Bank of Melbourne named Money's Personal Lender of the Year
Despite heavy competition in the personal lending space as a result of low interest rates and the rise of non-bank and digital players, Bank of Melbourne has demonstrated that traditional banks are still a highly viable option for borrowers looking for a competitive deal on a personal loan.
Bank of Melbourne, which is part of the Westpac Group, stood out among major banks and other lenders, thanks to its range of competitively priced secured and unsecured personal loans.
That's no mean feat either, because the Personal Lender of the Year award is based on a quantitative analysis that takes into account the interest rates and fees of eligible car loans, debt consolidation loans and three- and five-year fixed-rate unsecured personal loans from a range of lenders.
"Personal lending helps so many customers across the country purchase everything from a new or used car through to funding a project at home or a holiday," says Steve Rubenstein, managing director of consumer finance at Westpac Group.
"Customers' needs are diverse, and as a result our range of products is tailored to suit what our customers want.
"It really is fantastic to be recognised as the Personal Lender of the Year, and we look forward to working with our customers again into 2023 and beyond."
Bank of Melbourne offers personalised rates across its options, including the secured personal loan, which currently features fixed rates from 4.99%pa to 12.99%pa for amounts between $3000 and $80,000, and the unsecured personal loan, where fixed rates range from 6.89%pa to 18.90%pa on amounts from $2000 and $50,000.
Rubenstein says the bank's ability to offer tailored interest rates means borrowers with particularly strong credit history can be rewarded with sharper rates and, as a result, lower repayments.
"We recognise customers are always looking for products that best suit their specific needs, which is why we have personalised pricing at Bank of Melbourne, which keeps our rates competitive - this is great for borrowers."
In second place is NAB, which offers both variable and fixed-rate options with its unsecured personal loan.
Five-year fixed interest rates currently range from 6.99%pa to 18.99%pa depending on the borrowers' credit history, and loan amounts between $5000 and $55,000 are available.
ANZ rounds out the top three. It offers unsecured personal loans with borrowing options from $5000 to $50,000 and both fixed and variable interest rates, which currently start from 8.99%pa.
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