Bank of Melbourne Home Loans

Bank of Melbourne has a range of home loans with attractive features to suit many different types of borrowers

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Bank of Melbourne

Bank of Melbourne is a proudly Victorian-based bank with branches in Melbourne, Geelong and regional Victoria. As well as offering a range of financial products and services, the bank runs the Bank of Melbourne Neighbourhood fund to give back to local communities. Bank of Melbourne is part of a network including St George and BankSA.

Compare home loans from the Bank of Melbourne

Rates last updated August 18th, 2019
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
$395 p.a.
$395 p.a.
$395 p.a.

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Bank of Melbourne Low Doc Information

Bank of Melbourne no longer offers low doc home loans for new customers. They are still available for existing low doc customers wishing to switch loans.

Home loans offered by Bank of Melbourne

Advantage Package

The Advantage Package is a package deal for your home loan, credit card and transaction account. Grouping your financial products together can help you save money, and you can get a discounted interest rate if you borrow more than a set minimum amount.

This loan has no establishment fee, no monthly account-keeping fee and no monthly admin fee. Free redraw is available via phone and internet banking, but an annual fee does apply to the package.

Standard Variable Rate Loan

The Standard Variable Rate Loan comes with a full interest offset facility to help you save interest on your loan. The loan includes redraw, repayment pause and the option to split into variable and fixed rate portions, and is available for property or vacant land purchase as well as building. An establishment fee and a monthly admin fee also apply.

The Standard Variable Rate Home Loan

Fixed Rate Home Loan

This loan lets fix your home loan interest rate for a set period so you know exactly what your repayments will be. Principal and interest or interest-only repayments are available, and the loan is offered to owners and investors purchasing homes or vacant land.

Features of this loan include discounted rates, redraw, rate lock and a partial interest offset facility. Flexible repayment options are available, and an establishment fee and monthly admin fees apply.

Fixed Rate Super Fund Home Loan

Portfolio Loan

This loan lets you use the equity in your home to make other investments and build assets. This flexible line of credit combines your investment and personal finances into one loan, and you can create up to 10 sub-accounts under your Portfolio Loan to suit your needs.

The loan is available on a fixed or variable rate, and lets you directly deposit your income. Other features include flexible repayment options, rate lock and a Visa debit card.

Low Doc Portfolio Loan

Basic Home Loan

This no-frills option is designed to be an easy-to-manage home loan. The loan offers a low interest rate and no monthly fees, and is well-suited to first-home buyers or anyone who simply wants a basic loan.

Features include flexible repayment options, no monthly service fee, access to redraw and loan pause.

Low Doc Home Loan

Designed for self-employed borrowers and business owners with uneven cash flow, the Low Doc Home Loan offers fixed and variable interest rates or a combination of both. This loan is available for the purchase of property and vacant land.

Its list of features includes redraw, full or partial interest offset, rate lock and flexible repayment options. An establishment fee and monthly admin fees apply.

Low Doc Home Loans

Other home loans

Other loans offered by Bank of Melbourne include the Seniors Access Home Loan and the Low Doc Portfolio Loan. The former is designed to help senior homeowners live more comfortably in retirement, while the latter is another option for self-employed people and small business owners.

Know how much you want to borrow? Use our calculator to find out what your repayments will be

How to apply

Documents needed to apply for a Bank of Melbourne home loan

Personal information

You’ll need to supply a range of personal details, including:

  • 100 points of identification, including photo ID such as a driver’s licence or passport
  • Proof of your current address
Property information

Bank of Melbourne will want you to provide documentation regarding the property you are purchasing, including copies of the:

  • Contract of sale
  • Certificate of title
  • Transfer of land
Financial information

Bank of Melbourne requires the following financial information:

  • A copy of statements covering the last three months for all your savings account(s) held with other banks or financial institutions.
  • If you’re a salary earner you can present your last two consecutive pay slips, or information such as your employment contract or latest tax return. Self-employed applicants will need to provide copies of personal income tax returns and full financial statements for the past two years.
  • Those refinancing will need duplicates of their current loan statements for the last six months. The date of the last transaction should not be more than four weeks old.

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Home Loan Offers

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Logo for UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

Take advantage of a low-fee mortgage with a special interest rate of just 3.09% p.a. and a 3.09% p.a. comparison rate.

Logo for Athena Variable Home Loan - Refinance (Owner Occupier, P&I)
Athena Variable Home Loan - Refinance (Owner Occupier, P&I)

Low variable rate mortgage for owner occupiers looking to switch. Refinancers only.

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6 Responses

  1. Default Gravatar
    robertJanuary 24, 2019

    Hello, I’m on DSP receiving 1000 a fortnight what type of loans and how much might I try to get a loan for?

    • Avatarfinder Customer Care
      JoshuaJanuary 29, 2019Staff

      Hi Robert,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      I understand you are trying to get a loan but you are on DSP. Typically, if you are receiving DSP, your options might be limited, but there are still lenders who might be able to meet your needs. As long as you are able to comply with their eligibility requirements and prove your ability to make repayments, you should be approved.

      To know more about how you can obtain a home loan while on DSP, please check this page. On that page, you’ll read more details about the types of home loans that might be available to you, how to compare home loans, and extra documentation for disability pensioners, to name a few.

      Moreover, please consider speaking to a mortgage broker who can help you explore your home loan options while taking into consideration your current situation.

      Finally, please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  2. Default Gravatar
    JohnApril 11, 2014

    Dear Sir/Madam

    RE; Unsecured personal loan for self employed .Try on line application get stuck for some reasons .
    Low doc application
    Hope to hear from you soon
    Best regards

    • Avatarfinder Customer Care
      MarcApril 14, 2014Staff

      Hi John,
      thanks for the question.

      I’d recommend contacting Bank of Melbourne directly to work through this matter, as they’ll be able to help you through this application error.

      I hope this helps,

  3. Default Gravatar
    GaryAugust 12, 2013

    my wife and myself have fulltime jobs,just enquiring if it is possible to get 100% home loan.

    • Avatarfinder Customer Care
      ShirleyAugust 12, 2013Staff

      Hi Gary,

      Thanks for your comment.

      At the moment, 100% home loans are only possible with a guarantor. Bank of Melbourne do offer guarantor loans.

      Hope this helps,

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