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- Bank of Melbourne
- Standard Variable Rate Home Loan
Standard Variable Rate Home Loan
- Owner Occupied
- Variable
- 30% min deposit
- P&I
Interest rate p.a.
8.69%
Comparison rate* p.a.
8.83%
Standard Variable Rate Home Loan
- Owner Occupied
- Variable
- 30% min deposit
- P&I
Interest rate p.a.
8.69%
Comparison rate* p.a.
8.83%
Bank of Melbourne Variable Rate Home Loan overview
For Standard Variable Home Loan (Principal and Interest) (LVR < 70%)
Principal & Interest (P&I)
Loan type
Loan to value ratio
Interest rate
Comparison rate
Interest only
Loan type
Loan to value ratio
Interest rate
Comparison rate
Details
Maximum LVR
70%
Total repayments
Interest rate type
Variable
Borrowing range
$10k - $2m
Suitable for
Owner Occupiers
Loan term range
1 - 30 years
Repayment type
Principal and Interest
Applicable states
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Repayment options
Fortnightly, Monthly, Weekly
Target Market Determination
Visit Bank of Melbourne to view Target Market Determination.
Features
Extra repayments
Unlimited
Redraw facility
Redraw fee: $0
Offset account
Split interest facility
Loan portability
Repayment holiday available
Allow guarantors
Available for first home buyers
Other benefits
Fees
Total estimated upfront fees
$700
Application fee
$600
Legal fee
$0
Valuation fee
$0
Settlement fee
$100
Other upfront fee
$0
Ongoing fee
$8
Discharge fee
$350
Pros and Cons
For Standard Variable Rate Home Loan
Benefits
- 100% full offset account
- Parents can sign as guarantor
- Extra repayments and redraw facility
- Free redraw facility
- Split account option
Drawbacks
- Higher than average interest rate
- Ongoing fee
- Higher than average upfront fee
- Discharge fee at end of loan
- Maximum loan amount is limited to 70% of the property's value
