Bank of Melbourne Advantage Package Fixed Home Loan
Interest Rate Type
Comp Rate^ (p.a.)
Minimum Loan Amount
Maximum Loan Amount
Minimum Loan Term
Maximum Loan Term
Maximum Insured LVR
Mortgage Offset Account
Mortgage 100% Offset
Loan Redraw Facility
Split Loan Facility
Suitable for Investment
Available as equity loan/line of credit
Principal & Interest and Interest Only Options
Competitive fixed rates
Interest only rates available
There is a $395 annual package fee
There is a $350 discharge fee
There is a $100 settlement fee
What do I need to know about this loan?
This loan has a maximum insured LVR of up to 95%, but if your deposit is less than 20% of your property's value, you may need to pay a lenders mortgage insurance premium too.
What are the features and benefits of the Bank of Melbourne Advantage Package Fixed Home Loan?
Loan amount. You can borrow up to $1,000,000 with this loan depending on your rate type and loan purpose.
Purpose. This loan is for both home buyers and investors.
Package benefits. As a package loan, the Bank of Melbourne Advantage Package Fixed Loan requires you to take out a credit card and transaction account with the bank in exchange for a single package fee. It's a convenient way to combine your banking, but if you're not interested in the other package products, this might not be the loan for you.
The Bank of Melbourne Advantage Package Fixed Home Loan has few fees apart from the settlement, discharge and annual package fee.
Settlement fee: $100. Bank of Melbourne charges this fee to cover the initial set-up of a home loan.
Annual package fee (with offset account): $395. You can pay the annual package fee from a Bank of Melbourne transaction account (which is part of the package).
Discharge fee: $350. You pay a discharge fee when you end the home loan, either by repaying it or by refinancing to another lender.
How do I apply for this loan?
To apply for this product or to get more information, click the green "Go to site" button and leave your details on the Bank of Melbourne's website. A Bank of Melbourne lending specialist will get in touch with you to help you start the application process and answer all your questions.
Richard Whitten is Finder's home loans writer. He helps Australians understand the ins and outs of mortgages so they can find lower rates and make smarter property decisions. Richard trained as a high school English teacher at the University of Sydney, but found that mortgage management was more rewarding than classroom management. Before working at Finder he lived in Seoul, where he edited textbooks and ran communication courses for Korean corporations.
Bank of Melbourne Advantage Package Fixed Home Loan
App Fee / Annual Service Fee
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