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.
$2,000 refinance cashback offer
Bank of Melbourne is offering refinancers a $2,000 cashback for new refinance applications made between 01 April 2020 to 29 May 2020, with settlement by 31 July 2020. This offer is available on Advantage Package and Basic Home loans (owner-occupier principal-and-interest repayments, investor principal-and-interest repayments and investor interest-only repayments).
You need to be refinancing a minimum loan amount of at least $250,000. Excludes refinances from other Bank of Melbourne loans or loans from Westpac, St. George, BankSA and RAMS. Other fees, charges, terms and conditions apply.
|Product Name||Bank of Melbourne Basic Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$30,000|
|Minimum Loan Term||N/A|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Application Fee||$500 (waived for loans above $150,000)|
|Valuation Fee||From $164|
|Ongoing Fees||$0 p.a.|
- Competitive rates
- $0 ongoing fees
- Redraw facility
- There is a $100 settlement fee
- There is a $350 discharge fee
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. 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 do I apply for this loan?
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