The home loan deal with the high LVR

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Refinance special offer

$2k

Cashback^ When you refinance

For new Owner Occupier with Principal & Interest repayments and Investment loans. Available on our Advantage Package home loans, with a $395 annual package fee and Basic home loans (no annual fee). $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 31 Jan 2021, and settle by 31 Mar 2021. Only 1x $2k cashback per property refinance will be paid regardless of the number of loans involved.

What else do I need to know?

How does the refinance cashback offer work: Credit criteria, fees and charges apply. Terms and conditions available at Bank of Melbourne. $2000 Refinance Cashback per property for new refinance applications received between 1 April 2020 to 31 January 2021 and settle by 31 March 2021. Offer available for Owner Occupier with Principal and Interest repayment and investment loans. Offer current as at 1 April 2020. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. Offer available on the Advantage Package and Basic Home Loans. Offer may be varied or withdrawn at any time. $250k min loan per property refinanced. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans residential lending originated under family or company trusts. Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. Applicants home loan repayments must be direct debited from this transaction account. Read the Bank of Melbourne transaction account terms and conditions and consider if the product is right for you. Refer to bankofmelbourne.com.au. The cashback will be paid into a Bank of Melbourne transaction account within 60 days of settlement. The transaction account must be linked to the home loan at the time of settlement and kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

New Owner Occupier loans

2.59% p.a.	Variable rate
2.61% p.a.	Comparison rate*

Including 1.37% p.a. discount off our Basic Home Loan Variable Rate with no package fee. For new Owner Occupier (Principal & Interest^{^^}). LVR⁺ above 80%.

^{T&C's apply. See comparison rate warning.}

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Why choose a Basic Home Loan?

A no frills loan

A home loan with a lower variable interest rate¹, useful for anyone who doesn’t want to pay for features they won’t use.

Make extra repayments at no extra cost

Pay off your loan sooner and save on interest.

$0 monthly service fee

And a $0 establishment fee if you borrow more than $150k² when making Principal & Interest repayments (see fees section).

Redraw facility

If you have made any extra repayments, you have access to redraw them. (fees apply)³.

Family Pledge

You could use the equity in a family member’s home to help you on your home buying journey and maximise the amount you can borrow.

Take a break from repayments

You may be able to pause or reduce your repayments for a set period (keep in mind after the break your repayments may be higher for the rest of your loan term).³

Start your journey online

Learn how much you could borrow.

Receive indicative approval in under 15 minutes.

A home loan expert will call you once you have submitted your application to talk through next steps.

The Detail

Please be aware that Finder may receive a financial benefit from generating qualified referrals to Westpac via the Finder website.

Conditions, fees and credit criteria apply.

Before making a decision, it’s best to read the terms and conditions:

Residential Loan Agreement – General Terms and Conditions (PDF 344KB)

Loan Accounts – Charges for specific services and accounts (PDF 841KB)

Advantage Package - Terms and Conditions (PDF 112KB)

Please read these documents and keep a copy. You can request a paper copy at a branch.

The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it’s right for you. If you need help, call 1300 000 266 Tax consequences may arise from promotions for investors and customers should seek independent advice on any taxation matters.

^*Comparison Rate: The comparison rate is based on a loan of $150,000 over a term of 25 years. After the fixed rate period expires the interest rate will revert to the applicable Standard Variable rate based on loan category and repayment type. 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.

^{^^} Basic Home Loan Promotional Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments received from 26/10/2020. 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.

Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. An Advantage Package discount has been included in the advertised eligible rate. The discount and fee savings apply for the duration of the package. Before deciding to acquire a Bank of Melbourne transaction account, read the terms and conditions (PDF 112KB), and consider if the product is right for you.

1. As compared to our standard variable interest rate.

2. Upfront fees and other fees and charges may apply.

3. Redraw, repayment pause and rate lock requests are subject to our approval. Fees apply.

^{^}How does the refinance cashback offer work: Credit criteria, fees and charges apply. Terms and conditions available at Bank of Melbourne. $2000 Refinance Cashback per property for new refinance applications received between 1 April 2020 to 31 January 2021 and settle by 31 March 2021. Offer available for Owner Occupier with Principal and Interest repayment and investment loans. Offer current as at 1 April 2020. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. Offer available on the Advantage Package and Basic Home Loans. Offer may be varied or withdrawn at any time. $250k min loan per property refinanced. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans residential lending originated under family or company trusts. Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. Applicants home loan repayments must be direct debited from this transaction account. Read the Bank of Melbourne transaction account terms and conditions and consider if the product is right for you. Refer to bankofmelbourne.com.au. The cashback will be paid into a Bank of Melbourne transaction account within 60 days of settlement. The transaction account must be linked to the home loan at the time of settlement and kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

A smart deal, even with a high LVR