Bank of Melbourne Secured Personal Loan
Are you looking for a secured loan? If so then you may be wondering which company is the most reliable. Secured loans should never be applied for lightly. They are a huge commitment and you could potentially lose your home if you fail to keep up with repayments.
Therefore you need a lender that you can trust. For many people that lender is the Bank of Melbourne.
For years the Bank of Melbourne has been providing Australian residents with some of the most competitive loans on the market. What makes the bank different from many of its competitors is the fact that it only hires local people. The call centres are Australian based and the company is based in Victoria. You are guaranteed only the best, local advice on the right financial products to suit your needs. When applying for a secured loan, the staff will be able to tell you whether it is the best for you.
Understanding Secured Loans
Before you even consider applying for a secured loan from the Bank of Melbourne, you first need to understand exactly what they are.
Basically a secured loan guarantees the lender that you will repay the money on time every month. The guarantee is given in the form of your home or your assets. If you fail to make a repayment or if you fall behind, the lender can then take away your assets to pay for the repayments that you have missed.
If the loan is secured upon your home then you could potentially end of having your home repossessed if you cannot pay the loan off anymore.
As you can see, that would be extremely serious. Therefore you should always think carefully before you consider a secured loan. If you are worried about securing a loan on your home then you should consider an unsecured loan instead.
The benefit of an unsecured loan is the fact that it will typically have a much lower annual interest rate than an unsecured loan. They are also typically easier to get too.
The Benefits of Secured Loans Offered by the Bank of Melbourne
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
Bank of Melbourne Secured Personal Loan |
A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 10.99% | 11.88% | $3000 | 1 year | $195 |   |
When it comes to secured loans, there are a few benefits that you can get when you apply through the Bank of Melbourne. These benefits include:
- Internet Banking
- Redraw facilities
- Flexible repayment options
- Loan protection
- You can calculate your repayments
- You can borrow up to $80,000
- Lower rates if you secure the loan on your car
These are just some of the great benefits that you can expect. Being able to look at your repayments online can be really convenient. You can also choose to only receive statements online too. This cuts out the need for paper statements and is therefore better for the environment. If you need them you can also gain access to your statements from the past 2 years.
Another advantage of a secured loan is that you can borrow more than you typically can with an unsecured loan. The Bank of Melbourne offers loans from $3,000 to $80,000. No matter what you need the money for, this loan can help you! If you choose to secure the loan with your car then you could benefit from a lower interest rate. If you choose this option then your car must not be older than 12 years.
If you take out a variable secured loan then you can also benefit from a redraw facility. This basically means that if you make any additional payments to try and pay your loan off early, you can claim them back if you need to. The minimum amount that you can redraw is $500. It could be that you need the money for an emergency. This can prove to be a really useful facility.
It can be a good idea to take advantage of the consumer credit insurance too. This will protect you if you lose your job or if you cannot make the repayments for any reason. It is more important to take out insurance with a secured loan than it is with an unsecured loan. Your home could be on the line so it would make sense to ensure that you are protected!
One of the things that many people love about secured loans from the Bank of Melbourne is the fact that they provide you with flexible repayment options. You can choose to pay weekly, fortnightly or monthly. Some people find that it is better to pay either weekly or fortnightly because it splits the payments down. If you take out a variable secured loan then you also have the flexibility to pay back the loan early. Simply make additional payments whenever you can.
Finally you can calculate your repayments online before you commit to the loan. This will help you to see whether the loan is as affordable as you thought it would be. It is very important to ensure that you can afford a secured loan before you apply for one.
The application process for a secured loan through the Bank of Melbourne is also really simple. It takes just 15 minutes to fill in the online application and you will typically receive a response within 60 seconds.
The Rates and Fees
Before making your decision, look at the rates and fees that the company charges. Firstly you will be expected to pay an establishment fee of $195. When your loan is accepted you will then need to pay $7 each month in administration fees. If you wish to redraw any money then you will be charged $10.
The annual interest rate is really good at just 10.99%. For all loan terms that run from 2-5 years, you will only have to pay lower fixed rates. This is typically lower than most of the banks competitors.
Overall if you are looking for a secured loan then the Bank of Melbourne are a good company to look into. They offer flexible repayment plans and low competitive rates.
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Related posts:
- Bank of Melbourne Unsecured Personal Loan
- Bank of Melbourne Unsecured Personal Overdraft
- Bank of Melbourne Get Set Loan – Line of Credit
- Bank of Melbourne Personal Loans & Car Loans
- Commonwealth Bank Fixed Rate Secured Personal Loan
Featured Personal Loans
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
Bank of Melbourne Secured Personal Loan | A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 10.99% | 11.88% | $3000 | 1 year | $195 | |
 Aussie Personal Loan | A smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house. | 13.90% | 14.84% | $3000 | 1 year | $199 | |
 Sugar Money Personal Loan | Fixed rate personal loan with flexible options to get you funds when you need it. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
 St.George Secured Personal Loan | A competitive interest rate from St.George. Get an application response within 60 seconds. | 12.74% | 13.62% | $3000 | 1 year | $195 | |
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