Advantage Portfolio Package Special Discount Advantage Portfolio Package Special Discount $250K - $499,999 (Owner Occupied)

  • 4.81%
    p.a Standard Variable
  • 4.96%
    p.a Comparison**
  • $100
    Upfront fees
  • $395
    Annual fees
  • 90%
    Max Lvr
  • $2,040
    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*
$2,040
rate per annum
4.81%

Loan to Value Ratio

Borrow up to the maxium of 90% 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.

Lvr
90%
Capitalise LMI
Yes

Availability

For ["Line of Credit", "Equity", "Owner Occupied", "Vacant Land"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].

Term
1 - 40 years
Min
$250,000
Max
$499,999

Eligibility

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

Financials
Full Doc
Credit History
Conforming
Genuine Saving
Required

Redraw Facility

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

Redraw Facility
No
Min Redraw
$0
Redraw fee
$0

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
No
Redraw Available
No
Credit Card
Yes
Internet Banking
Yes
Telephone Banking
Yes
BPay Option
Yes
Portability of Loan
No
Professional Pack
Yes
Check Account
Yes
Direct Salary Credit
Yes
Free Transactions
Yes
Minimum Redraw
No
Redraw Fee
No

Repayments

You can make your repaments Monthly.

Interest Only Option
Yes
Max Interest Only
5 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.

Total
$100
Settlement
$100

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$395
Ongoing Yearly
$395

Exit Fees

Fees associated with prematurely ending the loan.

Total
$350
Exit
$350
Early Repayment
$0
Switch To Fixed
$0

Notes

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. Portfolio Loan is a secured line of credit facility where one overall credit limit may be divided between up to ten (separate) sub-accounts. Sub-accounts can be set up for different loan purposes as required by the customer. Eg. Owner-occupier, investment or personal. Target Market: - People who want to own their own home sooner. - People who have greater than 10% equity in their property/s.

LVR Notes

LMI applicable over 80% LVR. Max LVR 90%. Conditions apply for new customers. These include, but are not limited to; - 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

Notes

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

Fee Notes

Additional Security Property Fee: $100. Partial discharge assessment fee: $350 Additional sub-account fee: $100 per additional sub-account. Redistribution of limit fee: $10 per request Change of primary sub-account fee: $10 per request. Change of interest rate or interest rate option or payment requirement: $500 per request per sub-account plus break costs if applicable

*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