How to minimise home loan fees

With some quick tips, you can learn to minimise your home loan fees.

Minimise fees
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4 steps to minimising home loan fees

Often minimising fees is all about looking at your banking as a whole to make sure you've got the right loan to fit your lifestyle and the way you bank.

Review your home loan – is it still right for you?

Compare home loan features to make sure you've got the right loan. You may be paying for features you don't need. Call us on 1300 304 660 or drop by a branch if you want to talk about what loan suits you best.
See a complete list of Home Loan fees (PDF 33KB) and compare Home Loan features.

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Monitor your home loan to avoid exception fees

Exception fees (Overdrawn Fee, Missed payment fee, etc) are charged when you haven't kept enough money in your nominated account to cover your home loan repayment.
Check your nominated account regularly using Internet or Phone Banking to ensure that you've got the funds to cover your loan repayments. You can also call us on 1300 304 660 or drop by any Bank of Melbourne branch. For Portfolio Loan, get a balance enquiry at any Bank of Melbourne ATM or set up SMS and Email Alerts.
Exception fees are outlined in your loan Terms & Conditions. It's best to know what they are in order to avoid them:
- Missed payment fee ($15) – when you receive an arrears letter alerting you to an overdue amount that must be paid
- On a Portfolio Loan, Overdrawn Fee ($15 per transaction) – Overdrawn Fee is for each transaction we honour which exceeds your available credit.

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Thinking about switching? Here's how...

Talk to an expert

Speak to one of our home loan experts on 1300 304 660 to learn how we can help you manage your finances, including switching between fixed and variable rates.

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Our Concierge will call you back at a time that suits you, Monday to Saturday. Request a call back

Switch online

Logon and select your home loan.
Desktop: Go to Switch to a fixed rate home loan.
App: Go to Services, then tap Switch to fixed rate.

Choose your new fixed rate and confirm.

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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 33KB)

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.