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Current Cashback Offers

Bank of Melbourne currently have two cashback offers:

  • $2,000 Refinance Cashback+
  • $1,500 New Purchase Cashback++

$2,000 Refinance Cashback+

Eligibility

  • Available on refinance applications received from 8 October 2018, with loans settled by 31 December 2018.
  • Cashback offer applicable for refinances only.
  • Available for Owner Occupier (Principal & Interest repayments only) and Residential Investment Home Loans.
  • Home Loans under Advantage Package only. $395 annual package fee applies.
  • The loan amount on the single home loan application must be $250k or more.
  • Offer can be used in conjunction with the new purchase cashback, with maximum one new purchase cash back and one refinance cash back payable per main applicant (Applicant 1) and not available in conjunction with any other special offers.
  • Applicants must have a Bank of Melbourne transaction account linked to the home loan at the time of settlement.
  • Applicants’ home loan repayments must be direct debited from this Bank of Melbourne transaction account.
  • The linked Bank of Melbourne transaction account must be kept open for at least 60 days after settlement to be eligible for the cashback.
  • Offer available until 31 December 2018 and can be varied or withdrawn at any time.

Exclusions

  • Loans not on an Advantage Package.
  • Owner Occupier Interest Only Loans.
  • Portfolio Loans.
  • Refinances of existing Westpac, Bank of Melbourne, St.George Bank, BankSA and RAMS Home Loans.
  • Applications received outside of the campaign period.
  • Non-resident borrowers.
  • Applicants that use foreign income to meet serviceability.

$1,500 New Purchase Cashback++

Eligibility

  • Available on applications received from 7 November 2018 to 31 December 2018. Must settle by 28 February 2019.
  • Cashback offer applicable for new purchases only.
  • Available for Owner Occupier (Principal & Interest repayments only) and Residential Investment Home Loans.
  • Home Loans under Advantage Package only. $395 annual package fee applies.
  • The loan amount on the single home loan application must be $250k or more.
  • Offer can be used in conjunction with the refinance cashback, with maximum one new purchase cash back and one refinance cash back payable per main applicant (Applicant 1) and not available in conjunction with any other special offers.
  • Applicants must have a Bank of Melbourne transaction account linked to the home loan at the time of settlement.
  • Applicants’ home loan repayments must be direct debited from this Bank of Melbourne transaction account.
  • The linked Bank of Melbourne transaction account must be kept open for at least 60 days after settlement to be eligible for the cashback.
  • Offer available until 31 December 2018 and can be varied or withdrawn at any time.

Exclusions

  • Loans not on an Advantage Package.
  • Owner Occupier Interest Only Loans.
  • Portfolio Loans.
  • Refinance applications.
  • Applications received outside of the campaign period.
  • Non-resident borrowers.
  • Applicants that use foreign income to meet serviceability.

Basic Home Loan Promotional Rates

Basic Home Loan - Owner Occupier  

LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage.
For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. The interest rates below are for new loans. Home loan rates are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.

Term Annual Rate   Comparison rate*
Principal & Interest
Special offer1 discount of 0.92% p.a. off the Basic Home Loan rate is included in the below rates.
LVR less than 60%
(Includes further discount of 0.10% p.a.)
3.74% p.a. 3.75%p.a.
LVR above 60% up to 80%
(Includes further discount of 0.05% p.a.)
3.79% p.a. 3.80% p.a.
LVR above 80%
(No change to standard rate)
3.84% p.a. 3.85% p.a.

Basic Home Loan - Residential Investment  

LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage.
For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. The interest rates below are for new loans.  Home loan rates are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.

LVR Annual Rate   Comparison rate*
Principal & Interest
Special offer2 1.10% p.a. off the Basic Home Loan rate is included in the below rates.
LVR less than 60%
(Includes further discount of 0.10% p.a.)
4.14% p.a. 4.15% p.a.
LVR above 60% up to 80%
(Includes further discount of 0.05% p.a.)
4.19% p.a. 4.20% p.a.
LVR above 80%
(No change to standard rate)
4.24% p.a. 4.25% p.a.
Interest only
Special offer1 0.80% p.a. off the Basic Home Loan rate is included in the below rates.
LVR less than 60%
(Includes further discount of 0.10% p.a.)
4.98% p.a. 4.99% p.a.
LVR above 60% up to 80%
(Includes further discount of 0.05% p.a.)
5.03% p.a. 5.04% p.a.
LVR above 80%
(No change to standard rate)
5.08% p.a. 5.09% p.a.

