Bank of Melbourne Unsecured Personal Loan $2k to $50k, no security, personalised rates from 6.89% p.a. and flexible repayments

Overview and key features

The Bank of Melbourne Unsecured Personal Loan is a straightforward way for Australians to borrow from $2,000 up to $50,000 with no security required. You get personalised variable rates starting from 6.89% p.a., flexible terms from 1 to 7 years, and the convenience of choosing weekly, fortnightly or monthly repayments.

This unsecured personal loan suits people who need cash for renovations, consolidating high interest debt or a major one-off purchase. The product includes a redraw facility for variable rate loans, quick online approval and optional loan protection insurance to keep things simple and secure.

Rates, fees and repayment options

Interest rates for the Bank of Melbourne Unsecured Personal Loan are tailored to your credit profile, with advertised variable rates from 6.89% p.a. up to about 19.99% p.a. Be aware of the $150 establishment fee and a $10 monthly account fee; direct debit failures and early exit fees can also apply.

Repayment flexibility is a highlight: select weekly, fortnightly or monthly schedules to match your pay cycle, and make extra repayments when you can to reduce interest. For fixed portions or early payoff, check for break costs or exit fees so you are not surprised.

Eligibility and application process

To apply for the Bank of Melbourne Unsecured Personal Loan you must be at least 18, an Australian citizen or permanent resident, and provide proof of income, employment and existing liabilities. Self-employed applicants should have recent tax returns or ATO documents ready to speed assessment.

The online application is user friendly and typically results in a quick decision. Gather payslips, ID and bank statements beforehand, compare the personalised rate offered and only accept if the repayments fit your household budget. You can often get approval within an hour for straightforward applications.

Pros, cons and who should apply

Pros include borrowing without collateral, flexible repayment cycles, personalized rates that reward good credit and access to redraw for extra repayments. For many Australians this is a practical option for debt consolidation and planned spending where you want certainty and no risk to your home or car.

Cons to consider are the ongoing $10 monthly fee, establishment fee of $150 and potential early repayment charges if you exit within a short period. If you have unstable income or expect rapid rate rises, a fixed rate product or credit card alternative might be better. Compare offers, use the Bank of Melbourne Unsecured Personal Loan calculator and apply online when you are ready.