Bank of Melbourne home loan repayment calculator

Thinking about taking out a home loan with Bank of Melbourne? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Bank of Melbourne home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.49%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Lots of repayment flexibility
  • Specialised and construction loans available
  • Suits customers with small deposits
  • Some home loans charge ongoing fees
  • Branch access limited to Victoria

Bank of Melbourne home loans rates

Advertised Rate

2.49%

Variable

Total estimated upfront fees
$264
Comparison Rate*

2.51%

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.54%

Variable

Total estimated upfront fees
$264
Comparison Rate*

2.56%

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.59%

Variable

Total estimated upfront fees
$264
Comparison Rate*

2.61%

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.94%

Variable

Total estimated upfront fees
$264
Comparison Rate*

2.96%

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.99%

Variable

Total estimated upfront fees
$264
Comparison Rate*

3.01%

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.04%

Variable

Total estimated upfront fees
$264
Comparison Rate*

3.06%

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.09%

Variable

Total estimated upfront fees
$764
Comparison Rate*

3.11%

Ongoing fee
$0
Go to site
More details
Advertised Rate

1.89%

Fixed - 4 years

Total estimated upfront fees
$264
Comparison Rate*

3.16%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.14%

Variable

Total estimated upfront fees
$764
Comparison Rate*

3.16%

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.14%

Variable

Total estimated upfront fees
$764
Comparison Rate*

3.16%

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.19%

Fixed - 5 years

Total estimated upfront fees
$264
Comparison Rate*

3.19%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.94%

Fixed - 4 years

Total estimated upfront fees
$264
Comparison Rate*

3.21%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.19%

Variable

Total estimated upfront fees
$764
Comparison Rate*

3.21%

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.24%

Fixed - 5 years

Total estimated upfront fees
$264
Comparison Rate*

3.24%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.99%

Fixed - 4 years

Total estimated upfront fees
$264
Comparison Rate*

3.26%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.99%

Fixed - 3 years

Total estimated upfront fees
$264
Comparison Rate*

3.28%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.29%

Fixed - 5 years

Total estimated upfront fees
$264
Comparison Rate*

3.29%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.04%

Fixed - 3 years

Total estimated upfront fees
$264
Comparison Rate*

3.33%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.99%

Fixed - 2 years

Total estimated upfront fees
$264
Comparison Rate*

3.37%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.09%

Fixed - 3 years

Total estimated upfront fees
$264
Comparison Rate*

3.37%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.04%

Fixed - 2 years

Total estimated upfront fees
$264
Comparison Rate*

3.41%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

1.99%

Fixed - 1 year

Total estimated upfront fees
$264
Comparison Rate*

3.46%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.09%

Fixed - 2 years

Total estimated upfront fees
$264
Comparison Rate*

3.46%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.04%

Fixed - 1 year

Total estimated upfront fees
$264
Comparison Rate*

3.51%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.09%

Fixed - 1 year

Total estimated upfront fees
$264
Comparison Rate*

3.56%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.14%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.57%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.19%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.62%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.24%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.67%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69%

Fixed - 5 years

Total estimated upfront fees
$264
Comparison Rate*

3.72%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.34%

Fixed - 5 years

Total estimated upfront fees
$1241
Comparison Rate*

3.77%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.74%

Fixed - 5 years

Total estimated upfront fees
$264
Comparison Rate*

3.77%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.39%

Fixed - 3 years

Total estimated upfront fees
$264
Comparison Rate*

3.79%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69%

Fixed - 4 years

Total estimated upfront fees
$264
Comparison Rate*

3.79%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.04%

Fixed - 4 years

Total estimated upfront fees
$1241
Comparison Rate*

3.82%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.39%

Fixed - 5 years

Total estimated upfront fees
$1241
Comparison Rate*

3.82%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.79%

Fixed - 5 years

Total estimated upfront fees
$264
Comparison Rate*

3.82%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.44%

Fixed - 3 years

Total estimated upfront fees
$264
Comparison Rate*

3.84%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.74%

Fixed - 4 years

Total estimated upfront fees
$264
Comparison Rate*

3.84%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.09%

Fixed - 4 years

Total estimated upfront fees
$1241
Comparison Rate*

3.86%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.44%

Fixed - 5 years

Total estimated upfront fees
$1241
Comparison Rate*

3.87%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.39%

Fixed - 2 years

Total estimated upfront fees
$264
Comparison Rate*

3.89%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.49%

Fixed - 3 years

Total estimated upfront fees
$264
Comparison Rate*

3.89%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.79%

Fixed - 4 years

Total estimated upfront fees
$264
Comparison Rate*

3.89%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.14%

Fixed - 4 years

Total estimated upfront fees
$1241
Comparison Rate*

3.91%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.44%

Fixed - 2 years

Total estimated upfront fees
$264
Comparison Rate*

3.94%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.89%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.96%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.49%

