Relocation Loan
- A Relocation Home Loan removes the stress of timing the sale of your existing property with the purchase of your new property
- You have a 6 months to build your new home and a further 6 months to sell your existing property1
- Use a Relocation Loan to pay for the deposit on the new property and then borrow the balance at settlement, plus additional expenses like stamp duty and removalist costs
- A great alternative to bridging finance, which can be expensive, with a competitive interest rate
A Bank of Melbourne home loan expert will contact you at your preferred time
Two options – with or without an 'end loan' |
1. Relocation Loan period and 2. Remaining end loan that you have chosen after your Relocation Loan period ends. |
Competitive interest rate |
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Availability |
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Repayments |
Repayments depend on the type of loan
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Loan Term |
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Live in your existing home |
For building loans, you can live in your existing home while your new home is being built. |
Great features! |
Features on a Relocation Loan with end loan include Interest offset, redraw and more! |
Relocation Loan |
Relocation Loan |
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|---|---|---|
Establishment fee |
$6002 |
$13502 |
Monthly administration fee |
$10 |
Other fees and charges apply. See a complete list of fees for loan accounts.
Owner occupier interest rates
| Term | Annual Rate | Comparison rate1 |
|---|---|---|
| Interest only | ||
| With end loan | 5.45% p.a. | 5.62% p.a. |
| Without end loan | 5.45% p.a. | 5.67% p.a. |
Residential investment interest rates
| Term | Annual rate | Comparison rate1 |
|---|---|---|
| Interest only |
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| With end loan | 5.98% p.a. | 6.14% p.a. |
| Without end loan | 5.98% p.a. | 6.20% p.a. |
Relocation Loan |
Relocation Loan |
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|---|---|---|
Frequency |
Interest is capitalised and no repayments are required on the Relocation Loan which will be repaid, in part by the proceeds of sale of your existing property and in part, by your end loan. On your end loan, choose to pay interest only or principal and interest. For principal and interest, you can choose to pay weekly, fortnightly or monthly, or make monthly repayments for interest only loans. |
No repayments required during the Relocation Loan period. Interest is capitalised and you pay the loan in full upon sale and settlement of your existing property. |
Automatic repayments |
Set up convenient automatic repayments from your nominated account |
Not applicable |
Additional payments |
Additional payments can be made at any time |
While payments are not required, you can make lump sum payments at any time |
Choose the features you need
On a Relocation Loan (end loan or no end loan option)
On a Bank of Melbourne end loan:
Package and save! |
You could get special interest rate discounts and more with Advantage Package – an all-inclusive home loan, credit card and transaction account package4 |
Consider splitting your end loan |
Make part of your loan a fixed interest rate, and part an interest variable rate with Flexible Choice. Note: Flexible choice is available for the end loan only. |
Full interest offset |
We have a range of interest offset facilities available, depending on the product chosen for the end loan. You could save interest by offsetting the funds in your linked transaction account against the balance of your loan. |
Redraw |
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Increase your loan amount |
Call us on 13 22 66 or visit any Bank of Melbourne branch |
Apply online |
Apply now. It takes just 10 minutes! |
Enquire online |
Enquire now and a Bank of Melbourne home loan expert will call at your preferred time |
Call us |
To talk with a Bank of Melbourne home loan expert, say “New Mortgage” when prompted. |
Visit a branch |
Find your nearest branch |
What you'll need |
How to apply
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
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.
## Excludes Investment loan applications where the principal property securing the loan will be used to derive rental income or where the loan application purpose is to invest in real estate or to construct or make property improvements to an investment property.
1. Building must be completed within 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.
2. Other upfront fees and costs may apply.
3. The comparison rate is based on a loan of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
4. Advantage Package annual fee of $395 applies, other fees may be payable. The interest rate discount and fee savings apply for the duration of the package. Contact Bank of Melbourne to see if you are eligible to receive Advantage Package benefits
5. Redraw requests are subject to our approval. Fees apply. For fixed rate loans, redraw is only available for loans fixed on or after 30 November 2009 up to a maximum of $10,000 or break costs may apply.
6. Subject to systems availability.