Advantage Package Standard Special Discount Advantage Package Standard Special Discount $250K - $499,999 (Principal & Interest) (Owner Occupied)

  • 4.45%
    p.a Standard Variable
  • 4.61%
    p.a Comparison**
  • $100
    Upfront fees
  • $395
    Annual fees
  • 95%
    Max LVR
  • $1,968
    Per Month*

About Bank of Melbourne

The Bank of Melbourne is a financial institution based in Melbourne, Australia, established in 1989 and taken over by the Westpac Banking Corporation (Westpac) in 1997. A bank who believes in delivering the right finance solutions, rather than a generic package. Their motto is to make their customer’s life easier by adding genuine value to the way they deal with money in their day to day business. From buying a first home, restructuring a loan, to renovating at home, Bank of Melbourne will customise solutions to better suit their client’s needs.

Standard Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*
rate per annum

Loan to Value Ratio

Borrow up to the maxium of 95% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Capitalise LMI


For Construction, Equity, Owner Occupied, and Vacant Land in NSW, NT, QLD, SA, WA, VIC, TAS, and ACT.

1 - 30 years


The level of financial documentaion and credit history required to apply for the loan.

Full Doc
Credit History
Genuine Saving

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility
Min Redraw
Redraw fee

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

  • an offset account;
  • ability to make extra repayments;
  • a redraw facility; and
  • linked credit card and savings accounts;
  • ability to split your loan between fixed and variable interest rates
Offset Account
Redraw Available
Internet Banking
Telephone Banking
Credit Card
BPay Option
Portability of Loan
Professional Pack
Check Account
Direct Salary Credit
Free Transactions
Minimum Redraw
Redraw Fee


You can make your repayments Fortnightly, Monthly, and Weekly.

Interest Only Option
Max Interest Only
0 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.


Ongoing Fees

Monthly and annual fees and charges during the loan period.

Ongoing Yearly

Exit Fees

Fees associated with prematurely ending the loan.

Early Repayment
Switch To Fixed


$1500 Refinance Cashback Campaign Extended until further notice. Eligibility: - Cashback offer for refinances only. - Available for Owner Occupier (principal & interest repayments only) and Residential Investment home loans. - Home loans under Advantage Package only. - The loan amount on the single home loan application for refinances must be $250,000 or more. - One cashback per loan application, paid to the main applicant (Applicant 1) during the campaign period only (multiple applications submitted by the same main applicant are not eligible for this offer). - Applicants must have a Bank of Melbourne transaction account linked to the home loan at the time of settlement. - Applicants’ home loan repayments must be direct debited from this Bank of Melbourne transaction account. - The linked Bank of Melbourne transaction account must be kept open for at least 60 days after settlement to be eligible for the cashback. Exclusions: - Refinances of existing Westpac, St.George, BankSA, Bank of Melbourne and RAMS home loans. - Portfolio Loans. - This offer is not available in conjunction with any other cashback, rebate or LMI campaign offers. - Refinances into Owner Occupier Interest Only loans. - Non-Resident borrowers. - Applicants that use foreign income to meet serviceability. ADVANTAGE PACKAGE Available for fixed loans >$150K and variable loans >$100K. Save when you package a home loan, credit card and transaction account - Flexible repayment options - Choose the home loan, credit card and transaction account most suitable for you - then package and save! - Get great home loan interest rate discounts and save on fees - Get great benefits from discounts on Home Loan Protection, Home and Contents Insurance, and Protection Plans premium - Perfect for 1st home buyers, investors and refinancing. $395 single package fee covers up to 5 home or investment loans - $0 home loan establishment fee - $0 monthly home loan administration fee - $0 annual credit card fee - $0 monthly transaction account-keeping fee - $0 monthly full offset service fee - Free redraw via Phone and Internet banking. The following are not allowed in a package: - any loan where a borrower is a company - any loan where a borrower is a trustee - any loan where a security property is under company title - any loan where any sub-account was/is a construction sub-account.

LVR Notes

LMI required for >80% LVR. For new and existing customers, max LVR for owner occupiers is 95% inclusive of any LMI capitalisation. Max LVR for refinances from other financial institutions is 90%. Conditions apply for new customers. These include, but are not limited to; - Maximum loan amount of $750K - No Auto Decline overrides will be considered - Genuine savings policy applies, with the exception of Inheritance and Sale of non-real estate assets which are capped at 90% LVR.


5% Genuine savings needs to be verified on mortgage insured loans where the LVR exceeds 85%.

Fee Notes

- Redraw fee free if over internet or phone. $25 Fee for manual Redraws. (if redraw is available) - Split Loan Fee: $150 - Partial Discharge Assessment Fee: $350. - Additional Security Property Fee: $100. - Company Title: $205 per security - Trustee: $205 per trustee - When any of the security offered involves a Guarantee:$205 per guarantor Rate Lock fee higher of 0.15% of loan amount or $500.

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided