Portfolio Standard Fixed 4 Years Portfolio Standard Fixed 4 Years

5.34%

p.a Fixed
6.21%

p.a Comparison**
$800

Upfront fees
$168

Annual fees
80%

Max LVR
$2,364

Per Month*

Loan Amount

$

Loan term

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.

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Fixed 4 Years

Loan switches to variable at the end of the fixed period.

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

Monthly repayment*: $2,364
rate per annum: 5.34%

Standard Variable

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

Monthly repayment*: $2,364
rate per annum: 6.44%

Loan to Value Ratio

Borrow up to the maxium of 80% 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: 80%
Capitalise LMI: No

Availability

For Line of Credit, Equity, Investment, and Vacant Land in NSW, NT, QLD, SA, WA, VIC, TAS, and ACT.

Term: 4 - 40 years
Min: $10,000
Max: $9,999,999

Eligibility

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

Financials: Full Doc
Credit History: Conforming
Genuine Saving: Not Required

Offset Account

Save on interest repayments by holding spare cash in an offset account.

Offset account: No

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

Repayments

You can make your repayments Monthly.

Interest Only Option: Yes
Max Interest Only: 10 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: $800
Establishment: $700
Settlement: $100

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total: $168
Ongoing Monthly: $14

Exit Fees

Fees associated with prematurely ending the loan.

Total: $850
Exit: $350
Early Repayment: $0
Switch To Fixed: $500

Notes

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. - People who have a number of different borrowing and lifestyle requirements. Key Benefits: - Customers can own their own home sooner. - Assists with wealth creation. Not available for: - Introductory / promotional rates (unless specifically stated). - Rural land security. - Interest In Advance repayment type. - Bank of Melbourne building loans - Owner Builder loans Repayment Type and Loan Term: The minimum repayment required is interest plus fees and charges accrued during the month. Capitalisation is not allowed the Primary sub-account but is available on other subaccounts (both regulated and un-regulated). There is no term, however the bank reserves the right to conduct annual reviews. The account balance is payable on demand (except if the sub-account is fixed, then the balance is payable when in default).

LVR Notes

No LMI required for <80% LVR.

Fee Notes

- $25 Fee for manual Redraws, $10 per Phone and Internet redraw. (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.