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Finder > Home Loan Finder > Bank of Melbourne Home Loans

Bank of Melbourne Advantage Package Fixed Home Loan

The Advantage Package Fixed Rate Home Loan from Bank of Melbourne is a package loan with low fixed rates and a partial offset account.

The Bank of Melbourne's Advantage Package Fixed Home Loan combines a home loan with a Bank of Melbourne transaction account and credit card. The loan is available for investors and owner-occupiers.

$4,000 refinance cashback offer

Bank of Melbourne is offering refinancers a $4,000 cashback for new refinance applications made between 1 February 2020 to 31 March 2020, with settlement by 31 May 2020. This offer is available on Advantage Package and Basic Home loans (owner-occupier principal-and-interest repayments, investor principal-and-interest repayments and investor interest-only repayments).
You need to be refinancing a minimum loan amount of at least $250,000. If refinancing multiple properties you can gain an additional $2,000 cashback for every additional property. Excludes refinances from other Bank of Melbourne loans or loans from Westpac, Bank of Melbourne, BankSA and RAMS. Other fees, charges, terms and conditions apply.

Interest Rate Max Insured LVR Max LVR
1 Year Fixed (Owner Occupier, IO) LVR above 80% New customers
3.94% p.a.
Comparison Rate
4.25% p.a.
 95% 80%
1 Year Fixed (Owner Occupier, P&I) LVR up to 60% New customers
2.19% p.a.
Comparison Rate
3.48% p.a.
 60% 60%
1 Year Fixed (Owner Occupier, P&I) LVR above 80% New customers
2.29% p.a.
Comparison Rate
3.58% p.a.
 95% 80%
1 Year Fixed (Owner Occupier, P&I) LVR above 60% up to 80% New customers
2.24% p.a.
Comparison Rate
3.53% p.a.
 80% 60%
1 Year Fixed (Owner Occupier, IO) LVR up to 60% New customers
3.84% p.a.
Comparison Rate
4.15% p.a.
 60% 60%
1 Year Fixed (Investors, IO) LVR above 60% up to 80% New customers
3.14% p.a.
Comparison Rate
4.38% p.a.
 80% 60%
1 Year Fixed (Owner Occupier, IO) LVR above 60% up to 80% New customers
3.89% p.a.
Comparison Rate
4.20% p.a.
 80% 60%
1 Year Fixed (Investors, P&I) LVR up to 60% New customers
2.89% p.a.
Comparison Rate
4.06% p.a.
 60% 60%
1 Year Fixed (Investors, P&I) LVR above 80% New customers
2.99% p.a.
Comparison Rate
4.16% p.a.
 90% 80%
1 Year Fixed (Investors, P&I) LVR above 60% up to 80% New customers
2.94% p.a.
Comparison Rate
4.11% p.a.
 80% 60%
1 Year Fixed (Investors, IO) LVR up to 60% New customers
3.09% p.a.
Comparison Rate
4.33% p.a.
 60% 60%
1 Year Fixed (Investors, IO) LVR above 80% New customers
3.19% p.a.
Comparison Rate
4.43% p.a.
 90% 80%
2 Year Fixed (Owner Occupier, P&I) LVR above 80% New customers
2.29% p.a.
Comparison Rate
3.50% p.a.
 95% 80%
2 Year Fixed (Owner Occupier, P&I) LVR above 60% up to 80% New customers
2.24% p.a.
Comparison Rate
3.45% p.a.
 80% 80%
2 Year Fixed (Owner Occupier, P&I) LVR up to 60% New customers
2.19% p.a.
Comparison Rate
3.41% p.a.
 60% 60%
2 Year Fixed (Owner Occupier, IO) LVR up to 60% New customers
3.74% p.a.
Comparison Rate
4.15% p.a.
 60% 60%
