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.
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.
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.
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.