Rates on hold but market still awash with home loan bargains
The RBA has this afternoon announced that rates will remain on hold for the moment but banks are continuing to offer low interest rate deals for ideal borrowers with big deposits.
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Smart Home Loan
Fixed - 5 years
Interest rate structure
Fixed - 5 years
$250k - $100m
Principal & interest
Loan term range
1 - 30 years
Partial offset account
Allowed with restrictions
Redraw fee: $0
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
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.
Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.
If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.