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.

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By

Richard Whitten

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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

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. Redraw is subject to lender's approval.
  • 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.

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6 Comments

    Default Gravatar
    EDELYN
    March 14, 2023

    PLANNING TO TRANSFER MY HOME LOAD TO BANK OF MELBOURNE.
    AM I QUALIFIED TO A CASH BACK OF 3,500?
    THANK YOU.

    Reply
      AvatarFinder
      Richard
      March 16, 2023

      You will need to check with Bank of Melbourne directly. Approval will depend on a lot of factors surrounding your loan and your own circumstances.

      Reply
    Default Gravatar
    Chris
    February 20, 2023

    Does the family members providing a family pledge have to bank with the same bank or can they be with another bank? Thanks

    Reply
      AvatarFinder
      Richard
      February 20, 2023

      Hi Chris,

      You’d need to ask someone at Bank of Melbourne but I would think that’s not a requirement.

      All the best,
      Richard

      Reply
    Default Gravatar
    George
    February 14, 2023

    What are your requirements for loan..150k

    Reply
      AvatarFinder
      Richard
      February 21, 2023

      Hi George,

      This loan is available with a minimum loan amount of $150,000. If you want to get this product you will need to contact Bank of Melbourne directly. You can also compare more options here.

      I hope this helps,
      Richard

      Reply
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