2 Year Fixed (Owner Occupier, IO) LVR above 80% New customers
3.84% p.a.
Comparison Rate
4.24% p.a.
 95% 80%
2 Year Fixed (Owner Occupier, IO) LVR above 60% up to 80% New customers
3.79% p.a.
Comparison Rate
4.20% p.a.
 80% 60%
2 Year Fixed (Investors, IO) LVR up to 60% New customers
2.89% p.a.
Comparison Rate
4.22% p.a.
 60% 60%
2 Year Fixed (Investors, IO) LVR above 60% up to 80% New customers
2.94% p.a.
Comparison Rate
4.27% p.a.
 80% 60%
2 Year Fixed (Investors, IO) LVR above 80% New customers
2.99% p.a.
Comparison Rate
4.32% p.a.
 90% 80%
2 Year Fixed (Investors, P&I) LVR above 60% up to 80% New customers
2.74% p.a.
Comparison Rate
4.00% p.a.
 80% 60%
2 Year Fixed (Investors, P&I) LVR up to 60% New customers
2.69% p.a.
Comparison Rate
3.95% p.a.
 60% 60%
2 Year Fixed (Investors, P&I) LVR above 80% New customers
2.79% p.a.
Comparison Rate
4.05% p.a.
 90% 80%
3 Year Fixed (Owner Occupier, IO) LVR up to 60% New customers
3.74% p.a.
Comparison Rate
4.15% p.a.
 60% 60%
3 Year Fixed (Owner Occupier, P&I) LVR up to 60% New customers
2.19% p.a.
Comparison Rate
3.33% p.a.
 60% 60%
3 Year Fixed (Owner Occupier, P&I) LVR above 80% New customers
2.29% p.a.
Comparison Rate
3.43% p.a.
 95% 80%
3 Year Fixed (Owner Occupier, P&I) LVR above 60% up to 80% New customers
2.24% p.a.
Comparison Rate
3.38% p.a.
 80% 60%
3 Year Fixed (Owner Occupier, IO) LVR above 80% New customers
3.84% p.a.
Comparison Rate
4.24% p.a.
 95% 80%
3 Year Fixed (Investors, IO) LVR up to 60% New customers
2.89% p.a.
Comparison Rate
4.13% p.a.
 60% 60%
3 Year Fixed (Owner Occupier, IO) LVR above 60% up to 80% New customers
3.79% p.a.
Comparison Rate
4.20% p.a.
 80% 60%
3 Year Fixed (Investors, IO) LVR above 80% New customers
2.99% p.a.
Comparison Rate
4.23% p.a.
 90% 80%
3 Year Fixed (Investors, IO) LVR above 60% up to 80% New customers
2.94% p.a.
Comparison Rate
4.18% p.a.
 80% 60%
3 Year Fixed (Investors, P&I) LVR above 60% up to 80% New customers
2.74% p.a.
Comparison Rate
3.92% p.a.
 80% 60%
3 Year Fixed (Investors, P&I) LVR above 80% New customers
2.79% p.a.
Comparison Rate
3.97% p.a.
 90% 80%
3 Year Fixed (Investors, P&I) LVR up to 60% New customers
2.69% p.a.
Comparison Rate
3.87% p.a.
 60% 60%
4 Year Fixed (Owner Occupier, P&I) LVR up to 60% New customers
2.69% p.a.
Comparison Rate
3.42% p.a.
 60% 60%
4 Year Fixed (Owner Occupier, P&I) LVR above 80% New customers
2.79% p.a.
Comparison Rate
3.52% p.a.
 95% 80%
4 Year Fixed (Owner Occupier, P&I) LVR above 60% up to 80% New customers
2.74% p.a.
Comparison Rate
3.47% p.a.
 80% 60%
4 Year Fixed (Owner Occupier, IO) LVR up to 60% New customers
4.04% p.a.
Comparison Rate
4.25% p.a.
 60% 60%
4 Year Fixed (Owner Occupier, IO) LVR above 80% New customers
4.14% p.a.
Comparison Rate
4.35% p.a.
 95% 80%
4 Year Fixed (Owner Occupier, IO) LVR above 60% up to 80% New customers
4.09% p.a.
Comparison Rate
4.30% p.a.
 80% 60%
4 Year Fixed (Investors, P&I) LVR up to 60% New customers
3.19% p.a.
Comparison Rate
3.96% p.a.
 60% 60%
4 Year Fixed (Investors, P&I) LVR above 60% up to 80% New customers
3.24% p.a.
