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Bank of Melbourne

Fixed Rate Home Loan

Advertised Rate

2.84

% p.a

Fixed - 1 year

Comparison Rate*

5.24

% p.a

Maximum LVR
60%
Real Time Rating™

1.71

/ 5
Monthly Repayment

$1,398

based on $300,000 loan amount for 25 years at 2.84%

Advertised Rate

2.84

% p.a

Fixed - 1 year

Comparison Rate*

5.24

% p.a

Maximum LVR
60%
Real Time Rating™

1.71

/ 5
Monthly Repayment

$1,398

based on $300,000 loan amount for 25 years at 2.84%

Calculate your repayments for this loan

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,398

based on $300,000 loan amount for 25 years at 2.84%

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

Bernard Desmond

5.0
156 Reviews

Get expert advice from a home loans specialist.

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VIC3930

CRN: 493595

Quick home loan review

For Fixed Rate Investment Loan (Interest Only) 1 Year (LVR < 60%)

These are the benefits of this home loan.

  • Lower than average interest rate
  • Redraw facility available
  • Parents can sign as guarantor
  • Extra repayments and redraw facility
  • Split account option

These are the drawbacks of this home loan.

  • Limited extra repayments
  • Loan reverts to higher rate after fixed period
  • Ongoing fee
  • 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 Fixed Rate Investment Loan (Interest Only) 1 Year (LVR < 60%)

TMD

Details

Maximum LVR

60%

Total Repayments

Interest rate type

Fixed - 1 year

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

Yes - limited to $30000

Redraw facility

Redraw fee: $10

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

864

Application fee

600

Valuation fee

$164

Settlement fee

100

Other upfront fee

0

Ongoing fee

$10 monthly

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 $864 worth of upfront fees.

Does this loan come with a redraw facility?

Yes, this loan comes with a redraw, charged at $10 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.