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Your client could pay off their home loan faster, with multiple offsets

With our Standard Variable Rate Home Loan, your client could save thousands in interest over the life of their loan when they regularly deposit money in their offset account and don't withdraw it.

To find out more, please contact a BDM.

  Basic variable loan Fixed rate loan Variable with offset
Construction loan      
Family guarantee      
Offset available      
Split loan    3  
Portability2    3  
Extra repayments2     (up to $30k/fixed period)  
Redraw     (up to $30k/fixed period)  
Parental leave   (OO loans only)     (OO PIF loans only, after 12 months)
Repayment holiday2   (available redraw)   (available redraw)   (available redraw)
Switching    4  

Split for the best of both worlds

If your client wants the certainty of a fixed loan and the flexibility of a variable, splitting their loan may be the best solution. They'll know the rate and repayments for the set term on the fixed rate portion while having the ability to make and redraw extra repayments, plus pay less interest with an offset account.

The Detail

Conditions, credit criteria, fees and charges apply. Based on Bank of Melbourne’s credit criteria, residential lending is not available for Non-Australian resident borrowers. Interest rates subject to change. Before making a decision, it’s best to read the terms and conditions.

Loan Accounts – Charges for specific services and accounts (PDF 33KB)

This information's been prepared without taking your clients objectives, needs and overall financial situation into account. For this reason, your client consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.

Fixed rate home loan: Bank of Melbourne will apply the fixed rate that is available at the loan settlement date or the date the fixed rate period commences. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan interest rate.

*Advantage Package: Terms & Conditions (PDF 179KB) apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. Before deciding to acquire a Bank of Melbourne transaction account, read the terms & conditions, and consider if the product is right for you.

1Comparison Rate: The comparison rate is based on a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan. Any applicable LVR discount has been included in the advertised eligible rate.

2Subject to Bank’s approval.

3Break costs may apply.

4If at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type, then a break cost may apply.