Comparison Rate
4.01% p.a.
 80% 60%
4 Year Fixed (Investors, IO) LVR up to 60% New customers
3.39% p.a.
Comparison Rate
4.21% p.a.
 60% 60%
4 Year Fixed (Investors, IO) LVR above 80% New customers
3.49% p.a.
Comparison Rate
4.31% p.a.
 90% 80%
4 Year Fixed (Investors, IO) LVR above 60% up to 80% New customers
3.44% p.a.
Comparison Rate
4.26% p.a.
 80% 60%
4 Year Fixed (Investors, P&I) LVR above 80% New customers
3.29% p.a.
Comparison Rate
4.06% p.a.
 90% 80%
5 Year Fixed (Owner Occupier, IO) LVR above 60% up to 80% New customers
4.09% p.a.
Comparison Rate
4.32% p.a.
 80% 60%
5 Year Fixed (Owner Occupier, P&I) LVR up to 60% New customers
2.69% p.a.
Comparison Rate
3.39% p.a.
 60% 60%
5 Year Fixed (Owner Occupier, P&I) LVR above 80% New customers
2.79% p.a.
Comparison Rate
3.49% p.a.
 95% 80%
5 Year Fixed (Owner Occupier, P&I) LVR above 60% up to 80% New customers
2.74% p.a.
Comparison Rate
3.44% p.a.
 80% 60%
5 Year Fixed (Owner Occupier, IO) LVR up to 60% New customers
4.04% p.a.
Comparison Rate
4.27% p.a.
 60% 60%
5 Year Fixed (Owner Occupier, IO) LVR above 80% New customers
4.14% p.a.
Comparison Rate
4.37% p.a.
 95% 80%
5 Year Fixed (Investors, P&I) LVR above 60% up to 80% New customers
3.24% p.a.
Comparison Rate
3.97% p.a.
 80% 60%
5 Year Fixed (Investors, P&I) LVR up to 60% New customers
3.19% p.a.
Comparison Rate
3.92% p.a.
 60% 60%
5 Year Fixed (Investors, P&I) LVR above 80% New customers
3.29% p.a.
Comparison Rate
4.02% p.a.
 90% 80%
5 Year Fixed (Investors, IO) LVR up to 60% New customers
3.39% p.a.
Comparison Rate
4.17% p.a.
 60% 60%
5 Year Fixed (Investors, IO) LVR above 80% New customers
3.49% p.a.
Comparison Rate
4.27% p.a.
 90% 80%
5 Year Fixed (Investors, IO) LVR above 60% up to 80% New customers
3.44% p.a.
Comparison Rate
4.22% p.a.
 80% 60%
Product NameBank of Melbourne Advantage Package Fixed Home Loan
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Maximum Loan Amount$2,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Loan PortableYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Valuation FeeFrom $164
Ongoing Fees$395 p.a.
Settlement Fee$100
Discharge Fee$350

Pros

  • Competitive fixed rates
  • Interest only rates available

Cons

  • 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 $2,000,000 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.
  • Rate type. This loan allows principal and interest or interest-only repayments, for both investors and owner-occupiers.
  • Repayment flexibility. You can repay this loan monthly, weekly or fortnightly.
  • Offset account. The loan comes with a partial offset account.
  • Redraw and splits. This loan allows for online redraw and has a split facility.

What fees and charges come with this loan?

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.

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Bank of Melbourne Advantage Package Fixed Home Loan

Bank of Melbourne Advantage Package Fixed Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $395

  • Max LVR

    80%

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