Relocation Loan

Why?
How does it work?
Tell me more
Rates & fees
Details

Why choose a Relocation Loan?

Remove the stress of timing the purchase or construction of your new home

Live in your existing home

For relocation loans to be used for building a new property, you can live in your existing home while your new home is being built.

Package and save

With a Bank of Melbourne Advantage Package you could get discounted interest rates and fees when you package your home loan, credit card and transaction account^{^}.

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.

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 12 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 12 months after your first advance to build your new home, and sell the existing home.

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

Competitive interest rate

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.

Availability

Loan Term

New Owner Occupier Loans

5.08% p.a
With Interest Only repayments

LVR⁺ above 60% up to 80%
5.25% p.a
Comparison rate^*

Rates

$600 Establishment fee¹ (with end loan)
$1350 Establishment fee¹(without end loan)
$10 Monthly Administration fee

Refinance offer

$2k

Cashback^ When you refinance

For new Owner Occupier with Principal & Interest repayments and Investment loans. Available on our Advantage Package and Basic home loans. $395 annual package fee. $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 29 May 2020, and settled by 31 July 2020.

Looking to refinance?

What else do I need to know?

^$2,000 Refinance Cashback. Credit criteria, fees and charges apply. Terms and conditions available at Bank of Melbourne. For new refinance applications received between 1 April 2020 to 29 May 2020 and settle by 31 July 2020. Offer available on the Advantage Package and Basic Home Loans for Owner Occupier with Principal and Interest repayments and Investment Loans. Offer current as at 1 April 2020. Offer may be varied or withdrawn at any time 250k min loan per property refinanced. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. 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 or 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. 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.

The Detail

Credit criteria, fees and charges apply. Based on St.George credit criteria, residential lending is not available for Non-Australian Resident borrowers.

Residential Loan Agreement

General Terms and Conditions.

Loan Accounts

Charges for specific services and accounts.

Request a call back

Our Concierge will call you back at a time that suits you, Monday to Saturday

Face to face

Find your nearest branch or mobile lender.

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)

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.
[[UCR#4926100025]]
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.

Important notice