Fixed - 2 years

Total estimated upfront fees
$264
Comparison Rate*

3.99%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.49%

Fixed - 1 year

Total estimated upfront fees
$264
Comparison Rate*

4.01%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.94%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.01%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.94%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.01%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.14%

Fixed - 3 years

Total estimated upfront fees
$1241
Comparison Rate*

4.02%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.89%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.04%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.59%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.05%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.19%

Fixed - 3 years

Total estimated upfront fees
$1241
Comparison Rate*

4.06%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.54%

Fixed - 1 year

Total estimated upfront fees
$264
Comparison Rate*

4.06%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.99%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.06%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.99%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.06%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.64%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.09%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.24%

Fixed - 3 years

Total estimated upfront fees
$1241
Comparison Rate*

4.11%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.59%

Fixed - 1 year

Total estimated upfront fees
$264
Comparison Rate*

4.11%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.59%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.11%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.59%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.12%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.59%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.13%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.72%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.13%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.14%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.73%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.14%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.59%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.16%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.64%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.16%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.64%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.17%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.64%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.18%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.77%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.18%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.78%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.19%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.14%

Fixed - 2 years

Total estimated upfront fees
$1241
Comparison Rate*

4.20%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.64%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.21%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.82%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.23%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.83%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.24%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.19%

Fixed - 2 years

Total estimated upfront fees
$1241
Comparison Rate*

4.25%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.69%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.25%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

4.04%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.25%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

4.04%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.27%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.29%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.24%

Fixed - 2 years

Total estimated upfront fees
$1241
Comparison Rate*

4.30%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.84%

Fixed - 5 years

Total estimated upfront fees
$864
Comparison Rate*

4.30%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.09%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.30%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

4.09%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.32%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.74%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.34%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.89%

Fixed - 5 years

Total estimated upfront fees
$864
Comparison Rate*

4.35%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.79%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.38%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.14%

Fixed - 1 year

Total estimated upfront fees
$1241
Comparison Rate*

4.40%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.94%

Fixed - 5 years

Total estimated upfront fees
$864
Comparison Rate*

4.40%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.01%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.42%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.19%

Fixed - 1 year

Total estimated upfront fees
$1241
Comparison Rate*

4.44%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.99%

Fixed - 5 years

Total estimated upfront fees
$700
Comparison Rate*

4.44%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.84%

Fixed - 4 years

Total estimated upfront fees
$864
Comparison Rate*

4.45%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.06%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.47%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.24%

Fixed - 1 year

Total estimated upfront fees
$1241
Comparison Rate*

4.49%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

2.89%

Fixed - 4 years

Total estimated upfront fees
$864
Comparison Rate*

4.50%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

4.11%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.52%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.54%

Fixed - 3 years

Total estimated upfront fees
$864
Comparison Rate*

4.53%

Ongoing fee
$10 monthly
Go to site
More details
Advertised Rate

3.04%

Fixed - 5 years

Total estimated upfront fees
$864
Comparison Rate*

4.54%

Ongoing fee
$10 monthly
Go to site
More details

Bank of Melbourne customer service

Home loan customers at Bank of Melbourne can contact the bank by phone, 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 for a Bank of Melbourne home loan

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 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 can afford to borrow given your financial situation and income. 

Some of the documentation you’ll need to provide applying for a home loan 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 their current loan for the last six months. To apply for a construction loan, you may need to provide council approved plans, building quotes and proof of sale.

About Bank of Melbourne home loans

Bank of Melbourne offers a range of home loans to suit a variety of customers and circumstances, including:

  • 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 (for terms of 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 15 minutes. A home loan expert will then call to discuss your mortgage options.

Bank of Melbourne home loan rates

Although Bank of Melbourne is not one of Australia’s big four banks, it is part of Westpac Group, making its rates comparable with larger banks. However, permanent discounts and introductory offers may help lower their rates.

Bank of Melbourne home loan interest rates vary 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.

Bank of Melbourne home loans review

Although Bank of Melbourne is owned by Westpac Group, it is still considered a regional bank, rather than a national bank. Some Victorians may choose one of Bank of Melbourne’s home loans over a mortgage from one of the big four banks because of BoM’s local appeal. Bank of Melbourne’s contact centre is in Victoria, and the bank’s marketing speaks to its commitment to the local economy. While Bank of Melbourne does not operate branches outside of Victoria, customers can also access services through BankSA and St.George branches.

Bank of Melbourne offers a wide range of home loan products, but its selection may not be as extensive those of larger banks in Australia. Bank of Melbourne home loans 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.

Learn more about home loans

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

How do I apply for a home loan pre-approval from Commonwealth Bank?

To apply for a Commbank home loan pre-approval, you can either call the bank at 13 2224 or meet one of the bank’s lending specialists. You can set up a meeting online if you wish. You’ll need to do some homework before contacting the bank, such as gathering information on the kind of properties you’d like to buy and their prices.

Preparing a financial summary, which lists all your income sources as well as significant expenses, can also help determine how much you can afford to borrow. You may also want to check your credit score before applying for pre-approval.

