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.
The establishment fee is $0 on loans with principal and interest repayments over $150,000.
|Product Name||Bank of Melbourne Basic Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$30,000|
|Maximum Loan Amount||$249,999|
|Minimum Loan Term||3 years|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$0 p.a.|
- $0 ongoing fees.
- Redraw facility.
- No offset account.
- There is a $500 establishment fee (currently waived for P&I repayments above $150,000).
What do I need to know about this loan?
The Bank of Melbourne Basic Home Loan offers a special promotional variable rate for owner-occupiers on principal and interest repayments.
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 $30,000 and a maximum loan amount of $249,999. You can borrow up to 95% 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 $0 fee for redraws.
- No ongoing fees. You won't pay any application or ongoing fees for the Bank of Melbourne Basic Home Loan.
What fees and charges come with this loan?
- Settlement fee: $100. This one-off fee covers the costs of setting up your loan account.
- Discharge fee: $350. The discharge fee is charged when you close your loan account either by refinancing or paying off your home loan.
How do I apply for this loan?
If you’ve compared home loans and think that the Bank of Melbourne Basic Home Loan is the right mortgage product for you, click the button below to be taken to the Bank of Melbourne website where you'll be guided through the application process.