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Bank of Melbourne is an Australian bank that is based in Victoria. With headquarters in Melbourne, the bank has 106 branches spread across the state.

Although Bank of Melbourne was established in 1989 as an independent organisation, it has been part of the Westpac Group since 1997.

Bank of Melbourne, or BoM as they are also known, also a wide range of home loans, both through its branch network and through mortgage brokers.

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  • Lots of repayment flexibility.
  • Specialised and construction loans available.
  • Suits customers with small deposits.
  • Relatively high comparison rates.
  • Branch access limited to Victoria.
Bank of Melbourne customer service:

Home loan customers at Bank of Melbourne can contact the bank through a dedicated personal banking phone line. There are also lines for phone banking, business banking and a customer solutions line for those experiencing financial hardship. Customers can choose to live chat with Bank of Melbourne employees online, contact them via email, visit in person at their Victorian branches or book an appointment through the website. 

  • Customer service centre (phone, email, branch)
  • Mobile app
  • Online banking
  • Live Chat
  • Mobile banking staff

How to Apply

Bank of Melbourne allows customers to apply for a home loan in a variety of ways. Customers can also make online or email enquries before applying for a loan and can then apply online, by phone, or in-person at Bank of Melbourne branches. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This may include:

  • Personal identification.
  • Proof of employment and earnings.
  • Details of your savings history and accounts.
  • Information on other loans, debts and expenses.

Refinancers will also need to provide statements on the existing loan for the last six months and those with a construction loan will need to provide council approved plans, building quotes and proof of sale.

About Bank of Melbourne home loans

Bank of Melbourne is a home loan lender that offers a range of home loans to suit a variety of customers and circumstances:

  • First home buyers
  • Upgraders
  • Refinancers
  • Investors
  • Self-employed (low-doc loans)
  • Super fund home loans

Mortgage borrowers in Australia who choose a Bank of Melbourne home loan can choose from a variety of interest rate options, such as:

  • Principal-and-interest home loans
  • Interest-only home loans
  • Variable interest rates
  • Fixed interest rates

Fixed-rate home loans allow terms of anywhere from one to five years. Bank of Melbourne also offers interest rate discounts and temporary introductory interest rate offers.

Customers are able to begin a Bank of Melbourne home loan application online and receive indicative approval in less than 10 minutes. A home loan expert will then call to discuss your mortgage options.

Bank of Melbourne home loan rates

Bank of Melbourne is not known for offering the lowest rates on the market, typically charging middle-of-the-market rates. Bank of Melbourne home loan interest rates can range from moderate to high. However, permanent discounts and introductory offers help lower their rates to moderately low levels.

Although Bank of Melbourne is not one of Australia’s big four banks, it is part of Westpac Group, making their rates comparable with larger banks.

Bank of Melbourne home loans vary in their interest rates from product to product. As a general rule, owner-occupiers are granted lower interest rates than investors, and principal-and-interest borrowers get lower interest rates than interest-only borrowers.

While owner-occupiers will receive lower rates than investors, Bank of Melbourne’s residential investment home loans tend to offer moderately low rates when compared with the broader market.

Bank of Melbourne home loans review

Although Bank of Melbourne is owned by Westpac Group, it is still considered a regional (rather than national) bank. Some Victorians may choose one of Bank of Melbourne’s home loans over a big four home loan because of the bank’s local appeal. Bank of Melbourne’s contact centre resides in Victoria, and the bank’s marketing speaks to their commitment to the local economy. Borrowers should keep in mind that Bank of Melbourne does not operate branches outside of Victoria.

Bank of Melbourne offers a wide range of home loan products, but their selection may not be as extensive as the offering from larger banks in Australia. Bank of Melbourne home loans do include options for first time buyers, investors and self-employed borrowers.

Bank of Melbourne home loans can be principal-and-interest or interest-only, and borrowers can choose between fixed-rate and variable-rate home loans.

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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