Portfolio Standard Fixed 4 Years Portfolio Standard Fixed 4 Years
5.56%p.a Standard 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 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.
- Capitalise LMI
For ["Line of Credit", "Equity", "Investment", "Owner Occupied", "Vacant Land"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].
- 4 - 40 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 Monthly.
- Interest Only Option
- Max Interest Only
- 15 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.
- Ongoing Monthly
Fees associated with prematurely ending the loan.
- Early Repayment
- Switch To Fixed
This product was developed to meet the increasing need of customers for flexibility in their financing arrangements. Bank of Melbourne Portfolio Loan allows borrowers to put the funds they borrow to a number of different uses and to change the use of their funds with minimal effort. The product may be the only credit facility that the customer ever needs. The facility works as follows: - One overall credit limit approved by Bank of Melbourne called the Portfolio Loan Credit Limit. - This Portfolio Loan credit limit can be divided into subaccounts (up to 10), each of which has its own sub-account credit limit. The Portfolio Loan credit limit is the sum of all the sub-account credit limits. - As the customers financial needs change, they may redistribute any available credit limit between sub-accounts eg as they pay down their owner occupier sub-account, they may transfer excess credit limit on this sub-account to their investment sub-account and use the funds to increase their investment holdings. - The customer has the convenience of keeping their transactions separate for budgeting and taxation purposes and the flexibility of changing the purpose of their borrowings whenever they need. - The borrowers must apply for any increase to the Portfolio Loan credit limit and approval will be subject to the Bans prevailing credit criteria. - A Portfolio Loan borrower who operates a business with a trading name may include that trading name in the sub-account title. - Shop online using VISA Debit card and with Verified by Visa. Note: If the customer no longer has any need for a line of credit facility then the sub-accounts can operate as a normal transaction account, where interest is paid on credit balances (ie savings balances). Additional sub-accounts can be closed at the customers request, with the limits redistributed to the remaining sub-accounts. Loan amount: Minimum is $10,000 for the Portfolio Loan ($2,000 for each sub-account). No maximum. Loan term: There is no term over which the loan is to be repaid. However, annual reviews will be conducted. Principal reductions are allowed at any time on variable rate sub-accounts. For sub-accounts at a fixed interest rate, principal reductions of $10,000 are allowed for each 12 month period of the fixed rate period.
Maximum LVR 90% including LMI capitalization.
5% genuine savings needs to be verified on all mortgage insured loans where base LVR exceeds 85%.
Establishment Fee includes the Bank legal fees for one new security property and any number of existing securities and one standard valuation for the primary security property only, regardless of whether a valuation on that property is required or not. Additional security fees and valuers travelling allowance (if applicable) must be collected for each additional security property. Settlement Processing Fee is automatically deducted from the loan amount at settlement. $100 fee applies for each