Bank of Melbourne
Everything you need to know about Bank of Melbourne home loans
Referring to them as Melbourne’s local bank, Bank of Melbourne was established in 1989 but taken over by the Westpac Banking Corporation in 1997. Letting the entity continue to operate under the name Bank of Melbourne for some years after the deal, in 2004 Westpac eventually took over, eclipsing the brand. However, in 2011 the Bank of Melbourne brand was re-established, and the bank is now well known around Melbourne due to its partnerships with sporting venues such as the MCG and cultural events such as the Melbourne Food and Wine Festival.
Key Benefits
- Runs a charitable foundation to give-back to local communities
- Some products allow for lending of up to 95%
- Paperless home loan application process
Drawbacks
- Branch access limited to Victoria
- Ongoing fees on some loan products
Bank of Melbourne Home Loan Products breakdown
Bank of Melbourne Standard Variable Rate Home Loan
- Access to redraw facilities and offset account
- Unlimited additional repayments
- Option to split loan (part variable part fixed)
A variable rate home loan with flexibility to suit you
With access to redraw facilities and an offset account, the ability make unlimited additional repayments, the ability to split to the loan and the flexibility to choose how you schedule repayments, Bank of Melbourne’s Standard Variable Rate Home Loan is definitely one to watch.
Bank of Melbourne Fixed Rate Home Loan
- Option to package home loan, credit card and transaction account for a discounted interest rate and fees
- Flexible repayment options
- Locked-in fixed rate on application (in case rates rise before settlement)
1 to 5-year fixed rate with option to package and save
The Bank of Melbourne Fixed Rate Home Loan offers borrowers flexible repayment options with the ability to lock-in a rate on application, meaning they are protected if the rate goes up before settlement.
Bank of Melbourne Portfolio Home Loan
- Access funds for investment through a line of credit
- Option to package home loan, credit card and transaction account for a discounted interest rate and fees
- Flexible repayment frequency (monthly, fortnightly or weekly)
A line of credit to help you invest how you want
Bank of Melbourne’s Portfolio Home Loan allows customers to access an ongoing line of credit to give them finance to invest in assets such as an investment property or share portfolio.
Basic Home Loan
- No Monthly fees
- Lower interest rate
- Make extra repayments at no extra cost
The no frills home loan to meet your basic needs
Designed to suit the needs of the borrow who wants a home loan that will meet their needs without the ‘frills’, Bank of Melbourne’s Basic Home Loan offers a low interest rate and no monthly fees. Additionally, it gives borrowers the ability to make extra repayments and the flexibility to choose their own repayment schedule.
Still looking for your perfect match?
At eChoice, we have partnered with over 20 of Australia's leading lenders to help you find the right home loan. Chat with one of our experienced brokers today.
Estimated Refinancing Savings
Potential Lender Options
Competitive Interest Rates
Estimated Borrowing Power
Estimated Monthly Loan Repayments
Frequently Asked Questions
How do I get a bank statement Bank of Melbourne?
Bank of Melbourne offers the ability to access statements through its Internet banking platform. Look for the eStatement option under ‘Manage my accounts’.
What does the payment method OSKO mean?
OSKO refers to the payment method that allows your phone number to be used as a PayID, meaning your friends and family can pay you without needing your bank details.
How do I change my daily limit with Bank of Melbourne?
Depending on your account type, this can be done via ‘Transfers and Payments’ in Bank of Melbourne’s Internet banking platform or if not, by calling the bank directly.
Is Bank of Melbourne Westpac?
Bank of Melbourne was taken over by the Westpac Banking Corporation in 1997 but operates under the Bank of Melbourne brand.
Can I deposit Bank of Melbourne at Westpac?
Bank of Melbourne customers can use Westpac, St George and BankSA ATMs.