Relocation Loan
Remove the stress of timing the purchase or construction of your new home
How does our relocation loan work?
If you already have a Bank of Melbourne home loan with us, you might consider applying for a relocation loan.
If you're building a new home,
you can also use a relocation loan, living in your current home until construction is complete. You have 12 months after your first advance to build your new home, and sell the existing home.
If you're purchasing land to build a new home,
you can also use a relocation loan, living in your current home until the construction is complete. You have 12 months after your application to build your new home, and sell the existing home.
Choose from 2 options...
Option 1.
Standalone Relocation loan
You repay the loan in full when you sell your current home.
Repayments
No repayments are needed until you sell your home, at which point you repay the Relocation Loan in full. The balance you pay off will include interest, which is capitalised into the loan during the loan term.
Although not required, you can make additional lump sum payments at any time.
Option 2.
Relocation loan combined with a new loan
This option applies where you may have some debt remaining after the sale of your home. You set up two loans, a Relocation loan and a second home loan. The Relocation loan will be fully paid off by the property sale, with the remaining amount covered by the second home loan.
Repayments
No repayments are needed on the Relocation loan; the sale of your home will repay it. The balance you pay off will include interest, which is capitalised into the loan during the loan term. However, regular repayments will be required to be made on the second loan.
You can make additional payments at any time.
Tell me more
- The Relocation Loan is our competitive standard variable interest rate.
- For your second loan in option 2, choose an eligible Bank of Melbourne home loan with an interest rate that suits you.
Owner Occupier
-
9.28% p.a.
Rate based on LVR+ up to 70%
-
9.42% p.a
Comparison rate*
Rates
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$600 Lending establishment fee (with end loan)
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$600 Lending establishment fee (without end loan)
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$8 Monthly loan account fee
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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.
*Comparison Rate: The comparison rate is based on a loan of $150,000 over a term of 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.
+LVR stands for the initial loan to value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won’t change during the life of the loan as the LVR changes.