---
title: "Unsecured Variable Personal Loan — Bank of Melbourne"
description: "Personal Loans from Bank of Melbourne. Rates, fees, features and eligibility as published under Australia's Consumer Data Right."
canonical: https://www.cdrcompare.au/brands/bank-of-melbourne/products/BOMPLUnsecuredVariable
source: "CDR Compare"
language: en-AU
last_updated: 2026-07-29T05:51:12Z
---

# Unsecured Variable Personal Loan — Bank of Melbourne

> Personal Loans from Bank of Melbourne. Rates, fees, features and eligibility as published by the provider under Australia's Consumer Data Right, compared on CDR Compare.

**Personal Loans**

Our unsecured loan offering to meet your requirement for car, renovation, consolidation of debt or something else.

## At a glance

- **From:** 7% (8.41% comparison)

## Interest rates

| Type | Rate | Comparison | Applies to |
| --- | --- | --- | --- |
| Variable (1-7 years of flexible loan term · Not relevant to product) | 7% | 8.41% | 12 to 84 MONTH |
| Variable (Maximum Interest rate charged for the product. 1-7 years of flexible loan term · Not relevant to product) | 21.99% | 23.28% | 12 to 84 MONTH |

## Fees

| Fee | Type | Amount |
| --- | --- | --- |
| Lending Establishment Fee | Upfront | $250.00 |
| Monthly Loan Account Fee — Charged monthly | Ongoing | $15.00 |
| Loan Discharge Fee - Within 12 Months — Discount −$150.00 — Loan Discharge Fee Waiver - Within 12 Months (eligibility: Other: T&Cs apply) | Exit | $150.00 |
| Loan Discharge Fee - After 12 Months — Discount −$100.00 — Loan Discharge Fee Waiver - After 12 Months (eligibility: Other: T&Cs apply) | Exit | $100.00 |
| Redraw Fee | Event | $0.00 |
| Missed Payment Fee | Late payment | $15.00 |
| Bank Cheque Fee | Event | $10.00 |
| Processing Fee — Payable each time you make any repayment on your loan over the counter in a branch or by cash or cheque | Transaction | $3.00 |

## Features

- **$0 Exit fee - You're in control with the choice to repay your loan when you want.**
- **Borrow $2K-$50K: Choose a loan amount between $2,000 and $50,000**
- **Loan terms to fit your budget: Set your repayments however you want, with your choice of 1 to 7 year loan terms.**
- **Pay your way: Match your pay day with weekly, fortnightly and monthly repayment options**
- **Funds within 60 minutes: After final approval, accept your online contract and funds will be transferred within the hour if you?re already with us**
- **Digital banking** (Internet banking access : Viewing and tracking your loan is convenient ? it's all in the one place on the mobile banking app)
- **Redraw facility** (A Redraw facility is available on variable interest rate loans only. Redraw requests are subject to approval. Minimum redraw amount is $500 and a $0 redraw fee applies to each approved request. Other fees and charges may apply)
- **Extra repayments** (The product has EXTRA_REPAYMENTS option available. $0 extra repayments: Pay off your loan faster by making extra repayments free of charge, with a range of repayment options.)
- **Fraud protection** (The product includes FRAUD_PROTECTION features.)
- **Relationship management** (RELATIONSHIP_MANAGEMENT is available for eligible customers.)
- **Internet and Phone banking : Includes the Security, Stopping or altering payments, Scheduled transactions and payments , Other transactions and payments, Faults and service difficulties**

## Eligibility

- **Minimum age** — 18 years (Be 18 years or older and hold a current Australian driver licence or learner's permit )
- **Residency status** — Be an Australian or New Zealand citizen OR be an Australian permanent resident and hold an�acceptable visa
- **Be a non-resident or migrant and hold an�acceptable visa with a minimum 1 year before expiry**
- **Have a fixed, verifiable Australian address**
- **Receive a regular, verifiable Australian taxable income**

## Constraints

- **Minimum limit** — $2,000.00 (The minimum amount financed is $2000)
- **Maximum limit** — $50,000.00 (The maximum amount financed is $50,000)
- **1-7 years of flexible loan term**

## More information from Bank of Melbourne

- [Overview](https://www.bankofmelbourne.com.au/personal/personal-loans/unsecured-loan-variable)
- [Terms & conditions](https://www.bankofmelbourne.com.au/content/dam/bom/downloads/personal/personal-loans/PersonalLoanTerms.pdf)
- [Eligibility](https://www.bankofmelbourne.com.au/personal/personal-loans/unsecured-loan-variable)
- [Fees & pricing](https://www.bankofmelbourne.com.au/content/dam/bom/downloads/personal/personal-loans/bom_loanfees.pdf)

## Data provenance

- Published by Bank of Melbourne under the Consumer Data Right
- Product ID: `BOMPLUnsecuredVariable`
- Last updated by the provider: 29 July 2026
- Source payload (JSON): https://www.cdrcompare.au/api/raw/bank-of-melbourne/BOMPLUnsecuredVariable
- Provider page: https://www.cdrcompare.au/brands/bank-of-melbourne
- CDR register entry: https://www.cdr.gov.au/find-a-provider?provider=000142

---

Source: [CDR Compare](https://www.cdrcompare.au/brands/bank-of-melbourne/products/BOMPLUnsecuredVariable) — product data published by Australian data holders under the Consumer Data Right. Not financial advice; no rankings, recommendations or affiliate relationships. Always confirm details with the provider.

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