Rating based on 1,029 reviews
About Bank of Melbourne
Bank of Melbourne is Victoria’s most successful local bank with over 100 branches located across the state and a range of business lending, transacting and banking services that rivals even their largest international competitors.
In 2015, they were won the best local bank in Australia at the Blue Ribbon Awards and have also won two other noteworthy awards for their superior banking products and services in their private division.
Local staff, local support and local community
As a local bank, it is clear that Bank of Melbourne has a strong interest in supporting the local communities of Victoria and that they choose their partners based on the impact they’ll have on the state. Their staff is made up almost entirely by locals – creating jobs where it matters the most.
Committed to you and your online security
Bank of Melbourne has an impeccable safety and security record and is always pushing to stay ahead of any developments in the banking and security industry and as a division of global banking giant Westpac, they certainly manage to achieve this.
If you want peace of mind that your online, ATM and mobile business banking transactions are secure than choosing this bank is definitely the right decision.
What Bank of Melbourne can offer you
Bank of Melbourne is passionate about serving and supporting the local SME’s and entrepreneurs of Victoria and does so with a comprehensive range of business finance and banking products.
Small business loans from the Bank of Melbourne include business overdrafts, lines of credit, vehicle and equipment finance and term loans. They also have a range of commercial business loan options for large businesses that are looking for over $1 million.
Small business loans
With the small business loans from the Bank of Melbourne, you can get anything from $20,000 to $1 million and choose either a fixed rate or a variable rate – depending on your needs.
With the variable interest rate loan you can offer up everything from property to a personal guarantee as security and you can make extra payments and with no penalties.
Other products offered
In addition to the business finance products mentioned above Bank of Melbourne also offers individuals a range of products including personal loans, everyday bank accounts, home loans, credit cards and insurance – just to name a few!
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In a Nutshell
- Average processing time 72 hours
- In-store application
- Secured loan option
Extraordinary SME finance made easy with the Bank of Melbnourne
One of the only requirements to apply for a small business loan with the Bank of Melbourne is that you have a viable business that is registered in Australia.
If you meet this requirement and you’re looking for a business loan in the range of $20,000 and $1 million you can then either call them at any time from Monday to Saturday or visit them in branch to make an application.
Unfortunately, Bank of Melbourne does not currently allow online loan applications and you must either call or visit a local branch to apply.
Choosing a business loan to suit your needs
They offer everything that a small, medium or large business could possibly need to operate and grow from business bank accounts and business supers to business term loans, credit cards and insurance – they have it all.
With such a wide range of available finance solutions for your business, it may be hard to make a decision on which one is right for you and that’s where an experienced Bank of Melbourne consultant will step in to help.
Is there anything I can do to increase my chances of getting my business loan approved?
There is nothing you can do to increase your chances of getting your business loan approved. The best thing you can do is to ensure that your credit profile is always up to standard. This would mean you need to start spending less and saving more.
The only time you need to apply for credit is when there is only a reasonable need. We will never discredit you if you meet our requirements; we will always give you preferential treatment if you qualify for a business loan.
Can I choose my bank account to deposit money?
Seeing that you are applying for a business loan, the only bank account that needs to be used is your business bank account. The customer can’t use their personal bank account as this is not a personal loan application.
Bank of Melbourne wants to simplify the credit application process for its customers and this is one way of doing so. If you would like to see one of our agents, you can always request an appointment by calling us or sending us an email.
Eligibility & Requirements
Other Products & Services
- Bank Accounts
- Credit Cards
- Business Funding
Customer Reviews & Testimonials
Bank of Melbourne has the most affordable interest rates on their business loans.
— Broome —
Thanks to Bank of Melbourne, I was able to enhance my business prospects.
— Perth —
Using the Bank of Melbourne website was not only easy and user-friendly, but it was also convenient.
— Newcastle —
- 53 Martin Place, Sydney, NSW, 2000, Australia
- Locked Bag, 20037, Melbourne, 3001, Australia
- Monday 09:30 – 16:00
- Tuesday 09:30 – 16:00
- Wednesday 09:30 – 16:00
- Thursday 09:30 – 16:00
- Friday 09:30 – 17:00
- Saturday Closed –
- Sunday Closed –