It was officially relaunched in 2011 following a $1.4 billion merger with Westpac and now employs more than 1,200 people across the country.
Bank of Melbourne issues a variety of credit, deposit and payment products, including home loans, credit cards, personal loans, transaction accounts, superannuation and more.
The lender says it has a focus on the progress of Melbourne.
“We support our city’s progress through partnerships with iconic sporting venues like the MCG, and celebrate our food culture with events like Melbourne Food and Wine Festival,” Bank of Melbourne says.
“We’re investing in the arts with Collingwood Yards, where we’re helping create a new cultural destination for the city’s northern fringe.
“We’re also supporting our neighbours who need a helping hand; our Foundation has supported local communities with more than $3 million in grants since 2013.”
What home loans does Bank of Melbourne offer?
Check out some of Bank of Melbourne’s owner occupier home loans in the table below.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.19% p.a. | 6.20% p.a. | $2,447 | Principal & Interest | Variable | $0 | $100 | 70% | |||||||||||
6.44% p.a. | 6.45% p.a. | $2,513 | Principal & Interest | Variable | $0 | $600 | 70% | |||||||||||
6.49% p.a. | 7.54% p.a. | $2,526 | Principal & Interest | Fixed | $395 | $100 | 70% | |||||||||||
6.54% p.a. | 6.55% p.a. | $2,539 | Principal & Interest | Variable | $0 | $600 | 80% | |||||||||||
6.84% p.a. | 6.85% p.a. | $2,618 | Principal & Interest | Variable | $0 | $600 | 95% |
What home loan features does Bank of Melbourne offer?
As a Bank of Melbourne home loan customer, you might be eligible for some of the following home loan features:
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Redraw facility: Eligible home loans will allow you to withdraw any extra repayments you have contributed on your mortgage.
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Offset account: Available to eligible variable rate loan customers with P&I repayments, an offset facility will let you offset your savings against your mortgage, paying less interest.
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Pause repayments: You may apply for a repayment pause in order to reduce or stop your repayments for an approved period. Fees apply.
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Guarantors: You may be able to use the equity in your family member's home as security for your own property.
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Split loan: You can choose to pay part of your mortgage on a fixed rate and the other part on a variable rate.
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Additional repayments: You can make extra repayments to your loan account in order to pay it off faster.
How can Bank of Melbourne save customers money?
Bank of Melbourne offers incentives to save money such as a $3,000 cash back offer (expires 28th February 2022).
It also offers customers the ability to save with its ‘Package Advantage Loan’, which offers a 1.3% p.a. discount off the standard variable rate for loans above $100,000 when you package a home loan, credit card and transaction account.
The package advantage loan also charges no establishment fee on the loan, no monthly account fees, and no annual credit card fee.
Am I eligible for a Bank of Melbourne home loan?
To apply for a mortgage you generally need to meet the following criteria:
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You are 18 years or over
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You are an Australian or New Zealand citizen or permanent resident
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You are either married or de-facto (to each other) if it's a joint application
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You can demonstrate your ability to service the loan
How to apply
To ensure a smooth application, you'll generally need to have these documents ready for submission:
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Savings history, which could be a copy of statements for all your savings accounts
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Proof of income (e.g., payslips, employment letter or contract, commission or bonuses) and assets
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Anticipated rental income, if you're purchasing a rental property
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Estimated expenses and other liabilities (e.g., credit cards, personal loans)
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A copy of itemised tender or quote from your builder, if you're building a house
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First Home Owner Grant application form, if you're planning to apply for one
Bank of Melbourne Frequently asked questions
How long does it take for Bank of Melbourne to process my home loan application?
Generally, it can take several weeks for your home loan application to be fully processed and approved, as Bank of Melbourne needs to verify your identity, assess your finances and transfer security of the property.
Pre-approval usually takes less time than unconditional approval, and you should receive pre-approval within 24-48 hours once you have submitted all the required documentation, but speak to a Bank of Melbourne lending specialist for more information on your application.
How does Bank of Melbourne verify my identity?
Bank of Melbourne can verify your identity electronically or over the phone using the personal details you have provided in your application. You can also verify your ID using Bank of Melbourne's Identification Verification form.
Image by Denise Jans via Unsplash
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