Buying your next home
Downsizing, upsizing, or relocating? You’ve got home loan options and tools designed to help you get there.
Why choose Bank of Melbourne for your next home?
Tailor your interest rate
The opportunity to negotiate your rate, and get help every step of the way.
Move with less hassle
No need to start over. You could keep your current loan, or bridge the gap with our Relocation Loan.
Save time & paperwork
It could be faster. We already know you, so things move quicker with less admin.
Home loan options
- Use equity in your home to buy your next home
- Sell first, buy later (portability)
- Buy first, sell later (bridging or relocation loan)
Use your available equity
You could increase (top up) your home loan by borrowing against the equity in your home. This lets you use the value in your property to help with the purchase of a new home.
Potential advantages:
- A larger deposit could mean a lower interest rate, and no LMI.
- More time to find the right buyer, and home.
- Helps avoid the need for temporary housing.
- Enjoy any future value increase in your current home.
Things to think about:
- Borrowing more means higher repayments.
- You can only borrow up to 80% of your equity.
- Having two home loans might make it harder to borrow in the future if using one as an investment property.
- The rental income for your investment property may not cover the home loan repayments.
Learn more about increasing your loan
Sell and buy around the same time
If the timing’s right, you could keep your current home loan and just switch the property it’s connected to. This is called loan portability or a security swap.
Potential advantages:
- Keep your current loan and rate discounts, without paying extra fees.
- Save time. No need to start over with a new loan.
- Got a fixed rate loan? There are no break fees for simply switching the property as security.
Things to think about:
- Timing’s important. Both homes either need to be settled the same day, or have a ‘deferred settlement’.
- We’ll still need to check the property, and that you can afford the loan.
Buy first, sell later
Bridge the timing gap with our Relocation Loan, designed to make moving smoother. This short-term loan, lasting up to 12 months, lets you use the equity in your current home to buy your next one – before the first is sold.
Potential advantages:
- Less rush to sell quickly.
- More time to find the right property.
- No need to move into a rental, or stay with family in between.
Things to think about:
- Be realistic about the sale price – it impacts your new loan repayments.
- The longer it takes to sell, the more interest you’ll pay.
- If house prices drop or you borrow before selling, it could cost you more.
Our lenders can:
- Tailor a variable rate with offset, just for you
- Answer any niggling questions
- Help personalise a loan that works for you
- Chat by video, phone, or meet somewhere convenient
Be your one point of contact through to settlement
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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 360KB)
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.