Getting started

We have a large selection of home loan options to meet your individual needs. Our Home Loan Product Selector makes it easy to choose a suitable home loan to suit your needs or lifestyle. You can also compare Home Loan features or talk to a Bank of Melbourne home loan expert on 13 22 66.

Bank of Melbourne Family Pledge is a way for your parents or family to help you purchase a home without actually providing money for a deposit. Instead, your parents or family use their own home equity to provide additional security for a portion of your loan amount.

This solution reduces your loan to value ratio and can also save you a significant amount of money in Lender's Mortgage Insurance (LMI). Lender's Mortgage Insurance is generally payable on loans that exceed 80% of the value of the property.

Yes, before you bid at auction you should get a conditional approval for your home loan application. With this, you can confidently bid knowing how much you can afford.

It's easy to apply for a home loan.

You can apply online. Completing the application is quick and simple and should take you less than 15 minutes. Once you submit your application, you will receive an immediate acknowledgement that it has been received, along with an estimated repayment amount and next steps to gaining full approval. To save time and provide even more convenience, one of our Home Loan experts will contact you at a time of your choosing (between 8am & 10pm, 7 days a week, EST) to verify your information, discuss your loan needs and progress your application.

You can enquire online and a home loan expert will call you at a time you choose. Or you can drop by any Bank of Melbourne branch or speak to a Bank of Melbourne home loan expert on 13 22 66.

Check out our document checklist of what you will need to apply.

Basic requirements include proof of income (for example, salary statements, rent received, etc.) and evidence of savings. Self-employed and company applicants need to provide copies of recent tax returns and financial statements. Copies of the Contract of Sale or Building Contracts for new homes are required.

If you're self-employed or own your own business, you can apply for a Low Doc Loan or a Low Doc Portfolio Loan with simplified financial documents.

You can drop by any Bank of Melbourne branch or speak a Bank of Melbourne home loan expert on 13 22 66. You can also use our document checklist to find out what you need to apply.

This will depend on your income, existing debts and other regular expenses. Use our online calculators to calculate your borrowing power.

You can drop by a Bank of Melbourne branch or speak to one of home loan experts on 13 22 66. You can also use our document checklist to find out what you need to apply.

The deposit you need depends on the type of loan you are taking.

1. Generally, a 20% deposit is required to borrow without mortgage insurance. However, with Lender's Mortgage Insurance you only need a 5% deposit if you've been a Bank of Melbourne customer for at least 6 months, or 10% if you are new to Bank of Melbourne.

2. With a Low Doc Home Loan or a Low Doc Portfolio Loan you will need a 40% deposit to borrow without mortgage insurance, and a 20% deposit with Lender's Mortgage Insurance.

3. With Portfolio Loan you will need a deposit of 20% to avoid Lender's Mortgage Insurance. With Lender's Mortgage Insurance, you'll need a deposit of 10%.

The First Home Owner Grant is an initiative of the Australian Government to assist first home buyers with a grant to help purchase their first owner occupied homes.

To find out more, visit the government's First Home Owner Grant General Information page.

There are a number of variables that influence whether you'll need Lender's Mortgage Insurance and it is not necessary in all circumstances. Generally it is required if you are borrowing more than a specific value of the property (normally when you are borrowing more than 80%), however this condition varies depending on a number of factors including property type, location of the property and loan type.

Lender's Mortgage Insurance protects the Bank against loss in the event that you default on the loan. In the case of a loan foreclosure, if the property is subsequently sold at a price that does not cover the loan in full, this insurance will cover the debt owed to the Bank.

You should have a solicitor or conveyancer review the Contract of Sale for your new home, and you may want to speak with them when you sign your mortgage documents.

We know this is an important part of the process for you so we try to approve all of our applications as quickly as possible. In some instances, you may get an approval in principle on the spot. We generally take 24 – 48 hours to give you an answer once all required documentation has been provided.

Timing does vary depending on circumstances. If you are refinancing from another lender to Bank of Melbourne, we will have your loan switched over to Bank of Melbourne as quickly as the other lender can release the security documents.

If you are buying a new home, then once all checks on the security property are completed we can arrange to release the money. On average it takes about 4 – 6 weeks; however for properties in Queensland it can be much faster due to different legal requirements.

This is where a Bank of Melbourne Relocation Loan can help.

You only make repayments on the part that corresponds to your new home, and you can choose what type of product suits you best for this. The loan that will be cleared when you sell your existing property is at a standard variable interest rate, not expensive bridging finance which can be expensive, and you can choose to capitalise the repayments until you sell.

Bank of Melbourne offers competitive insurance to cover your needs, including home, contents and landlord insurance.

A home loan offset account is a savings account linked to your loan. The balance in the savings account is offset against the amount owing on the home loan when interest is calculated. This means that savings in your offset account will help you to save money and repay your home loan sooner.