6.49% p.a. (comparison rate 7.69% p.a.^{^})

Our fixed rates range from 6.49% p.a. to 12.99% p.a. (comparison rate 7.69% p.a.^{^} to 14.14% p.a.^{^})

Why choose a secured personal loan?

Get a lower interest rate^^

By offering your car as security for the loan, you can access a lower rate than our Unsecured Personal Loan.

Borrow between $3K - $100K

Borrow up to $100,000 to spend on a new or used car.

Help to cover the extras

You may be able to borrow a little more to cover other expenses, such as insurance, registration and optional extras.

About our 'personalised' rates

The rate for some customers is based on personalised pricing. If you're eligible, you'll get a personalised rate and estimated repayments that reflect your credit score and the details you give us in your application.

Fixed rate

6.49% p.a. to 12.99% p.a.
Interest rate range

7.69% p.a. to 14.14% p.a.
Comparison rate^{^}

10.99% p.a. median rate
(Around half of our customers receive the median rate or lower)

1-7 years
Flexible loan term

Note: the first interest rate you see in your application may change once we've determined the value of your car. As well as our assessment of your credit history and the information provided in the application, you are more likely to be approved if you’ve been with Bank of Melbourne for six months or more.

Key fees

$12	Monthly loan account fee
$6	PPSR fee for Secured Car Loans (a government fee, charged by the Personal Property Securities Register)
$250	Lending establishment fee (added to your loan amount). Excludes all government charges such as stamp duty, search fees, fees to register security interest with the Personal Property Securities Register
$150	Loan discharge fee if you fully repay the loan within the first 12 months
$100	Loan discharge fees if you fully repay the loan after the first 12 months and before the end of the loan term

Fees are subject to change.

Is your car eligible as security?

The car you offer as security for the loan must be:

Registered in the applicant’s name once purchased.

A four-wheel vehicle that has never been extensively damaged or written off.

7 years old or less at time of application to qualify for a lower interest rate.

Covered for one year’s full comprehensive car insurance when you access the funds.

Repayment calculator

This calculator helps you estimate how much your personal loan repayments could be^#.

Before you apply

Follow this section to improve the likelihood your application is approved.

Make sure you’re eligible to apply

You’re aged 18 or over
You have permanent residency in Australia/NZ OR;
You’re a non-resident or migrant and hold an acceptable Visa (PDF 504KB), with a minimum 1 year before expiry
You have a regular, verifiable Australian taxable income
You have a fixed, verifiable residential address in Australia.

Review your credit history

You’ll be assessed on your ability to repay the money you borrow. Three things you can do to help:

Make sure you’re meeting your current repayment obligations for
- other credit cards or loans (including lenders such as afterpay and zip pay)
- rent as well as utilities such as your phone, internet and electricity.
Check the details on your credit report are correct before applying. Head to CreditSmart.org.au and follow the links to a free credit report. More about credit reports.
Don’t make multiple applications (with us or any other lender). Every application is listed as an enquiry on your credit report. Too many can be seen as a red flag and reduce your chances of approval.

Get your documents ready

Make sure you have everything in the list below:

Proof of identity including at least two of the following:
- Australian driver licence
- Medicare card
- Passport
- Australian birth certificate
- NSW photo card.

Current debts in your name (e.g. home loan, personal loans, other credit or store cards as well as instalment purchases such as zip pay)
Proof of income. If your pay doesn’t already go into a Bank of Melbourne account, you’ll need to show at least one of the following:
- Two most recent consecutive payslips from your main employer that are less than 60 days old
- A Government Authority statement from the last two months confirming your pension or allowance
- Rental income proof covering the last three months
- Self-employed? You’ll need to show you’ve been in business for at least 18 months, the last two months’ business bank statements and last year’s Notice of Assessment.
All your regular monthly expenses (including phone bills, insurances etc.)
If you’re a tax resident of another country, you’ll need your foreign tax identification number.

