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Bank of Melbourne

Basic Home Loan

Interest Rate

2.64

% p.a

Variable

Comparison Rate*

2.66

% p.a

Maximum LVR
60%
Real Time Rating™

2.20

/ 5
Monthly Repayment

$1,367

based on $300,000 loan amount for 25 years at 2.64%

Interest Rate

2.64

% p.a

Variable

Comparison Rate*

2.66

% p.a

Maximum LVR
60%
Real Time Rating™

2.20

/ 5
Monthly Repayment

$1,367

based on $300,000 loan amount for 25 years at 2.64%

Calculate your repayments for this loan

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,367

based on $300,000 loan amount for 25 years at 2.64%

Bank of Melbourne home loans are available through brokers who can help find the right loan and manage your application at no charge.

Tedjo Hadiwidjojo

5.0
17 Reviews

Get expert advice from a home loans specialist.

An experienced mortgage broker with over 15 years in the finance industry, dedicating to finding the right loan product from a wide range of lenders to meet your lending requirement. I pride myself to provide Speed, Convenience and adding Value to my clients. Buying property whether it’s your home or investment comes with complex choices and can be daunting. There are a lot of variables to consider when choosing the right loans. With my experience as a mortgage broker and an investor myself, I will recommend you the best lender and guide you through the process to get you the best possible loan option and lending rates.

VIC3131

CRN: 517245

Quick home loan review

For Basic Investment Loan (Interest Only) (LVR < 60%)

These are the benefits of this home loan.

  • 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

These are the drawbacks of this home loan.

  • No offset account
  • Higher than average upfront fee
  • Discharge fee at end of loan
  • Maximum loan amount is limited to 60% of the property's value

Home loan overview

For Basic Investment Loan (Interest Only) (LVR < 60%)

TMD

Details

Maximum LVR

60%

Total Repayments

Interest rate type

Variable

Borrowing range

Suitable for

Investors

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Monthly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

764

Application fee

500

Valuation fee

$164

Settlement fee

100

Other upfront fee

0

Ongoing fee

$0

Discharge fee

350

Application method

Online

Phone

In branch

Target Market Determination

Visit Bank of Melbourne to view Target Market Determination.

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FAQs

What is the minimum amount you can apply for?

The range you can borrow from this loan is $150k to $2,000,000.

What's the minimum deposit needed for this loan?

This loan option comes with a maximum loan-to-value ratio of 60 percent, which means it requires a minimum deposit of 40 percent

What's the maximum length for this loan?

Bank of Melbourne allows you to have this loan for a range of 1 to 30 years.

How often can you make repayments?

Bank of Melbourne allows you to make repayments to this loan option through one of the following repayment schedules: monthly.

How much will the upfront fees be for this loan?

While it could change based on your circumstances, RateCity estimates that this loan option comes with $764 worth of upfront fees.

Does this loan come with a redraw facility?

Yes, this loan comes with a redraw, charged at $0 if you need to use it.

Where can you apply for this loan?

Bank of Melbourne makes it possible to apply for this product online. Apply here.

Can a broker help me with this loan?

Yes, this Bank of Melbourne loan is available through a broker. Find a broker to help you with your needs.