Bank Of Melbourne Home Loans

Rates and fees last updated on

Bank-of-Melbourne-LogoBank 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?

$1,500 rebate when you switch over to the Bank of Melbourne Advantage Package

If you're a refinancing owner occupier or investor applying for a Bank of Melbourne Advantage home loan, Bank of Melbourne will give you $1,500 cashback to help you with the costs of switching.

Your loan must be over $250,000 and be refinanced from any lender except St.George, Westpac, BankSA, Bank of Melbourne and RAMS.

For a limited time you can also save 0.90% p.a. off standard variable rate Advantage Package home loans over $750,000 or more.

Compare home loans from the Bank of Melbourne

Rates last updated October 23rd, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
5.20%
5.37%
$600
$10 monthly ($120 p.a.)
95%
A flexible full feature home loan with full offset facility and redraw options.
3.80%
3.81%
$500
$0 p.a.
95%
A basic home loan with a promotional variable interest rate.
5.99%
6.72%
$1,500
$12 monthly ($144 p.a.)
70%
Ideal for borrowers with existing SMSF or planning to build SMSF who are looking to add a property to their investment strategy.
4.45%
4.85%
$0
$395 p.a.
95%
Advantage Package home loan with $0 application fee.
4.60%
5.00%
$0
$395 p.a.
95%
Borrow from $150000 up to $250000.
5.99%
6.67%
$1,500
$12 monthly ($144 p.a.)
70%
Get an SMSF home loan with partial offset and interest-only options.
4.40%
4.80%
$0
$395 p.a.
95%
Enjoy the discounted rate when you borrow up to $1000000.
4.44%
5.10%
$600
$10 monthly ($120 p.a.)
95%
A fixed rate home loan with extra repayments and redraw facilities available.
4.09%
5.07%
$600
$10 monthly ($120 p.a.)
95%
Fix your interest rate for 3 years and enjoy flexible home loan repayments options.
4.44%
5.05%
$600
$10 monthly ($120 p.a.)
95%
A 5 years fixed rate home loan with $ monthly administration fee.
4.00%
5.15%
$600
$10 monthly ($120 p.a.)
95%
A 2 years fixed rate home loan with redraw facilities.
4.14%
5.26%
$600
$10 monthly ($120 p.a.)
95%
A fixed home loan with flexible repayment options.
4.50%
4.90%
$0
$395 p.a.
95%
A package variable rate home loan that comes with great rate and benefits that you will enjoy.
4.70%
5.09%
$0
$395 p.a.
95%
A package home loan with discounted interest rate.
4.50%
4.90%
$0
$395 p.a.
95%
Borrow from $750000 up to $1000000.
4.62%
4.67%
$500
$0 p.a.
95%
Ideal for first home owners or anyone who wants a no-frills, basic variable rate home loan.
4.50%
4.90%
$0
$395 p.a.
95%
Borrow from $500000 up to $750000.
4.50%
4.90%
$0
$395 p.a.
95%
Borrow from a minimum of $250k up to $499k with this package loan.
4.95%
5.34%
$0
$395 p.a.
95%
Enjoy a 100% offset account with $0 application fee.
6.53%
6.78%
$1,500
$12 monthly ($144 p.a.)
70%
This is a great option if you are interested in buying a residential property as part of their SMSF.
4.29%
4.92%
$0
$395 p.a.
95%
Fix your home loan for 5 years and enjoy the benefits of the Advantage Package.
4.29%
4.95%
$0
$395 p.a.
95%
Enjoy a competitive 4 year fixed rate while having peace of mind when budgeting.
3.94%
4.89%
$0
$395 p.a.
95%
Ideal for borrowers who want repayment security and peace of mind knowing that rate will remain the same for 3 years.
3.85%
4.94%
$0
$395 p.a.
95%
Fix your rate for 2 years and know your repayments giving you ease in budgeting.
3.99%
5.03%
$0
$395 p.a.
95%
Enjoy 1 year fixed rate and save on home loan establishment fee with the Advantage Package.

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Rates last updated October 23rd, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
4.19%
5.56%
$0
$395 p.a.
95%
4.19%
5.46%
$0
$395 p.a.
95%
4.19%
5.37%
$0
$395 p.a.
95%
4.59%
5.42%
$0
$395 p.a.
95%
4.59%
5.37%
$0
$395 p.a.
95%
Enjoy the stability of an investment home loan rate locked in for 5 years.
5.18%
5.56%
$0
$395 p.a.
95%
5.03%
5.42%
$0
$395 p.a.
95%
4.98%
5.37%
$0
$395 p.a.
95%
4.88%
5.27%
$0
$395 p.a.
95%
5.53%
5.91%
$0
$395 p.a.
95%
5.28%
5.66%
$0
$395 p.a.
95%
5.08%
5.47%
$0
$395 p.a.
95%
5.08%
5.47%
$0
$395 p.a.
95%
5.08%
5.47%
$0
$395 p.a.
95%
5.08%
5.47%
$0
$395 p.a.
95%
6.32%
6.48%
$600
$10 monthly ($120 p.a.)
95%
A flexible full feature home loan for investors with full offset facility and redraw options.
4.19%
4.20%
$500
$0 p.a.
95%
5.20%
5.25%
$500
$0 p.a.
95%
A basic home loan for investors with flexible repayment options.
4.34%
5.80%
$600
$10 monthly ($120 p.a.)
95%
4.34%
5.67%
$600
$10 monthly ($120 p.a.)
95%
4.34%
5.55%
$600
$10 monthly ($120 p.a.)
95%
4.74%
5.58%
$600
$10 monthly ($120 p.a.)
95%
4.74%
5.50%
$600
$10 monthly ($120 p.a.)
95%
6.44%
$700
$200 p.a.
90%
5.84%
$0
$395 p.a.
90%
5.69%
$0
$395 p.a.
90%
5.64%
$0
$395 p.a.
90%
6.32%
6.48%
$600
$10 monthly ($120 p.a.)
80%
6.32%
6.54%
$1,350
$10 monthly ($120 p.a.)
80%

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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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This page was last modified on 13 September 2017 at 1:41pm.

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4 Responses

  1. Default Gravatar
    JohnApril 11, 2014

    Dear Sir/Madam
    Hello

    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

    • Staff
      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,
      Marc.

  2. Default Gravatar
    GaryAugust 12, 2013

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

    • Staff
      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,
      Shirley

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