Bank of Melbourne Home Loans

Bank of Melbourne

Bank of Melbourne is a provider of home loans, as well as a range of other banking and wealth products such as personal loans, credit cards, bank accounts, investment products, and superannuation.

What home loans does Bank of Melbourne Offer?

If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database from Bank of Melbourne that are available for first home buyers. This table is sorted by Star Rating (highest to lowest), then by comparison rate (lowest-highest). Products shown are principal and interest home loans available for a loan amount of $350K in Victoria with an LVR of 80% of the property value. Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products.

*Comparison rate based on loan amount of $150,000 and a term of 25 years. Read the Comparison Rate Warning

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Bank of Melbourne Home Loan Features

Depending on the option you choose, some features of a Bank of Melbourne home loan may be:

  • Advantage Package option available – includes discounted rates and fees on home loan, credit card, and transaction account
  • Offset account and redraw facilities available (on selected loans)
  • Split loan facility available (a split loan application fee may apply)
  • Mortgage is portable, meaning that you can transfer an existing home loan to your next property
  • Repayments may be made weekly, fortnightly, or monthly
  • Additional or lump sum repayments allowed
  • Repayment holidays may be available during leave from the workforce (if you have previously made additional repayments in advance)
  • Interest only repayments available
  • Unlimited maximum loan amount, subject to approval
  • Family guarantee option available

The inclusions above represent a selection of the features available with Bank Of Melbourne home loans. Canstar is not making any suggestion or recommendation to you about this product. Additional conditions may apply to different features. Please see our comparison tables for more detailed information about the products on offer from this provider. Check upfront with Bank of Melbourne and please ensure that you read the product disclosure statement (PDS) or other loan documentation to determine all the current loan terms and conditions for the product you are considering and whether it meets your needs, before committing to it.

Bank Of Melbourne FAQs

Before getting started, you might first like to take a look at our applying for a home loan checklist for some pointers, and use the Canstar website to compare home loans with other providers before choosing a product that suits your needs

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If you decide to apply for a Bank of Melbourne home loan, you can do this through its website, over the phone, or in person.

Yes, at the time of writing, Bank of Melbourne says it allows extra repayments on some of its home loans. However, fixed rate loans may attract a break fee if you repay the loan early or if extra repayments of more than $10,000 are made. Terms and conditions may apply. Contact Bank of Melbourne or visit the Bank of Melbourne website for more information.

To give you an idea of how making extra repayments could save money in interest over the life of your loan, you might like to try our Extra Repayments Calculator.

Home Loans Extra Repayments Calculator

Bank of Melbourne says it offers redraw facilities on some of its home loans if you are ahead in your repayments. Fixed rate loans have a redraw limit of $10,000 per year. Borrowers must apply in order to use this facility, either by completing a redraw request form or through your internet or phone banking. 

Fees and charges may apply to customers who redraw funds from their home loan. Contact Bank of Melbourne for details.

If you’re in the market for a home loan, you can compare your options with Canstar. 

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Bank of Melbourne was founded in 1989 and now says it has over 100 branches exclusively in the state of Victoria. Bank of Melbourne is part of the Westpac Banking Corporation.

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Written by: Eliza Parry-Okeden | Last updated: September 19, 2019