Bank of Melbourne Basic Home Loan review
Keep your repayments low with this no-frills variable rate home loan.
If you're after a no-frills home loan that offers flexibility and a low rate, the Bank of Melbourne Basic Home Loan is worth a look.
Richard 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.
The Bank of Melbourne Basic Home Loan keeps things simple with competitive rates and basic loan features.
About this loan
What are the feature and benefits of the Bank of Melbourne Basic Home Loan?
- Loan amount and loan-to-value ratio (LVR). The Bank of Melbourne Basic Home Loan has a minimum loan amount of $150,000. You can borrow up to 90% of the value of the property. While borrowing more than 80% will incur a lenders mortgage insurance (LMI) premium, Bank of Melbourne offers a Family Pledge that can help you avoid LMI.
- Repayment type and frequency. The Bank of Melbourne Basic Home Loan offers weekly, fortnightly or monthly repayments, and you can make as many additional repayments as you like without penalty.
- Redraw facility. You can access any extra repayments you've made using the loan's redraw facility. There is a fee for redraws.
- No ongoing fees. You won't pay any application or ongoing fees for the Bank of Melbourne Basic Home Loan.
How to apply
To find out more about this loan, or to apply, click the 'Go to site' button below. This will take you to the Bank of Melbourne website where you can arrange a callback or start an application. To arrange a callback, you'll need to enter your contact details.