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How does our relocation loan work?

If you already have a Bank of Melbourne home loan with us, you might consider applying for a relocation loan.

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 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.


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

This option applies where you may have some debt remaining after the sale of your home. You set up two loans, a Relocation loan and a second home loan. The Relocation loan will be fully paid off by the property sale, with the remaining amount covered by the second home loan.


No repayments are needed on the Relocation loan; the sale of your home will repay it. The balance you pay off will include interest, which is capitalised into the loan during the loan term. However, regular repayments will be required to be made on the second loan.

You can make additional payments at any time.

Tell me more

Owner Occupier

  • 9.28% p.a.

    Rate based on LVR+ up to 70%

  • 9.42% p.a

    Comparison rate*



  • $600 Lending establishment fee1 (with end loan)
  • $600 Lending establishment fee1 (without end loan)
  • $8 Monthly loan account fee

Tools & research

Research your next home

Search a property or suburb for sales histories, estimated value, expected rent and local amenities, with our full online Property Reports.

Full property & suburb reports

The Detail

Conditions, credit criteria, fees and charges apply.  Based on Bank of Melbourne’s credit criteria, residential lending is not available for Non-Australian resident borrowers. Interest rates subject to change. Before making a decision, it’s best to read the terms and conditions.

Loan Accounts – Charges for specific services and accounts (PDF 33KB)

Advantage Package - Terms and Conditions (PDF 179KB)

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.

1Advantage Package Terms & Conditions (PDF 179KB) apply. A $395 annual package fee applies and is payable from a Bank of Melbourne Complete Freedom transaction account. Before deciding to open a Bank of Melbourne Complete Freedom account, read the Terms & Conditions, and consider if the account’s right for you. 

*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.

+LVR stands for the initial loan to value ratio. 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 won’t change during the life of the loan as the LVR changes.