Bank of Melbourne Home Loans

Bank-of-Melbourne-Logo1Bank 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?

Cashback offers for the Advantage Package

Eligible borrowers can receive a cashback when taking out a principal and interest Bank of Melbourne Advantage Package loan with a minimum loan size of $250,000. Customers refinancing an owner occupier or investment loan can receive a $2,000 cashback on applications received from 8 October 2018 and settled by 31 December 2018. New owner occupier and investment borrowers can receive a $1,500 cashback and must apply between 7 November and 31 December 2018, with settlement by 28 February 2019.

Cashback offers exclude Portfolio loans and customers refinancing from within the Westpac banking group.

Compare home loans from the Bank of Melbourne

Rates last updated December 16th, 2018
$
Loan purpose
Offset account
Loan type
Repayment 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
3.84%
3.85%
$500
$0 p.a.
95%
Family pledge option available. Get a special discount off Bank of Melbourne's basic variable rate.
5.34%
5.51%
$600
$10 monthly ($120 p.a.)
95%
A flexible full feature home loan with full offset facility and redraw options.
4.54%
5.23%
$600
$10 monthly ($120 p.a.)
95%
A fixed rate home loan with extra repayments and redraw facilities available.
4.00%
5.14%
$600
$10 monthly ($120 p.a.)
95%
Fix your interest rate for 3 years and enjoy flexible home loan repayments options.
4.54%
5.17%
$600
$10 monthly ($120 p.a.)
95%
A 5 years fixed rate home loan with $10 monthly administration fee.
4.00%
5.25%
$600
$10 monthly ($120 p.a.)
95%
A 2 years fixed rate home loan with redraw facilities.
4.24%
5.40%
$600
$10 monthly ($120 p.a.)
95%
A fixed home loan with flexible repayment options.
4.39%
4.59%
$0
$395 p.a.
95%
Fix your home loan for 5 years and enjoy the benefits of the Advantage Package.
4.39%
4.57%
$0
$395 p.a.
95%
Enjoy a competitive 4 year fixed rate while having peace of mind when budgeting.
3.85%
4.40%
$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%
4.41%
$0
$395 p.a.
95%
Fix your rate for 2 years and know your repayments giving you ease in budgeting.
4.09%
4.45%
$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 December 16th, 2018
$
Loan purpose
Offset account
Loan type
Repayment 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
4.49%
5.00%
$0
$395 p.a.
95%
3.99%
4.90%
$0
$395 p.a.
95%
4.19%
4.90%
$0
$395 p.a.
95%
4.89%
5.11%
$0
$395 p.a.
95%
4.59%
5.00%
$0
$395 p.a.
95%
A low deposit package loan. Fix your rate and plan your repayments for years in advance.
6.46%
6.62%
$600
$10 monthly ($120 p.a.)
95%
A flexible full feature home loan for investors with full offset facility and redraw options.
4.24%
4.25%
$500
$0 p.a.
95%
4.64%
5.95%
$600
$10 monthly ($120 p.a.)
95%
4.14%
5.74%
$600
$10 monthly ($120 p.a.)
95%
4.34%
5.65%
$600
$10 monthly ($120 p.a.)
95%
5.04%
5.77%
$600
$10 monthly ($120 p.a.)
95%
4.74%
5.58%
$600
$10 monthly ($120 p.a.)
95%
6.58%
$700
$200 p.a.
6.46%
6.62%
$600
$10 monthly ($120 p.a.)
80%
6.46%
6.68%
$1,350
$10 monthly ($120 p.a.)
80%

Compare up to 4 providers

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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Important Information*
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 3.59% p.a. and a 3.59% p.a. comparison rate.

HSBC Home Value Loan - (Owner Occupier P&I)

Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.

loans.com.au Essentials - Variable (Owner Occupier, P&I)

A competitive interest rate home loan with interest only options. Interest rate 3.64% p.a.
comp rate of 3.66% p.a.

Tic:Toc Live in Loan Variable Rate - Principal & Interest

Get a very low interest rate and avoid big fees. Apply online for full approval in under 30 minutes and add a 100% offset account for $10 a month.

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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

    • finder 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,
      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.

    • finder 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,
      Shirley

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