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Bank of Melbourne Basic Home Loan review

Adam Smith
Adam Smith
Last updated:  

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.

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Expert review

Adam Smith

Review by

Adam Smith was the home loans editor at Finder.

Expert review

The Bank of Melbourne Basic Home Loan offers a special promotional variable rate for owner-occupiers on principal and interest repayments.

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 $30,000. 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?

  • Establishment fee: $0. This fee is waived when borrowing over $150,000.
  • 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 to apply

If you think that the Bank of Melbourne Basic Home Loan could work for you, click the green button to get in touch with a lending specialist from the bank. Make sure you have the following information on hand:

  • Employment details including addresses and phone numbers
  • Income details including assets
  • Details of any other loans (personal or home), credit card debts or store cards

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