Bank of Melbourne is an Australian financial institution that was founded in 1989 and acquired by Westpac in 1997. After having their branches rebranded into Westpac during 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 through Victoria and employs over 900 staff. The bank offers a range of financial services and products that include personal and home loans, credit cards, insurance and investment and superannuation planning and management.
The bank has won numerous awards including the Financial Review Smart Investor’s Best Local Bank in 2015. Although it is owned by Westpac, it is still considered to be a regional bank, and has local appeal to state residents. Because it is a regional bank, though, it's important to note that it does not operate any branches outside of Victoria, although they do offer services to anyone living in Australia.
For interested borrowers who are unable to avail themselves of a local branch, the Bank of Melbourne offers online banking options, as well as live chat, a mobile app, as well as the aforementioned customer service centre which can be reached by phone.
In order to apply for a home loan with the Bank of Melbourne you will need to be able to provide the following information:
- You will need to be at least 18 years of age
- Proof of Identification: Enough to pass the 100 point check, which can include your passport, birth certificate, etc.
- You will need to be able to provide evidence of your financial details when you apply, so make sure you hang on to your tax returns, pay slips, and other financial details.
- You’ll need to agree to a credit check.
- A list of your income against your expenses, which will show the lender a more complete view of your current financial situation as far as incoming and outgoing cash flow is concerned.
- A list of assets and debts - assets include things like existing properties and investments as well as savings, while debts are any open lines of credit or other loans, etc.
- Details about the property you're planning to buy, such as the price of the property and how much you are looking to borrow.
Additionally, anyone looking to refinance will need to provide statements the last six months of their existing loans, and anyone looking for a construction loan will have to provide proof of sale, council approved plans, and building quotes.