It’s worth remembering that a CBA home loan pre-approval doesn’t guarantee that you’ll get the loan. Once you get the pre-approval, you’ll have about three to six months to decide on a property and apply for the home loan. The bank will then confirm that the property is suitable for the loan before fully approving it.

Does Westpac offer loan maternity leave options?

Having a baby or planning for one can bring about a lot of changes in your life, including to the hip pocket. You may need to re-do the budget to make sure you can afford the upcoming expenses, especially if one partner is taking parental leave to look after the little one. 

Some families find it difficult to meet their home loan repayment obligations during this period. Flexible options, such as the Westpac home loan maternity leave offerings, have been put together to help reduce the pressure of repayments during parental leave.

Westpac offers a couple of choices, depending on your circumstances:

  • Parental Leave Mortgage Repayment Reduction: You could get your home loan repayments reduced for up to 12 months for home loans with a term longer than a year. 
  • Mortgage Repayment Pause: You can pause repayments while on maternity leave, provided you’ve made additional repayments earlier.

When applying for a home loan while pregnant, Westpac has said it will recognise paid maternity leave and back-to-work salaries. All you need is a letter from your employer verifying your return-to-work date and the nature of your employment. Your partner’s income, government entitlements, savings and investments will may help your application.

How do I get a Suncorp home loan pre-approval?

Getting home loan pre-approval helps you work out a budget to help you search for a suitable property and make an offer with confidence. Once you put in an application, you should get your pre-approval outcome within two business days. To help get a fast turnaround time of your pre-approval application, ensure all the information and documentation that Suncorp requires. This includes proof of identification, recent payslips, bank account and credit card statements.

You can submit the home loan pre-approval application online. You’ll be asked for information about your income, expenses, assets, and debts. It should take you about 10 minutes to fill out the application, and you can do it free of charge. A Suncorp lending specialist will review your application and contact you within 24 hours or the next working day. Suncorp will not run a credit check until you have heard from this lending specialist.

Once you get Suncorp home loan pre-approval, it’s valid for 90 days. If you don’t find a property you wish to buy in this time you may be able to apply for an extension, speak to your Suncorp lending specialist about this.

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

Can I apply for an ANZ non-resident home loan? 

You may be eligible to apply for an ANZ non-resident home loan only if you meet the following two conditions:

  1. You hold a Temporary Skill Shortage (TSS) visa or its predecessor, the Temporary Skilled Work (subclass 457) visa.
  2. Your job is included in the Australian government’s Medium and Long Term Strategic Skills List. 

However, non-resident home loan applications may need Foreign Investment Review Board (FIRB) approval in addition to meeting ANZ’s Mortgage Credit Requirements. Also, they may not be eligible for loans that require paying for Lender’s Mortgage Insurance (LMI). As a result, you may not be able to borrow more than 80 per cent of your home’s value. However, you can apply as a co-borrower with your spouse if they are a citizen of either Australia or New Zealand, or are a permanent resident.

Why should I get an ING home loan pre-approval?

When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you. 

Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval  only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.

 

 

How do I get a pre-approved home loan with Aussie?

Getting Aussie home loan pre-approval means receiving conditional support from Aussie Home Loans to borrow the money you need to buy a home. 

It’s an indication of the approximate amount Aussie may offer you, subject to some terms and conditions. Keep in mind, having a pre-approved home loan does not guarantee an actual approval of your loan when it comes time to buy.

Aussie home loan pre-approval often involves speaking to one of the lender’s brokers. You can make an appointment online. You’ll often have to submit your personal details and other information about your assets, income, liabilities and expenses.  It’s worth remembering that a pre-approved loan is usually valid for a few months.

How do you qualify for a CBA home loan with casual employment?

Qualifying for a home loan without a full-time job may be challenging, but it can be done. The first step is to understand how a CBA home loan is assessed when you have casual employment.

Most lenders will assess your expenses and savings while checking your loan eligibility, checking on factors crucial to home loan approval, such as if your bills are paid on time and what your credit score presently looks like. 

Your income can be one of the most critical factors to determine your final approved home loan amount. As such, you’ll need to provide payslip copies to lenders to assist them in assessing your income during the loan tenure, regardless of your employment status, full-time, part-time, or otherwise.

Casual employees will want to be casually employed for at least 12 months to be eligible for a home loan. Alternatively, you want to have worked as a permanent casual worker (working for a fixed number of hours per week) for at least one month, or you should have been in your current job for a minimum of three months (if the hours are irregular) to be eligible for the loan.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Does UBank offer home loan pre-approvals?

If you’re applying for a home loan with UBank, you can first get an approval in principle. You’ll need to provide information about your job and earnings, your household expenses, the assets you own and the debts you owe. 

UBank will assign a home loan specialist to discuss these details over a phone call, which can take about 30 minutes. 

The bank will then confirm if you’ve received in-principle approval for your home loan. Depending on how you submit your documents, this could take a few days or a few weeks. If successful, the approval will be valid for 60 days. 

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.