Bank of Melbourne Advantage Package Loan

Features

The Bank of Melbourne Advantage Package Loan allows you to choose from a range of both variable or fixed rate loans and credit cards that are combined as a discounted package.

You may receive an interest rate discount that varies based on the size of the loan and minimum loan amounts may apply depending on the type of loan.

Fixed rate loans are available for up to five years with the option to renew for another fixed rate period.

Repayments can be made on a weekly, fortnightly or monthly basis as both principal and interest or interest-only payments. However, interest-only repayments must be made monthly.

Additional repayments are permitted on both fixed rate and variable loans as well as an offset account to reduce interest owed.

Fixed rate loan customers can choose to pause their repayments for three to 12 months and can access a rate lock feature to secure an interest rate up to three months before settlement.

Who is the Bank of Melbourne Advantage Package Loan good for?

The Bank of Melbourne Advantage Package Loan could be good for homebuyers looking to merge their loan with a credit card and transaction account.

The fixed rate option may suit customers looking for some stability in repayments, while a variable rate loan is available for those wanting more flexibility in repayments. The line of credit portfolio loan and option with interest-only repayments may suit some investors.

Review - What RateCity says

The Bank of Melbourne Advantage Package Loan comes with a range of repayment and access features, although these vary depending on the type of loan you have and it is important to understand what features you want when deciding on a suitable loan package since these do typically come with a sizeable annual fee.

Interest rate discounts vary based on both the size and type of the loan so it’s worth investigating what loan suits your personal circumstances and requirements.

Bank of Melbourne Advantage Package Loan Options

The Bank of Melbourne Advantage Package Loan is a fixed rate or variable loan offered as part of a package that varies based on the size of the loan and is available to both owner-occupiers and investors.

Pros
  • Discounted rates may apply.
  • 100 per cent offset account for variable loans.
  • Redraw facility.
Cons
  • Restricted to package.
  • High ongoing fees.
  • Rates vary greatly by type of loan.
Eligibility

Must be over 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet Bank of Melbourne’s serviceability criteria.

Must take out combined credit card and transaction account.

About Bank of Melbourne

Bank of Melbourne is a Melbourne-headquartered subsidiary of Westpac. It has branches in Victoria and can be contacted online, by email, in person or by phone. 

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