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.
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.
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.
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.
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.
Bank of Melbourne offers the ability to access statements through its Internet banking platform. Look for the eStatement option under ‘Manage my accounts’.
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.
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.
Bank of Melbourne was taken over by the Westpac Banking Corporation in 1997 but operates under the Bank of Melbourne brand.
Bank of Melbourne customers can use Westpac, St George and BankSA ATMs.