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We’re here to help

We know this is an unprecedented situation and we’re receiving a very high volume of enquiries. If you have submitted the form for support with your home loan, we’ll be in touch regarding your application:

 


 

We want to assure you that we’re here to help you and here’s some options you may like to consider:

Redraw funds*

If you’re ahead on repayments, you will have available funds in your home loan that you may access.

If you’ve already registered for redraw via Internet Banking, you can transfer your available funds into your preferred account online.

If you haven’t registered for redraw, you will first need to set-up redraw by completing the Home Loan Redraw Form (PDF 1MB).

 

Insurance

You may have insurance that may cover you in the event of illness or involuntary unemployment. If you have this insurance, please check your Product Disclosure Statement.

For Consumer Credit Insurance 1300 655 489.

To lodge a claim on your Home Loan Protection insurance or BT life policy or for any queries call 132 135.

Adjust Direct Debit

If you are paying your loan by direct debit, you have the option to:

  • reduce your repayments if you are paying more than you need to pay to the minimum amount required
  • amend the frequency, for example, from weekly or fortnightly to monthly
  • cancel your direct debit

You can do this by completing the Home Loan Direct Debit form (PDF 90KB).

Reduce repayments

If you are ahead on your repayments and have had this home loan for more than 12 months you may consider reducing your repayments.

This option is available depending on the amount of extra funds you have paid into your loan.
 

Defer repayment

If you've lost your job or suffered loss of income (including rental income) as a result of COVID-19, you can apply to defer mortgage repayments for three months with an extension for a further three months after review.


  • The deferred interest will be capitalised and any deferred principal repayments will need to be paid off during the remainder of your loan term. This means your loan repayments will be higher after the 3 month deferral period. If you have a Variable Rate loan making Principal and Interest repayments, you can use our COVID-19 Home Loan repayment deferral calculator as a guide to help understand what your repayments could be after your deferral period.
  • All requests are through the online registration form. Due to the unprecedented volume of requests, your application may take time to process.  Please do not submit more than 1 form (unless we request otherwise, by direct communication with you), as it will delay processing your request.
     

If you have applied, we will aim to review your request as soon as possible and we’ll let you know when it is approved.

Please note the home loan deferral period starts once it is processed for your next 3 monthly repayments.

If you have a repayment due in the meantime, you have the option to:

  • cancel your direct debit

  • amend the frequency for example, from weekly or fortnightly to monthly by calling us on 13 22 66

 


 

Bank of Melbourne customers who have lost their job or suffered loss of income as a result of the COVID-19 situation can contact us for 3 months deferral on their home loan repayments - with extension for a further 3 months available after review.

Switching to Interest Only

You may be eligible to switch your repayments to interest only. This will temporarily reduce your repayments as you will only be paying the interest portion of your repayment.

To find out if you are eligible to switch to interest only repayments, please complete a request to call back form or call us on 13 22 66.
 

With interest-only repayments, you only pay the interest charged on the amount you’ve borrowed on your home loan. This means that repayments don’t reduce the principal, which results in higher interest charges over the life of the loan.

Usually, interest-only repayments last for a set period (5 years, for example), after which the loan switches to principal-and-interest repayments.

 

 


See what else we're doing to help

  • We've always support our customers and community through the good and tough times.  We will continue to be here for you as the COVID-19 situation evolves. Read more.

  • If you have any further questions regarding your existing home loan please request a call back.

 

The Detail

* Redraw fees may apply, for more details please visit www.bankofmelbourne.com.au/personal/home-loans/manage/redraw  

The information on our website is prepared without knowing your personal financial circumstances. Before you act on this or any advice, please consider if it’s right for you.

If you make a prepayment beyond the prepayment threshold or change to another repayment type then break costs and fees may apply. Customers can make prepayments of up to the $30,000 prepayment threshold for the entire fixed period without break costs or fees applying. For fixed rate loans taken up prior to 18 August 2019, customers can make prepayments of up to the $10,000 prepayment threshold in each 12 month period without break cost or fees applying. Prepayment break costs are explained in the Things You Should Know About Break Costs (PDF 70KB).