RateCity.com.au
powering smart financial decisions
RateCity.com.au
Bank of Melbourne

Standard Variable Rate Home Loan

Interest Rate

6.33

% p.a

Variable

Comparison Rate*

6.49

% p.a

Maximum LVR
80%
Real Time Rating™

3.05

/ 5
Monthly Repayment

$1,583

based on $300,000 loan amount for 25 years at 6.33%

Interest Rate

6.33

% p.a

Variable

Comparison Rate*

6.49

% p.a

Maximum LVR
80%
Real Time Rating™

3.05

/ 5
Monthly Repayment

$1,583

based on $300,000 loan amount for 25 years at 6.33%

Calculate your repayments for this loan

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,583

based on $300,000 loan amount for 25 years at 6.33%

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

John Valentine

5.0
12 Reviews

Get expert advice from a home loans specialist.

I have a professional background with 19 years’ experience as a Mortgage Broker.. My loyal client base has been built by providing a high level of service to my clients. A key part of my service is to understand all client requirements and then work out a cost-effective solution that meets their needs. Over the years, I have developed excellent relationships with lenders, which enables me to offer a range of solutions. My knowledge of various lenders’ complex policies and products, allows me to set-up loan structures that meet the needs of each client, while fitting-in with lender credit requirements. I provide a variety of financial services, including: - residential finance - construction loans - business & commercial loans - SMSF loans - Reverse Mortgages etc I deal with all types of clients: - first home buyers - experienced investors - PAYG - self-employed borrowers - companies and trusts. I hold an Australian Credit Licence (477288).

NSW2154

ACL: 477288

Lee HAO

5.0
326 Reviews

Get expert advice from a home loans specialist.

Lee is a graduate of Monash University with a Bachelor of Commerce and Arts. Lee is strongly passionate about the real estate market and banks since he was a student. Driven by this passion, together with experience in consulting companies and banks, Lee hopes to educate and guide her clients throughout their real estate ownership journey. Lee believes in placing the clients at the centre of every relationship and building trust through honesty and reliability. 'I want to empower my clients' every property dream and hope to service them until they retire with rent.' 'I will not try to sell you a deal that I will not sell it to my mom.' That's his principle. We are here to fight for the best possible deal for every customer. We have a great relationship with more than 30 lenders. Not that they happen to be on our panel but we actually settled with them and know their policies and procedure inside out. We do not recommend any lenders or products without a personalized and on time research for you. So our process ensure the deals we present are in your best interest hot and fresh. Our standard operation procedure is: 1) Free consultation by phone or zoom to understand your needs. Answer your burning questions. 2) Collect information, facts and document to conduct research for you. Give us a chance and allow us to make a positive impact on your personal finance; Research will usually take 2-3 business days. For more complicate cases may take longer on notice case by case. 3) Present solutions via zoom or in person. 30-60 mins. Also including a property purchase or investment strategy session. 4) Once you made the decision it takes 2-10 business days to proceed and obtain a pre-approval or refinance formal approval. Other days and procedure will be designed and notice according to your situation. 5) Free after settlement review every year too. Service Satisfaction guarantee!!** Call me and let's chat.

VIC3128

CRN: 484532

Melissa Huynh

5.0
1 Reviews

Get expert advice from a home loans specialist.

Melissa has many years experience within the Finance Industry. Having started her career as a Financial Planner and over 7 years as an award winning Mortgage Broker with a strong focus on customer service. Melissa is highly efficient and will get the job done! Whether you have a complex situation or Commercial loan Melissa will strive to find you the most competitive and suitable loan options and ensure you are educated and kept up to date throughout the process.

VIC3121

ACL: 481374

Quick home loan review

For Standard Variable Home Loan (Interest Only) (LVR 60%-80%)

These are the benefits of this home loan.

  • 100% full offset account
  • Redraw facility available
  • Parents can sign as guarantor
  • Extra repayments and redraw facility
  • Split account option

These are the drawbacks of this home loan.

  • Higher than average interest rate
  • Ongoing fee
  • Higher than average upfront fee
  • Discharge fee at end of loan

Home loan overview

For Standard Variable Home Loan (Interest Only) (LVR 60%-80%)

Details

Maximum LVR

80%

Total Repayments

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

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: $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

Available
Not available
Data not captured
Specials
  • Cashback Receive $4000 in cashback when you refinance

Target Market Determination

Visit Bank of Melbourne to view Target Market Determination.

Embed

Bank of Melbourne is available through brokers

Lee HAO
5.0
326 Reviews
Lee is a graduate of Monash University with a Bachelor of Commerce and Arts. Lee is strongly passionate about the real estate market and banks since he was a student. Driven by this passion, together with experience in consulting companies and banks, Lee hopes to educate and guide her clients throughout their real estate ownership journey. Lee believes in placing the clients at the centre of every relationship and building trust through honesty and reliability. 'I want to empower my clients' every property dream and hope to service them until they retire with rent.' 'I will not try to sell you a deal that I will not sell it to my mom.' That's his principle. We are here to fight for the best possible deal for every customer. We have a great relationship with more than 30 lenders. Not that they happen to be on our panel but we actually settled with them and know their policies and procedure inside out. We do not recommend any lenders or products without a personalized and on time research for you. So our process ensure the deals we present are in your best interest hot and fresh. Our standard operation procedure is: 1) Free consultation by phone or zoom to understand your needs. Answer your burning questions. 2) Collect information, facts and document to conduct research for you. Give us a chance and allow us to make a positive impact on your personal finance; Research will usually take 2-3 business days. For more complicate cases may take longer on notice case by case. 3) Present solutions via zoom or in person. 30-60 mins. Also including a property purchase or investment strategy session. 4) Once you made the decision it takes 2-10 business days to proceed and obtain a pre-approval or refinance formal approval. Other days and procedure will be designed and notice according to your situation. 5) Free after settlement review every year too. Service Satisfaction guarantee!!** Call me and let's chat.
VIC3128
CRN: 484532

FAQs

What is the minimum amount you can apply for?

The range you can borrow from this loan is $10k 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 80 percent, which means it requires a minimum deposit of 20 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.