Bank of Melbourne

Q: What services do they offer?

The bank provides transaction and savings accounts , home loans and personal loans , insurance, investments and super, along with a range of personal credit cards . Business customers can make use of the Bank of Melbourne’s tailored business products, including transaction and savings accounts, loans, payment solutions credit cards, super and insurance, overdrafts, line of credit and equipment finance. The bank also provides business advisory services covering issues such as starting and growing businesses, cash flow and staff management. Corporate services are customised to suit the type of business and industry, with products including bank bill finance, trade finance, equipment finance, car finance, property finance, corporate finance, cash flow finance and risk management solutions.

Choose from Bank of Melbourne's wide array of financial products and enjoy the benefits of their highly competitive interest rates and rewards.

Bank of Melbourne credit cards

Compare

Bank of Melbourne Amplify Platinum Credit Card (Amplify)

On Bank of Melbourne's website

Offer extendedApply by 30 November 2022

Bank of Melbourne Amplify Platinum Credit Card (Amplify)

Highlights

Earn up to 100,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
0% for 24 months on balance transfers with 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
$29 p.a. annual fee for the first year ($99 p.a. annual fee thereafter)

Pros

The 100,000 bonus Amplify Points.
0% for 24 months on balance transfers.
Additional savings with the $29 first year annual fee ($99 p.a. thereafter).

Cons

There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.

Bank of Melbourne Amplify Platinum Credit Card (Qantas)

On Bank of Melbourne's website

Offer extendedApply by 31 December 2022

Bank of Melbourne Amplify Platinum Credit Card (Qantas)

Highlights

Earn up to 60,000 bonus Qantas Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
0% p.a. for 24 months on balance transfers with 1% balance transfer fee. Reverts to cash advance rate.
Earn 0.5 points per $1 spent (uncapped). Plus, get a complimentary Qantas membership fee. Saving you $99.50!

From 1 January 2022, earn 0.5 Qantas Points per $1 up to a maximum of $100,000 spent on eligible purchases annually. Bonus Qantas Bonus Qantas Points not included in the cap.

Pros

The 60,000 bonus Qantas Points.
0% p.a. for 24 months on balance transfers.
Complimentary travel and purchase insurances.

Cons

There is a 1% balance transfer fee.
Points earning rate of 0.5 points is lower than others.

On Bank of Melbourne's website

Offer extendedApply by 31 August 2022

Bank of Melbourne Vertigo Visa

Highlights

Enjoy 0% for 32 months on Balance Transfers with a 0% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
13.99% p.a. low variable interest rate on purchases.
$0 first-year annual card fee ($55 p.a. thereafter).

Pros

0% p.a. for 32 months on balance transfers with no balance transfer fee.
13.99% p.a. low variable interest rate on purchases.
$0 first-year annual card fee ($55 p.a. thereafter).

Cons

Balance transfer rate reverts to 21.49% p.a. after 32 months.
There are no rewards program for this card.

Bank of Melbourne home loans

Bank of Melbourne Standard Variable Rate Home Loan (Owner, Principal and Interest)

Interest rate (p.a.)

4.49%

Comp rate^ (p.a.)

4.66%

Max LVR

80.00%

Application fee

$600.00

Monthly repayment

$2,277.41

Total repayment

$819,867.60

Highlights

Flexible and unlimited additional repayments to pay off your loan sooner
Ability to pause or reduce your repayments
Full interest offset facility to help you save on interest on your home

Bank of Melbourne Standard Variable Rate Home Loan (Owner, Interest only)

Interest rate (p.a.)

5.08%

Comp rate^ (p.a.)

5.25%

Max LVR

80.00%

Application fee

$600.00

Monthly repayment

$2,437.75

Total repayment

$877,590.00

Highlights

Flexible and unlimited additional repayments to pay off your loan sooner
Ability to pause or reduce your repayments
Full interest offset facility to help you save on interest on your home

Bank of Melbourne Standard Variable Rate Home Loan (Investor, Principal and Interest)

Interest rate (p.a.)

5.07%

Comp rate^ (p.a.)

5.24%

Max LVR

80.00%

Application fee

$600.00

Monthly repayment

$2,434.99

Total repayment

$876,596.40

Highlights

Flexible and unlimited additional repayments to pay off your loan sooner
Ability to pause or reduce your repayments
Full interest offset facility to help you save on interest on your home

Bank of Melbourne Standard Variable Rate Home Loan (Investor, Interest only)

Interest rate (p.a.)

5.36%

Comp rate^ (p.a.)

5.53%

Max LVR

80.00%

Application fee

$600.00

Monthly repayment

$2,515.66

Total repayment

$905,637.60

Highlights

Flexible and unlimited additional repayments to pay off your loan sooner
Ability to pause or reduce your repayments
Full interest offset facility to help you save on interest on your home

Bank of Melbourne Standard Variable Rate Home Loan Advantage Package (Owner, Principal and Interest)

Interest rate (p.a.)

3.19%

Comp rate^ (p.a.)

3.62%

Max LVR

80.00%

Application fee

$600.00

Monthly repayment

$1,943.64

Total repayment

$699,710.40

Highlights

Flexible and unlimited additional repayments to pay off your loan sooner
Ability to pause or reduce your repayments
Full interest offset facility to help you save on interest on your home

Bank promo

If applying for Standard Variable Home Loan under Advantage Package

Bank of Melbourne Standard Variable Rate Home Loan Advantage Package (Owner, Interest only)

Interest rate (p.a.)

3.78%

Comp rate^ (p.a.)

