Why choose a Relocation Loan?
Remove the stress of timing the purchase or construction of your new home
How does it work?
If you're buying a new home, a relocation
loan could help you pay for the deposit, stamp duty and removalist costs on a new property (as well as the purchase price on settlement). You have 6 months after you receiving any funds to sell your current home.
If you're building a new home, you can also
use a relocation loan, living in your current home until construction is complete. You have 6 months after your first advance to build your new home, and then another 6 months to sell the existing home.2
Choose from 2 options...
Option 1.
Standalone Relocation loan
You repay the loan in full when you sell your current home.
Repayments
No repayments are needed until you sell your home, at which point you repay the Relocation Loan in full. The balance you pay off will include interest, which is capitalised into the loan during the loan term.
Although not required, you can make additional lump sum payments at any time.
Option 2.
Relocation loan combined with a new loan
You partially pay off the loan when you sell your current home, then choose from a range of Bank of Melbourne home loans for the remaining balance.
Repayments
No repayments are needed until you sell your home, at which point the Relocation loan is partially paid off by the proceeds from the sale of your existing home. You will then begin to make repayments on the remaining balance.
You can make additional payments at any time.
Tell me more
- The Relocation Loan is at our competitive standard variable interest rate.
- For your new loan, choose an eligible Bank of Melbourne home loan with an interest rate that suits you.
New Owner Occupier
-
5.88% p.a
With Interest Only repayments
LVR+ above 60% up to 80%
-
6.04% p.a
Comparison rate3
New Residential Investment
-
6.41% p.a
With Interest Only repayments
LVR+ above 60% up to 80%
-
6.57% p.a Comparison rate3
Rates
-
$600 Establishment fee4 (with end loan)
-
$1350 Establishment fee4 (without end loan)
-
$10 Monthly Administration fee
View all rates
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The Detail
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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 848KB)
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.
- Advantage Package:
annual fee of currently $395 applies, other fees may be payable. The fee savings apply for the duration of the package. Contact Bank of Melbourne to see if you are eligible to receive Advantage Package benefits.
- Building must be completed within [on or before] 6 months of the date of the first advance under Relocation Loan. The sale of the existing property must be settled on or before 6 months after the date of the final progress payment – a total maximum relocation period of 12 months.
- Comparison Rate: 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 example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
- Upfront fees and other fees and charges may apply.
+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. 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.