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 per property for refinance applications made between 1 April and 31 July 2020 and settled by 30 September 2020. This offer is available on Advantage Package and Basic Home loans (owner-occupier loans with principal-and-interest repayments, and all investment loans). The offer is not available on owner-occupier loans with interest-only repayments. To qualify for the offer you will have to pay the $395 annual package fee via an eligible Bank of Melbourne transaction account.
You need to be refinancing a minimum loan amount of at least $250,000 per property refinanced. 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