Bank of Melbourne Fixed Rate Home Loan with Advantage Package

The Advantage Package Fixed Rate Home Loan from Bank of Melbourne is a package loan with low fixed rates.

The Bank of Melbourne's Fixed Rate Home Loan with Advantage Package combines a home loan with a Bank of Melbourne transaction account and credit card. The loan is available for investors and owner-occupiers.

No reviews yet. Write a review
Avatar

By

Richard Whitten

Updated

Fact checked

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.

Expert review

This loan has a maximum insured LVR of up to 95%, but if your deposit is less than 20% of your property's value, you may need to pay a lenders mortgage insurance premium too.

About this loan

What are the features and benefits of Bank of Melbourne Fixed Rate Home Loan with Advantage Package?

  • Purpose. This loan is for both home buyers and investors.
  • Package benefits. As a package loan, the Bank of Melbourne Advantage Package Fixed Loan requires you to take out a credit card and transaction account with the bank in exchange for a single package fee. It's a convenient way to combine your banking, but if you're not interested in the other package products, this might not be the loan for you.
  • Rate type. This loan allows principal and interest or interest-only repayments, for both investors and owner-occupiers.
  • Repayment flexibility. You can repay this loan monthly, weekly or fortnightly.
  • Redraw and splits. This loan allows for online redraw and has a split facility. Redraw is subject to lender's approval.

How to apply

To apply for this product or to get more information, click the green "Go to site" button and leave your details on the Bank of Melbourne's website. A Bank of Melbourne lending specialist will get in touch with you to help you start the application process and answer all your questions.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

4 Comments

    Default Gravatar
    Andrew
    March 23, 2023

    Which rate do you actually get charged the Interest rate or the comparison rate? Why is there 2 rates it is confusing.

    Reply
      AvatarFinder
      Richard
      March 24, 2023

      Hi Andrew,

      The lender charges you interest based on the money you’ve borrowed and that is determined by the interest rate. The comparison rate is a legal requirement that takes into account fees and other costs, but is calculated by a hypothetical loan example.

      So it’s not always that useful. I suggest using a repayment calculator to check how the interest rate affects the loan, and then factor in the cost of fees. A loan might have one-off fees up front and/or an ongoing monthly fee. Package loans often have the highest annual fee (the package fee).

      Reply
    Default Gravatar
    Sam
    March 9, 2023

    If I have 5 home loans am I eligible for 5 cash back payments or just 1 if I refinance all 5 loans. ?

    Reply
      AvatarFinder
      Richard
      March 10, 2023

      Hi Sam,

      You’ll need to ask Bank of Melbourne directly if you can get 5 cashbacks for 5 separate loans.

      Kind regards,
      Richard

      Reply
Go to site