Bank of Melbourne is an Australian bank, based in Victoria. With headquarters in Melbourne, the bank has 106 branches spread across the state.
Although Bank of Melbourne was established in 1989 as an independent organisation, it has been part of the Westpac Group since 1997.
Bank of Melbourne, or BoM as it is also known, offers a wide range of home loans, both through its branch network and through mortgage brokers.
Benefits
Drawbacks
Cashback
Receive $2000 in cashback when you refinance (min. loan amount $250K, LVR < 80%). T&Cs apply.9.42%
p.a
Variable
9.56%
p.a
$3,038
monthly
Cashback
Receive $2000 in cashback when you refinance (min. loan amount $250K, LVR < 80%). T&Cs apply.7.73%
p.a
Variable
8.06%
p.a
$2,255
monthly
Cashback
Receive $2000 in cashback when you refinance (min. loan amount $250K, LVR < 80%). T&Cs apply.7.14%
p.a
Variable
7.15%
p.a
$2,083
monthly
Cashback
Receive $2000 in cashback when you refinance (min. loan amount $250K, LVR < 80%). T&Cs apply.5.94%
p.a
Variable
5.95%
p.a
$2,242
monthly
Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated mortgage repayments
Total interest payable
$0
Total loan repayments
$0
Home loan customers at Bank of Melbourne can contact the bank by phone, choose to live chat with Bank of Melbourne employees online, contact them via email, visit in person at their Victorian branches or book an appointment through the website.
Bank of Melbourne allows customers to apply for a home loan in a variety of ways. Customers can also make online or email enquries before applying for a loan online, by phone, or in-person at Bank of Melbourne branches.
Before applying for a home loan it is advisable to think about how much money you can afford to borrow given your financial situation and income.
Some of the documentation you’ll need to provide applying for a home loan may include:
Refinancers will also need to provide statements on their current loan for the last six months. To apply for a construction loan, you may need to provide council approved plans, building quotes and proof of sale.
Bank of Melbourne offers a range of home loans to suit a variety of customers and circumstances, including:
Mortgage borrowers in Australia who choose a Bank of Melbourne home loan can choose from a variety of interest rate options, such as:
Bank of Melbourne also offers interest rate discounts and temporary introductory interest rate offers.
Customers are able to begin a Bank of Melbourne home loan application online and receive indicative approval in less than 15 minutes. A home loan expert will then call to discuss your mortgage options.
Although Bank of Melbourne is not one of Australia’s big four banks, it is part of Westpac Group, making its rates comparable with larger banks. However, permanent discounts and introductory offers may help lower their rates.
Bank of Melbourne home loan interest rates vary from product to product. As a general rule, owner-occupiers are granted lower interest rates than investors, and principal and interest borrowers get lower interest rates than interest-only borrowers.
Although Bank of Melbourne is owned by Westpac Group, it is still considered a regional bank, rather than a national bank. Some Victorians may choose one of Bank of Melbourne’s home loans over a mortgage from one of the big four banks because of BoM’s local appeal. Bank of Melbourne’s contact centre is in Victoria, and the bank’s marketing speaks to its commitment to the local economy. While Bank of Melbourne does not operate branches outside of Victoria, customers can also access services through BankSA and St.George branches.
Bank of Melbourne offers a wide range of home loan products, but its selection may not be as extensive those of larger banks in Australia. Bank of Melbourne home loans include options for first time buyers, investors and self-employed borrowers.
Bank of Melbourne home loans can be principal and interest or interest only, and borrowers can choose between fixed-rate and variable-rate home loans.
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