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- Home Loans
- Bank of Melbourne
- Basic Home Loan
Basic Home Loan
- Owner Occupied
- Variable
- 30% min deposit
- P&I
Interest rate p.a.
6.19%
Comparison rate* p.a.
6.20%
Basic Home Loan
- Owner Occupied
- Variable
- 30% min deposit
- P&I
Interest rate p.a.
6.19%
Comparison rate* p.a.
6.20%
Bank of Melbourne Variable Rate Home Loan overview
For Basic Home Loan (Principal and Interest) (LVR < 70%) (New Customer)
Principal & Interest (P&I)
Loan type
Loan to value ratio
Interest rate
Comparison rate
Interest only
Loan type
Loan to value ratio
Interest rate
Comparison rate
Details
Maximum LVR
70%
Total repayments
Interest rate type
Variable
Borrowing range
$30k - $2m
Suitable for
Owner Occupiers
Loan term range
1 - 30 years
Repayment type
Principal and Interest
Applicable states
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Repayment options
Fortnightly, Monthly, Weekly
Target Market Determination
Visit Bank of Melbourne to view Target Market Determination.
Features
Extra repayments
Unlimited
Redraw facility
Redraw fee: $0
Offset account
Split interest facility
Loan portability
Repayment holiday available
Allow guarantors
Available for first home buyers
Other benefits
Fees
Total estimated upfront fees
$100
Application fee
$0
Legal fee
$0
Valuation fee
$0
Settlement fee
$100
Other upfront fee
$0
Ongoing fee
$0
Discharge fee
$350
Pros and Cons
For Basic Home Loan
Benefits
- Interest rates ranked in the best 20%
- No ongoing fees
- Parents can sign as guarantor
- Extra repayments and redraw facility
- Free redraw facility
- Split account option
Drawbacks
- No offset account
- Higher than average upfront fee
- Discharge fee at end of loan
- Maximum loan amount is limited to 70% of the property's value
