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.
$4,000 online only refinance cashback offer
Bank of Melbourne is offering refinancers a minimum $4,000 cashback. This offer consists of a $2,000 cashback per property (applications between 23 September 2019 and 30 April 2020, with settlement by 30 June 2020) and $2,000 cashback per online application (applications between 11 November 2019 and 31 January 2020, with settlement by 31 March 2020).
You will need to be refinancing a minimum loan amount of at least $250,000. Excludes refinances from other Bank of Melbourne home loans or loans from Westpac, St. George, BankSA and RAMS.
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||$2,000,000|
|Minimum Loan Term||1 year|
|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|
|Suitable for Investment||Yes|
|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)|
|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 and a maximum loan amount of $2,000,000. 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