4.19%

Max LVR

80.00%

Application fee

$600.00

Monthly repayment

$2,091.69

Total repayment

$753,008.40

Highlights

Flexible and unlimited additional repayments to pay off your loan sooner
Ability to pause or reduce your repayments
Full interest offset facility to help you save on interest on your home

Bank promo

If applying for Standard Variable Home Loan under Advantage Package

Bank of Melbourne Standard Variable Rate Home Loan Advantage Package (Investor, Principal and Interest)

Interest rate (p.a.)

3.77%

Comp rate^ (p.a.)

4.18%

Max LVR

80.00%

Application fee

$600.00

Monthly repayment

$2,089.13

Total repayment

$752,086.80

Highlights

Flexible and unlimited additional repayments to pay off your loan sooner
Ability to pause or reduce your repayments
Full interest offset facility to help you save on interest on your home

Bank promo

If applying for Standard Variable Home Loan under Advantage Package

Bank of Melbourne Standard Variable Rate Home Loan Advantage Package (Investor, Interest only)

Interest rate (p.a.)

4.06%

Comp rate^ (p.a.)

4.47%

Max LVR

80.00%

Application fee

$600.00

Monthly repayment

$2,163.96

Total repayment

$779,025.60

Highlights

Flexible and unlimited additional repayments to pay off your loan sooner
Ability to pause or reduce your repayments
Full interest offset facility to help you save on interest on your home

Bank promo

If applying for Standard Variable Home Loan under Advantage Package

Bank of Melbourne Basic Home Loan (Owner, Principal and Interest)

Interest rate (p.a.)

2.74%

Comp rate^ (p.a.)

2.76%

Max LVR

80.00%

Application fee

$500.00

Monthly repayment

$1,834.70

Total repayment

$660,492.00

Highlights

$0 monthly service fee
Make extra repayments at no extra cost
Ability to pause or reduce your repayments

Bank of Melbourne Basic Home Loan (Owner, Interest only)

Interest rate (p.a.)

4.50%

Comp rate^ (p.a.)

4.55%

Max LVR

80.00%

Application fee

$500.00

Monthly repayment

$2,280.08

Total repayment

$820,828.80

Highlights

$0 monthly service fee
Make extra repayments at no extra cost
Ability to pause or reduce your repayments

Bank of Melbourne Basic Home Loan (Investor, Principal and Interest)

Interest rate (p.a.)

3.29%

Comp rate^ (p.a.)

3.31%

Max LVR

80.00%

Application fee

$500.00

Monthly repayment

$1,968.32

Total repayment

$708,595.20

Highlights

$0 monthly service fee
Make extra repayments at no extra cost
Ability to pause or reduce your repayments

Bank of Melbourne Basic Home Loan (Investor, Interest only)

Interest rate (p.a.)

3.59%

Comp rate^ (p.a.)

3.61%

Max LVR

80.00%

Application fee

$500.00

Monthly repayment

$2,043.38

Total repayment

$735,616.80

Highlights

$0 monthly service fee
Make extra repayments at no extra cost
Ability to pause or reduce your repayments

Bank of Melbourne Relocation Home Loan - With End (Owner, Interest only)

Interest rate (p.a.)

5.08%

Comp rate^ (p.a.)

5.25%

Max LVR

80.00%

Application fee

$600.00

Monthly repayment

$2,437.75

Total repayment

$877,590.00

Highlights

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
A range of interest offset facilities available
Options for Standalone Relocation loan or Relocation loan combined with a new loan

Bank of Melbourne Relocation Home Loan - With End (Investor, Interest only)

Interest rate (p.a.)

5.36%

Comp rate^ (p.a.)

5.53%

Max LVR

80.00%

Application fee

$600.00

Monthly repayment

$2,515.66

Total repayment

$905,637.60

Highlights

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
A range of interest offset facilities available
Options for Standalone Relocation loan or Relocation loan combined with a new loan

Bank of Melbourne Relocation Home Loan - Without End (Owner, Interest only)

Interest rate (p.a.)

5.08%

Comp rate^ (p.a.)

5.30%

Max LVR

80.00%

Application fee

$150.00

Monthly repayment

$2,437.75

Total repayment

$877,590.00

Highlights

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
A range of interest offset facilities available
Options for Standalone Relocation loan or Relocation loan combined with a new loan

Bank of Melbourne Relocation Home Loan - Without End (Investor, Interest only)

Interest rate (p.a.)

5.36%

Comp rate^ (p.a.)

5.58%

Max LVR

80.00%

Application fee

$150.00

Monthly repayment

$2,515.66

Total repayment

$905,637.60

Highlights

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
A range of interest offset facilities available
Options for Standalone Relocation loan or Relocation loan combined with a new loan

Q&As

Why should I choose Bank of Melbourne?

The Bank of Melbourne of today prides itself on covering one market, doing it with local resources, and doing it well: "No one understands Victorians better." Its focus has paid off: in 2011, it was recognised for Best Cash Management – Business Bank at the annual Australian Banking & Finance Awards. In the next five years, the bank plans to grow to over 100 branches and 300 ATMs across three regions: Melbourne, Geelong and regional Victoria.

What services do they offer?

The bank provides transaction and savings accounts, home loans and personal loans, insurance, investments and super, along with a range of personal credit cards.

Business customers can make use of the Bank of Melbourne’s tailored business products, including transaction and savings accounts, loans, payment solutions credit cards, super and insurance, overdrafts, line of credit and equipment finance. The bank also provides business advisory services covering issues such as starting and growing businesses, cash flow and staff management.

Corporate services are customised to suit the type of business and industry, with products including bank bill finance, trade finance, equipment finance, car finance, property finance, corporate finance, cash flow finance and risk management solutions.