Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR < 60%)
- Last updated on 24 May 2020
Discount Variable Home Loan
Make the move to UBank's award winning home loan
2.59%
Variable
2.59%
Owner Occupier Discounted Variable Rate
2.34%
Fixed - 1 year
4.41%
$967
based on $300,000 loan amount for 25 years
Pros
- Parents can sign as guarantor
- Extra repayments + redraw services
- Repayments will not change during fixed period
Cons
- Limited extra repayments
- Discharge fee at end of loan
- Repayments won't decrease if RBA cuts rates
Maximum LVR 60% | Interest rate structure Fixed - 1 year |
Borrowing range $10k - $100m | Total Repayments $348,120 |
Principal & interest | Interest only |
Loan term range 1 - 30 years | Offset account Partial offset account |
Extra repayments Allowed with restrictions | Redraw facility Redraw fee: $10 |
Allows split interest | Suitable For Owner Occupiers |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Estimated upfront fees $864 | Application fee $600 |
Settlement fee $100 | Valuation fee $164 |
Legal fee $0 | Ongoing fee $10 |
Discharge fee $350 | Property Type |
SMSF Trustee | Minimum SMSF Amount |
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Bank of Melbourne is an Australian bank, 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 it is also known, offers a wide range of home loans, both through its branch network and through mortgage brokers.
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FAQs
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.