Bank of Melbourne Relocation Loan with end
Variable rate
Ready to buy your new home but haven't sold your old one yet? Our relocation loan could let you buy now and sell later and make your move smoother.
- Interest rate a year, from
- 9.53%
- Comparison rate
- 9.35%
- Upfront fees
- $600
- Annual fee
- Not published
- Monthly fee
- $8
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 9.53% (variable, live in, interest only), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $4,773
- Total repayments
- $2,318,280
- Interest and monthly fees
- $1,718,280
Rates
Every rate Bank of Melbourne publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| Variable | Live in | Interest only | Up to 70% | 9.53% | 9.35% |
| Variable | Live in | Interest only | 70% to 80% | 9.63% | 9.45% |
Comparison rates are for an example loan of $150,000 over 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.
Fees and features
Fees
- Upfront fees
- $600
- Annual fee
- Not published
- Monthly fee
- $8
Features
- Offset account
- No
- Redraw
- No
- Highest LVR
- 80%
- Loan amount
- From $10,000 up to $100,000,000
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Upfront fees
$600
Typical upfront fees are $600.
Smallest deposit
20%
Most loans need at least 10% of the price.
Pros and cons
Pros
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
- No offset account. Your savings can't reduce the interest unless you pay them into the loan.
- A $15 late payment fee. Setting up automatic repayments avoids it.