If you’re already a Bank of Melbourne customer, you’ll also need to:

Sign into online banking to double-check your personal details (name, address etc) are up-to-date
Apply as an existing customer in the application form
We will have answered some of the basic questions such as personal details (name, address etc) on your application for you. Check that they’re correct.

Additional eligibility criteria or documentation may be required.

How to apply for a loan

Apply online in just 20 Minutes – 10 minutes for existing customers, depending on your internet connection.

We’ll then review your application and may ask you for more details to verify your income and learn about the car you’re offering as security.

When you’re ready, provide us with information about your car and we’ll review it to make sure the vehicle is suitable for your secured loan.

Once your application has been approved, visit a branch with proof of comprehensive insurance to review and accept the contract. We’ll then credit the funds into your account or give you a cheque payable to the car seller.

The Detail

Before making a decision, please read these documents to ensure you’re aware of all fees, charges and interest rates.

Terms and conditions

General details of our personal loan products

Fees and charges

All costs for specific personal loan services and accounts

Help me choose

Use the selector to find a loan that's right for you.

Compare personal loans

Use our compare personal loans tool so that you feel confident in your decision.

The Detail

Personal Loan Terms and Conditions (PDF 197KB)

Fees and Charges (PDF 112KB)

Internet Phone Banking Terms and Conditions (PDF 375KB)

Any advice on this website is general in nature and has been prepared without considering your objectives, financial situation or needs. Please read the product disclaimer and Terms and Conditions documents and consider your individual circumstances before applying for a Bank of Melbourne Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information correct as of 22 May 2024. Interest rates are subject to change.

^Comparison rates: Comparison rates help you understand the true cost of a loan. All comparison rate examples shown are for a personal loan amount of $30,000 and a term of 5 years. WARNING: Comparison rates apply only to the example or examples given and may not include all fees and charges. Different loan amounts and terms will result in different comparison rates. Costs such as loan discharge fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Secured Personal Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on a secured loan of $30,000 borrowed for 5 years:

The minimum interest rate for a secured fixed rate loan is 6.49% p.a. (Comparison rate 7.69% p.a.) with the estimated total amount payable including fees is $36,224.
The maximum interest rate for a secured fixed rate loan is 12.99% p.a. (Comparison rate 14.14% p.a.) with the estimated total amount payable including fees is $42,008.

**Personalised rates: The rate for some customers is based on personalised pricing. Instead of a one-size-fits-all approach, personalised pricing allows us to offer more people personal loans at a better rate, based on an assessment of credit history as well as the information provided in the application.

#Repayment calculator & assumptions: Any calculations made by you using this calculator is intended as a guide only. It is for illustrative purposes only and is based on the accuracy of the information provided. The calculation is not an offer of credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The calculations should not be relied on for the purpose of making a decision whether to apply for a personal loan. Weekly and fortnightly repayment calculations – if your monthly repayments are $1000, fortnightly repayments are calculated by dividing $1000 by 2 and rounding up if required ($1000 ÷ 2 = $500). Weekly repayments are calculated by dividing $1000 by 4 and rounding up if required ($1000 ÷ 4 = $250).

^^To qualify for a Secured Personal Loan, applicant must meet all credit criteria and the car offered as security must meet all criteria - either new or if used, cannot be older than 7 years at time of application, registered under the applicant's name once purchased, has been made locally or imported by the manufacturer, has never been written off (even if it was repaired), has a paid, fully comprehensive insurance policy with Bank of Melbourne noted as the financier and is for personal use only. The loan amount may exceed the vehicle's market value, as defined by Bank of Melbourne, to cover the purchase price of the vehicle and other expenses.

Unless otherwise specified, the products and services described on this website are available only in Australia from Bank of Melbourne - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.

Secured Personal Loan

Personalised rates, fixed from 6.49% p.a. (comparison rate 7.69% p.a.^)