Despite stiff competition in the personal loan industry due to low interest rates and the rise of non-banking and digital players, Bank of Melbourne has demonstrated that traditional banks remain a very viable option for borrowers to looking for a competitive deal on a personal loan. ready.
Bank of Melbourne, part of the Westpac group, has stood out among the big banks and other lenders, thanks to its range of secured and unsecured personal loans at competitive prices.
It’s no small feat either, as the Personal Lender of the Year award is based on a quantitative analysis that takes into account interest rates and fees for qualifying auto loans, debt consolidation loans and three- and five-year fixed rate unsecured personal loans. from a range of lenders.
“Personal loans help so many customers across the country buy everything from a new or used car to financing a home project or vacation,” says Steve Rubenstein, general manager of consumer finance. at Westpac Group.
“Customer needs are diverse and therefore our product range is tailored to the wishes of our customers.
“It is truly fantastic to be recognized as Personal Lender of the Year, and we look forward to working with our clients again in 2023 and beyond.”
Bank of Melbourne offers personalized rates for all of its options, including the Secured Personal Loan, which currently offers fixed rates from 4.99% per annum to 12.99% per annum for amounts between $3,000 and $80,000 $, and the unsecured personal loan, where the fixed rates vary from 6.89% per year. at 18.90% per annum on amounts from $2,000 to $50,000.
Rubenstein says the bank’s ability to offer tailored interest rates means borrowers with particularly strong credit histories can be rewarded with better rates and, therefore, lower repayments.
“We recognize that customers are always looking for the products that best suit their specific needs, which is why we have bespoke pricing at Bank of Melbourne, which keeps our rates competitive – that’s great for borrowers. “
In second place is NAB, which offers variable and fixed rate options with its unsecured personal loan.
Five-year fixed interest rates currently range from 6.99% per annum to 18.99% per annum depending on borrowers’ credit history, and loan amounts between $5,000 and $55,000 are available .
ANZ completes the top three. It offers unsecured personal loans with borrowing options from $5,000 to $50,000 and fixed and variable interest rates, currently starting at 8.99% per annum.
Get stories like this in our newsletters.
