Skip to main content Skip to main navigation Skip to accessibility page Skip to search input

Why choose Advantage Package?

Save when you package a home loan, credit card and transaction account

Discount on interest rates
Save 1.30% p.a. off your standard variable rate home loan with Advantage Package for loans above $100,000
All-in-one package
Combine a home loan, credit card, and transaction account to create your all-in-one package.

You also get...

$0 Home loan establishment fee

$0 Monthly home loan administration fee

$0 Annual credit card fee

New Owner Occupier Loans

  • 2.24% p.a 2 year Fixed Rate
    with Advantage Package.2
    Principal & Interest repayments.
    LVR+ above 60% up to 80%
  • 3.45% p.a Comparison rate3

New Residential Investment Loans

  • 2.64% p.a 2 year Fixed Rate
    with Advantage Package.2
    Principal & Interest repayments.
    LVR+ above 60% up to 80%
  • 3.98% p.a Comparison rate3

Annual Fees

  • $395 This single fee covers up to 5 home or investment loans1.

Calculators

Got insurance?

Home and Contents Insurance helps you get back on your feet if your home or personal belongings are affected in an unforeseen event. Plus save up to 25%.^

$3k cashback for switching to us


$2k

Cashback^
Per property refinanced


For new Owner Occupier with Principal & Interest repayments and Investment loans. Available on our Basic and Advantage Package home loans, with a $395 annual package fee. $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 30 Sep 2020, and settle by 30 Nov 2020. Only 1x $2k cashback per property refinance will be paid regardless of the number of loans involved.


Looking to refinance?

+$1k

Bonus cashback^
New Owner Occupiers
applying online


Owner Occupier? Get two bites of the cherry if you apply online, for new Owner Occupier with Principal & Interest repayments. Available on our Basic and Advantage Package home loans, with a $395 annual package fee. $250k min loan per property refinanced. LVR up to 80% at time of approval. Excludes refinances from within Westpac Group. Apply by 27 Aug 2020, and settle by 30 Sep 2020. T&Cs and exclusions apply. Only 1x $1k bonus cashback will be paid regardless of the numbers of customers, properties or applications involved ^.

 

FAQs

You may be able to get one or both of these offers, based on how you apply and whether you're living in your property (Owner Occupier).

  • $2,000 Refinance Cashback per property for applications received between 1 April – 30 Sept 20, and settled by 30 Nov 20. For applications submitted online, in branch, over the phone or with a broker. You can refinance any number of properties.
  • + one-off $1,000 Bonus Cashback for Owner Occupiers applying to switch online between 17 July – 30 Aug 20, and settled by 30 Sept 20.

Example of how the two Cashback offers works:
 

Home loan scenario Total cashback for eligible Investors Total cashback for eligible Owner-Occupiers
I’m switching 1 property online

You’ll receive $2,000 Cashback

  • $2k Refinance Cashback per property x1
  • Ineligible for $1k Bonus Cashback (Owner Occupier)

You’ll receive $3,000 Cashback

  • $2k Refinance Cashback per property x1
  • + $1k Bonus Cashback x1 max
I’m switching 2 properties online

You’ll receive $4,000 Cashback

  • $2k Refinance Cashback per property x2
  • Ineligible for $1k Bonus Cashback (Owner Occupier)

You’ll receive $5,000 Cashback (your other property is an investment)

  • $2k Refinance Cashback per property x2
  • + $1k Bonus Cashback x1 max

The cashbacks will be paid into a Bank of Melbourne  transaction account within 60 days of settlement. This account must be linked to your home loan at the time of settlement, and kept open for 60 days afterwards.

For the $2,000 cashback offer, tax consequences may arise for investors and you should seek independent advice.

 

 

How it works

You don’t have to know each product you want before you apply online. Our home loan experts can help you find the right mix for you.
1.
 Choose a Home Loan
2.
Choose a Credit Card
3.
Choose a Bank Account
4.
Apply online

The Detail

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.
Loan Accounts
Charges for specific services and accounts.
Advantage package
Terms and Conditions.
Portfolio Loan Agreement
General Terms and Conditions.

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

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 1MB)

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

Portfolio Loan Agreement - General Terms and Conditions (PDF 282KB)

Bank of Melbourne 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 13 22 66.
 

  1. The Advantage Package will support up to 10 Portfolio sub-accounts in a Package and up to 5 sequence loans (e.g. loans with Flexible Choice). Note when Lenders Mortgage Insurance (LMI) applies, only single sequence loan or Portfolio Loans can be Packaged.
  2. 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.

  3. 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.

^Quote and buy online and save 15% off your annual premium for the first year with promotional code COVER. Plus, save a further 10% when you combine home and contents located at the same address under one policy.  

Home and Contents Insurance is issued by Westpac General Insurance Limited ABN 99 003 719 319 (except workers compensation cover where applicable). Bank of Melbourne – a Division of Westpac Banking Corporation ABN 33 007 457 141 (the Bank) distributes the insurance, but does not guarantee the insurance.