Standard Variable Rate Home Loan Standard Variable Rate Home Loan (Interest Only) (Owner Occupied)
5.22%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 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 ["Bridging", "Construction", "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 Monthly.
- Interest Only Option
- Max Interest Only
- 5 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
The Standard Variable rate is the traditional variable rate product. The variable interest rate means that the interest rate moves up and down reflecting the general changes in interest rates in the financial markets. This product has a broad base appeal to a variety of customers. It will appeal to customers who do not want to lock into a fixed rate but want to take advantage of any fall in the variable interest rate. Standard Variable Rate loans are available to new and existing borrowers. The Standard Variable Rate product is AVAILABLE for: - Owner Occupiers - Investors - Building loans - Relocation loans - Further loan sequence and loan amount increase - Flexible Choice - New loans - Existing loans (switching / splitting) - Land loans The Standard Variable Rate product is NOT AVAILABLE for: - Prepaid Interest repayment type Borrowers may redraw repayments whilst on a standard variable rate, subject to the Banks approval. There is no minimum redraw amount and a redraw fee applies to each approved request. Redraw requests on loans that have an expired status must be referred to the Mortgage Central.
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%.
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. $150 Split Loan Fee.