Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .
Bank of Melbourne was founded in 1989 and later acquired by Westpac in 1997. After having their branches rebranded into Westpac in 2004, the Bank of Melbourne name was restored in 2011.
Bank of Melbourne has its headquarters and call centre in Melbourne with over 100 branches throughout Victoria. Since the bank only exists in Victoria, customers can speak to local staff with local knowledge. The bank focuses on serving the needs of Victorians, providing more jobs, more convenience, and more choice for Victorians.
The bank offers a range of financial services and products that include personal and home loans, credit cards, insurance and more.
Bank of Melbourne has won numerous awards including the Financial Review Smart Investor’s Best Local Bank in 2015. Despite being owned by Westpac, it can still be considered a regional bank. Meaning, there are no branches outside of Victoria, but the bank still services anyone living in Australia.
For interested borrowers living outside of Victoria, Bank of Melbourne offers online banking options, as well as a live chat, mobile app, and customer service centre.
To apply for a home loan with the Bank of Melbourne, you will need to be able to provide the following information:
- Be at least 18 years of age
- 100 points of identification (passport, birth certificate, driver's licence, etc)
- Evidence of financial details (tax returns, payslips, other financial details)
- Agree to a credit check
- A list of your income and expenses
- A list of assets and debts
- Details about the property you plan on buying (property price, how much you're looking to borrow, etc)
Anyone looking to refinance will need to provide statements for the last six months of their existing loans. Additionally, anyone looking for a construction loan will have to provide proof of sale, council approved plans, and building quotes.