Unlock the equity in your home
If you’re a homeowner, before you put that next big purchase on your credit card, you may want to consider a line of credit on your home loan.
Laine GordonSep 6, 2011( 3 min read )
Basic Investment Loan (Principal and Interest) (LVR 60%-80%)
Smart Home Loan
special
Get one of the lowest variable interest rates on the market and pay no application or ongoing feesGet one of the lowest variable interest rates on the market
Advertised Rate
2.88%
Variable
Comparison Rate*
2.90%
Smart Home Loan
No ongoing feesExtra repayments + redraw services
View NowAdvertised Rate
3.54%
Variable
Comparison Rate*
3.56%
Maximum LVR
80%
Monthly Repayment
$1,508
Pros and Cons
Pros
- No ongoing fees
- Parents can sign as guarantor
- Extra repayments + redraw services
- Free redraw facility
Cons
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Bank of Melbourne Fees and Features
Maximum LVR 80% | Interest rate structure Variable |
Borrowing range $150k - $100m | Total Repayments $452,400 |
Principal & interest | Interest only |
Loan term range 1 - 30 years | Offset account No |
Extra repayments Unlimited extra repayments | Redraw facility Redraw fee: $0 |
Allows split interest | Suitable For Investors |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Estimated upfront fees $264 | Application fee $0 |
Settlement fee $100 | Valuation fee $164 |
Legal fee $0 | Ongoing fee $0 |
Discharge fee $350 | Property Type |
SMSF Trustee | Minimum SMSF Amount |
Other Restrictions
Establishment fee applies to loans less than $150,000
Compare and review home loans with similar features
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.
