We’re your home loan partner
Success with your client's home loan needs requires a great partnership. At Bank of Melbourne, we're here for you as your broker partner.
Latest features that could benefit your clients
Unlocking more value for investors
Helping your clients focus on growing their long term investment portfolio with lower upfront deposit, and more repayment flexibility, such as:
- Reducing the minimum deposit to 5%^ with Lenders Mortgage Insurance, and Principal & Interest repayments.
- Extending the Interest Only term up to 15 years1, up to 80% LVR.
Conditions, credit criteria, eligibility, fees & charges apply.
Self-employed Policy
If your client's self-employed, let us show you how easy it could be to check serviceability requirements.
Ideas Hub
Explore our Ideas Hub, designed just for you, to inspire new ideas and options for your clients.
Service lead times
Processing times for first touch*
| Full Application | Accredited | Gold | Flame |
|---|---|---|---|
| PAYG Standard | 2 days | 2 days | 1 day |
| PAYG Specialised | 3 days | 3 days | 1 day |
| Australian Government 5% Deposit Scheme | 3 days | 3 days | 1 day |
| Self-employed | 3 days | 3 days | 1 day |
| Individual as Trust | 3 days | 3 days | 1 day |
| Escalations | up to 4 hours | ||
| Approval In Principle | Accredited | Gold | Flame |
| PAYG | 3 days | 3 days | 1 day |
| Self-employed AIPs | 3 days | 3 days | 1 day |
| Returned Information | Accredited | Gold | Flame |
| PAYG Standard | 1 day | 1 day | 1 day |
| PAYG Specialised | 1 day | 1 day | 1 day |
| Australian Government 5% Deposit Scheme | 1 day | 1 day | 1 day |
| Self-employed | 1 day | 1 day | 1 day |
| Individual as Trust | 1 day | 1 day | 1 day |
Definitions
| Standard | PAYG, <=$3M, Fast Track, LMI, >80% LVR |
| Specialised | Australian Government 5% Deposit Scheme, Individual Trustees, Multiple Entities, =>$3m, Construction, Guarantors, Relocation Loans |
| Self-employed | Self-employed (Full Assessment) |
*In by 5pm AEST. Service times are based on the application being lodged correctly with all supporting mandated documents required by Bank of Melbourne. The days shown in the table above are business days.
Applications submitted under the Australian Government 5% Deposit Scheme may require up to one additional business day for processing compared to PAYG Specialised applications. This is in addition to the current service level agreement.
Credit policies and scenarios hotline
Call 1300 137 532 (select option 1, then option 5) for support with credit scenario questions.
Operating hours: Monday to Friday 8:30am - 5:30pm (AEST) or 8am - 5pm (ACST)
This information is a guideline for expected assessment time at the date of publication and may vary depending on various environmental changes. Ensure your application is error-free to get your application processed faster.
Bank of Melbourne works tirelessly to deliver the service levels you expect. While we’re prioritising these queues, we’ll endeavour to keep you updated as our service levels change.
We apologise for any inconvenience and would like to thank you for your continued support and understanding
How we’re making Bank of Melbourne an easy choice
Award-winning BDM team#
Enjoy award winning service from our dedicated team of BDMs. Contact us
Flexible features
From offset to redraw, making extra repayments or using portability when buying and selling, view our products to suit your client.
Product and Policy options
View our helpful guide in understanding our home loan products and policy options.
BrokerHub
Lodge a deal, track applications, request pricing or view our credit policy.
Need some help but don’t know where to start?
The first port of call is to contact a Business Development Manager (BDM) from your State or Territory. Or call our Broker Hotline.
Call the Broker Hotline, Monday to Friday:
8am-6pm (ACST), 8.30am-6:30pm (AEST)
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 360KB)
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
*In by 5pm AEST. Service times are based on the application being lodged correctly with all supporting mandated documents required by Bank of Melbourne. The days shown in the table above are business days.
FASTRefi® : Only available: on eligible new Bank of Melbourne home loans; on eligible home loans with your clients’ current lender; if your clients’ other lender is on the FASTRefi® process list of eligible financial institutions. Your clients' other lender may charge your client an additional settlement agent fee, as well as fixed rate home loan break costs. Loan suitability for the FASTRefi® product is determined by Bank of Melbourne in conjunction with the insurance product guidelines. FASTRefi® is a registered trademark of, and is and provided by First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908 Australian Financial Services Licence 263876, trading as First Title, an Australian general insurance company authorised by the Australian Prudential Regulation Authority. Conditions, fees and charges apply. Lending criteria apply to approval of credit products. This info doesn’t take your clients' personal objectives, circumstances or needs into account, so please consider FASTRefi®’s appropriateness and read the disclosure documents for your clients' selected loan, including the Terms and Conditions, before deciding.
^Loan-to-value ratio (LVR) up to 95% Conditions, credit criteria, eligibility, fees & charges apply. LVR up to 95% (minimum 5% deposit) for Residential Investment Loans Principal & Interest repayments with Lenders Mortgage Insurance.
For more detailed information on requirements and eligibility criteria, refer to the Credit Policy in BrokerHub.
1Interest Only repayments: Conditions apply. It's important to understand that interest rates for loans with Interest Only repayments are higher. Your repayments will increase at the end of the Interest Only term as the amount you've borrowed will need to be paid back in a shorter timeframe. This also means you'll pay more interest over the life of the loan with an Interest Only repayment term, than if you'd opted to continue paying principal and interest. There's a maximum of 5 years for Owner Occupied loans and up to 15 years for Investment loans on Interest Only repayments, subject to approval and eligibility criteria. If you've had less than this, you may be able to extend the Interest Only repayment term. You'll need to start the process well in advance of your Interest Only expiry date and provide details of your income, expenses and liabilities.