Bank of Melbourne Home Loans

Bank of Melbourne is a provider of home loans, personal loans, credit cards, bank accounts, investment products, and superannuation funds.

“For the makers. We are Melbourne made.” (Bank of Melbourne)

Bank of Melbourne’s Home Loan Rates & Options:

Here’s a snapshot of Bank of Melbourne’s home loans, rates & options currently on offer for a purchase value of $600,000 in NSW, with links direct to the providers website. Please note that this table is formulated based on paying both principal and interest whilst being sorted by comparison rate (lowest to highest). To compare other home loans, please click here.

Loan Options: What Bank of Melbourne home loans offer

Bank of MelbourneThe inclusions below represent a selection of the features available with a Standard Variable Rate home loan of $350,000 for an owner-occupier. CANSTAR is not making any suggestion or recommendation to you about this product. Please see our comparison tables for more details and information about products on offer from this provider and the other providers on our database.

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Additional conditions may apply to different features. Please ensure that you read the product disclosure statement to determine all the current loan terms and conditions for the product you are considering.

Bank of Melbourne Standard Variable Home Loan Features

  • Advantage Package option available – includes discounted rates and fees on home loan, credit card, and transaction account.
  • Offset account available.
  • Redraw facility available.
  • Split loan facility available; maximum 4 splits allowed; split loan application fee may apply.
  • Mortgage is portable.
  • Repayments may be made weekly, fortnightly, or monthly.
  • Additional repayments allowed .
  • Lump sum repayments allowed.
  • Repayment holiday of 3 to 12 months allowed during leave from the workforce (if you have previously made additional repayments in advance).
  • Interest only repayments available for up to 5 years for Owner Occupiers or 15 years for Residential Investment.
  • Minimum loan amount $10,000 – up to unlimited maximum loan amount.
  • Family guarantee option available.

Source: Bank of Melbourne

What types of home loans does Bank of Melbourne offer?

At the time of writing, Bank of Melbourne offers the following types of home loans:

  • Variable rate home loan
  • Fixed rate home loan
  • Line of credit home loan
  • Package home loan
  • Investment home loan

Find out about how different types of home loans work here.

See our comparison tables for details of Bank of Melbourne home loans:

Compare Home Loans

How to apply for a Bank of Melbourne home loan

You can apply for a Bank of Melbourne loan either online, over the phone on 13 22 66 (open Mon – Sat), or in branch. Follow our applying for a home loan checklist, and use the Canstar website to compare Bank of Melbourne home loans with other home loans before choosing a product that suits your needs:

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Yes, Bank of Melbourne allows extra repayments on their home loans. However, fixed rate loans may attract a break fee (a.k.a. break cost) if you repay the loan early or if extra repayments of more than $10,000 are made. Contact your lender to confirm fees and charges that may apply.

Yes, Bank of Melbourne offers redraw facilities on their home loans. Borrowers must apply in order to use this facility. Fixed rate loans have a redraw limit of $10,000. Fees and charges may apply to use of a redraw facility; contact your lender for details.

Bank of Melbourne lets you make home loan repayments via bank transfer, mobile banking, online banking, over the phone, or in-branch.

If you’re in the market for a home loan, compare your home loan options with CANSTAR:

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Bank of Melbourne was founded in 1989 and has 106 branches exclusively in the state of Victoria. In 2015, Bank of Melbourne was recognised for the second time as the Regional Bank of the Year at the Financial Review Smart Investor Blue Ribbon Awards.

The Bank of Melbourne supports the community groups their customers choose, by providing The Local Project grants to the deserving community projects that win the most votes. You can also apply for a community grant through the Neighbourhood Fund. Bank of Melbourne also sponsors the Sleep at the G fundraising event for Melbourne City Mission, to combat homelessness in Victoria.

Check out their Melbourne Made ad campaign that celebrates the Victorian people and businesses who bank with them:

Source: Bank of Melbourne

The Bank of Melbourne’s parent company, Westpac, is also committed to sustainability and protecting our environment, with their 2016 Interim Sustainability Report listing measures such as:

  • Carbon neutral as of 2013 and maintaining that status.
  • Halved their electricity usage in commercial and retail sites from 2015 levels.
  • Halved their total greenhouse gas emissions in commercial and retail sites from 2015 levels.
  • More than $6.3 billion lent per year to the CleanTech and environmental services sector.
  • More than $1.05 billion lent to the social and affordable housing sector.

Compare Home Loans with CANSTAR

Showing products in Canstar’s database with links to lenders’ websites. The display is sorted by the advertised interest rate (lowest to highest), then provider name (alphabetically).

Source: Canstar. Based on residential variable home loans available for a loan amount of $350,000 at 80% LVR, and available for Principal and Interest repayments. 
*Comparison rate based on loan amount of $150,000. Read the Comparison Rate Warning.

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Bank of Melbourne Home Loans

CANSTAR Research
Rating:
Award: Outstanding Value Home Loans

2016 Home Loans Star Rating - Established (Fixed), Investor, First Home Buyer

Advantage Package Residential Fixed 5 yrs 150k+, Advantage Package Investment Fixed 3 yrs 150k+, Advantage Package Residential Fixed 3 yrs 150k+

View the 2017 Home Loans Star Rating Report

Written by: TJ Ryan | Last updated: May 16, 2017