Bank of Melbourne has a range of home loans with attractive features to suit many different types of borrowers
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.
Who is Bank of Melbourne? Portfolio loans and refinances from within the Westpac group do not qualify for this offer.
Cashback offer for the Advantage PackageEligible purchasers and refinancers can receive a $1,250 cashback when taking out a Bank of Melbourne Advantage Package loan. Loans must be principal and interest owner occupier or investor loans with a minimum loan size of $250,000. There is a $395 annual package fee and you must apply between 8 October and 31 December 2018 and settle the loan by 28 February 2019.
Portfolio loans and refinances from within the Westpac group do not qualify for this offer.
Compare home loans from the Bank of Melbourne
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
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.
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.
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.
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.
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
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
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
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.