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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.
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.
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Review by
Richard Whitten
richard.whitten@finder.comRichard Whitten is a senior writer at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.
Expert review
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.
About this loan
What are the features and benefits of Bank Melbourne Advantage Package Fixed Home Loan?
- Loan amount. You can borrow up to N/A 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.
- 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: $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 to apply
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.
