Must apply for a new loan by 30 September and settle by 31 December 2022, plus sell a property with an existing Bank of Melbourne home loan between 1 March and 31 December 2022. Min loan $250K. Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply.
Portability, also known as a substitution of security, gives you the power of choice to keep your home loan.
When selling, instead of discharging your mortgage, you keep it. You then request a security swap, changing the property held as security against the loan from your old property to your new one.
NB: Speak to a home lending expert to see if portability is right for you.
Using your equity, you can apply to increase your home loan to renovate to sell, upgrade to a new property or have a deposit ready to make a purchase.
Found a new property but haven’t sold your old one? A standalone relocation loan or one combined with a new home loan could bridge the gap for up to 12 months.
If you’re selling to relocate, use equity or a loan increase (top-up) for renovations, while if extending to stay, a building or construction loan could fit the bill.
* $2,000 Cashback: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Exclusive offer available for existing Bank of Melbourne home loan customers who take out a new Owner Occupier or Residential Investment Loans when both: (i) a new home loan application is received from 30 May 2022 to 30 September 2022 and settled by 31 December 2022, and (ii) an existing Bank of Melbourne home loan is sold from 1 March 2022 to 31 December 2022. The cashback will be paid into a Bank of Melbourne Complete Freedom transaction account within 60 days of the settlement of the new loan or the sale of the existing Bank of Melbourne home loan (whichever is later). The transaction account must be linked to the home loan at the time of settlement, and kept open for 60 days after settlement. Only one cashback will be paid regardless of the number of applications, applicants, properties or loans involved. For joint applications, only one cashback payment will be paid to the primary applicant. Before deciding to acquire a Bank of Melbourne Complete Freedom transaction account, read the terms and conditions, and consider whether the product is right for you.
Offer current as of 30 May 2022 and may be varied or withdrawn at any time. $250k min loan amount. No LVR restrictions apply to this offer. Excludes refinances and switches of home loans from external providers or within the Westpac Group (which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS). Offer not available for residential lending originated under family or company trusts, Portfolio loans, Relocation Loans or substitutions of securities (‘Portabilities’), Bank of Melbourne Private Bank customers and customers holding business products, or home loans sold from a different brand within the Westpac Group.
Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
Credit provided by Bank of Melbourne - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.