The Detail

Credit criteria, fees and charges, terms & conditions apply.

$2,000 Refinance Cash back offer
+ For new home loan applications received from 8 October 2018, and settled by 31 December 2018 for refinance purposes under the Advantage Package. Offer current as at 15 October 2018. Offer may be varied or withdrawn at any time. Excludes Portfolio Loans and refinances from within Westpac Group which include Bank of Melbourne, Westpac, St.George Bank, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans. Advantage Package Terms and Conditions and a $395 annual package fee apply. Offer can be used in conjunction with the new purchase cash back, with maximum one new purchase cash back and one refinance cash back payable per main applicant, and not available in conjunction with any other special offers. Applicants must have a Bank of Melbourne transaction account linked to the home loan at the time of settlement, and must keep this account for 60 days after settlement. Applicants’ home loan repayments must be direct debited from this transaction account. The cash back will be paid into this account within 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

$1,500 New Purchase Cash back offer
++ For new home loan applications received from 7 November 2018 to 31 December 2018 and settled by 28 February 2019 under the Advantage Package. Offer current as at 7 November 2018. Offer may be varied or withdrawn at any time. Excludes Portfolio Loans, refinances and Owner Occupier Interest Only loans. Advantage Package Terms and Conditions and a $395 annual package fee apply. Offer can be used in conjunction with the refinance cashback, with maximum one new purchase cash back and one refinance cash back payable per main applicant, and not available in conjunction with any other special offers. Applicants must have a Bank of Melbourne transaction account linked to the home loan at the time of settlement, and must keep this account for 60 days after settlement. Applicants’ home loan repayments must be direct debited from this transaction account. The cash back will be paid into this account within 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

* 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 examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

** Advantage Package Terms and Conditions apply and are available at bankofmelbourne.com.au. Annual fee, currently $395, applies.

1. Basic Home Loan Promotional Rate:
This offer is only available for new Basic Home Loan applications received from 19 September 2018. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within St.George, Bank of Melbourne and BankSA. This offer may be varied or withdrawn at any time. Interest rates subject to change.

2. Basic Home Loan Promotional Rate:
This offer is only available for new Basic Home Loan applications received from 7 November 2018. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within St.George, Bank of Melbourne and BankSA. This offer may be varied or withdrawn at any time. Interest rates subject to change.

The information on our website is prepared without knowing your customers personal financial circumstances. Before you act on this, please consider if it’s right for your customer. If you need help, call 1300 137 532.

Conditions, fees and credit criteria apply. Before making a decision, it’s best to read the terms and conditions:

> Find out more


> Find out more


Offer details

Commercially Secured Loans – Terms have been extended to 25 years

Bank of Melbourne is happy to offer extended maximum terms for Business Loans.

With longer terms, your customers can now free up their cash flow to chase more opportunities.

Maximum loan terms for both business loans and Self-Managed Super Fund (SMSF) business loans have been extended as follows:

  • For residentially-secured business loans, our terms have increased by 5 years (from 25 to 30 years)1
  • For business loans secured by non-specialised commercial real estate or non-specialised rural land, our terms have increased by 10 years (from 15 to 25 years)1

Please note: Maximum loan terms remain unchanged where lending is against business assets (currently 10 years). Where security is in the form of specialised commercial property, relevant Sector Policy applies.

Contact your local BDM today to find out more.


Trail Book Finance – Expand your business by talking to us about leveraging your trail

We've got a great new product solution, designed to directly support you as a broker.

In an industry first, we're leading the way in lending against your trail book, so you can grow your business using your trail book as security. This allows you to fund business growth, better manage cash flow and avoid tying up personal assets like your home.

A few things that may have been on your mind, you can now do:

  • Purchase existing Finance Broker trail books
  • Refit or refurbish your offices
  • Refinance existing borrowings (for purchase of Finance Broker trail books or business)
  • Working capital up to $50,000
  • Succession planning

 

The Detail

The information on our website is prepared without knowing your customers personal financial circumstances. Before you act on this, please consider if it’s right for your customer. If you need help, call 1300 137 532.

1. Unless relevant Sector or Product Policy stipulates otherwise.

Conditions, fees and credit criteria apply. Before making a decision, it’s best to read the terms and conditions: