Basic Home Loan Basic Home Loan (Principal & Interest) (Owner Occupied)
4.64%p.a Basic Variable
About Bank of Melbourne
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 ["Equity", "Owner Occupied", "Vacant Land"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].
- 1 - 30 years
The level of financial documentaion and credit history required to apply for the loan.
- Full Doc
- Credit History
- Genuine Saving
Save on interest repayments by holding spare cash in an offset account.
- Offset account
Get quick access to cash by drawing on the loan to pay for renovations or other purchases.
- Redraw Facility
- Min Redraw
- Redraw fee
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
- Credit Card
- Internet Banking
- Telephone Banking
- BPay Option
- Portability of Loan
- Professional Pack
- Check Account
- Direct Salary Credit
- Free Transactions
- Minimum Redraw
- Redraw Fee
You can make your repaments Fortnightly, Monthly, and Weekly.
- Interest Only Option
- Max Interest Only
- 0 years
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.
Monthly and annual fees and charges during the loan period.
Fees associated with prematurely ending the loan.
- Early Repayment
- Switch To Fixed
The Basic Home Loan is a variable rate loan at a competitive variable interest rate with no monthly administration fees for the life of the loan. No honeymoon rate period applies to this product. No monthly fees and more flexibility with a Basic Home Loan including: - $0 Establishment fee if loan amount is greater than $150,000 - $0 monthly service fee - Flexible repayment options - Make extra payments to save on interest, with the option to request a redraw of your funds. The main selling features of the Basic Home loan are its simplicity and price. Key benefits - Unlimited additional repayments - Redraw facility - Flexible repayment frequency The Basic Home Loan is available to new and existing borrowers as long as the application criteria are met: The Basic Home Loan is AVAILABLE for: - Owner Occupiers - Investors - New loans - Existing loans (switching) - First mortgages only (can apply with multiple securities as first mortgage) - Company title properties - Existing properties used for other Bank of Melbourne facilities - Loan amount increases - Vacant land - Loans with guarantors (eg Family Pledge) - End debt of a Relocation Loan The Basic Home Loan is NOT AVAILABLE for: - Building loans - Interest in Advance repayment option - Savings plan loans - Rent to buy proposals - Extended settlement loans - Company borrowers - Trusts Borrowers may request to redraw prepayments whilst on a Basic Home Loan, subject to the Banks approval. There is no minimum redraw amount and a redraw fee applies to each manual approved request. Phone and Internet Banking redraw requests are free. Customers with a Basic Home Loan may make unlimited additional payments to their loan. Borrowers may nominate to pay additional payments via automatic transfer from a Bank of Melbourne transaction account or make payments over the counter at any Bank of Melbourne branch or via Internet or Phone Banking (a processing fee may apply). The Basic Home Loan can be selected as a further loan. A further loan is an additional loan under the same security and borrowers and where a new loan is created as an additional sequence. Loan amount increases on the current sequence are allowed on the Basic Home Loan. Customers who would like to increase their current Basic Home Loan have the ability to request a switch to a standard fixed rate automatically on settlement of the increase.
For new and existing customers, max LVR for owner occupiers 95%. Max LVR for refinances from other financial institutions is 90%. Owner Occupied: Max LVR of 95% can be increased by the amount of the LMI premium to a maximum of 2% above the max LVR for that customer. 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
5% Genuine savings needs to be verified on mortgage insured loans where the LVR exceeds 85%.
$0 establishment fee if loan amount is greater than $150,000 Limited time special offer Loan amount <$150K - Standard $500 establishment fee applies. $150 Split Loan Fee.