Bank of Melbourne

Bank of Melbourne is a bank under Westpac Banking Corporation. There are almost 100 branches throughout Victoria. Their aim is to empower customers and match them with the right product to suit your banking needs.

A truly Melbourne institution, Bank of Melbourne prides itself on forming local partnerships including with the sporting venue MCG, Collingwood Yards and events like the Melbourne Food and Wine Festival.

What products does Bank of Melbourne offer to its customers?

Please see the table below for a list of available products.

Bank of Melbourne

Bank of Melbourne is a bank under Westpac Banking Corporation. There are almost 100 branches throughout Victoria. Their aim is to empower customers and match them with the right product to suit your banking needs.

A truly Melbourne institution, Bank of Melbourne prides itself on forming local partnerships including with the sporting venue MCG, Collingwood Yards and events like the Melbourne Food and Wine Festival.

What products does Bank of Melbourne offer to its customers?

Please see the table below for a list of available products.

Basic Home Loan Variable Investment <60LVR

Variable
Rate 4.44
Comparison
Rate 4.49

Basic Home Loan Variable Investment 60-80 LVR

Variable
Rate 4.49
Comparison
Rate 4.54

Basic Home Loan Variable Investment 80+ LVR

Variable
Rate 4.54
Comparison
Rate 4.59

Basic Home Loan Variable Owner Occupied <60LVR

Variable
Rate 3.86
Comparison
Rate 3.91

Basic Home Loan Variable Owner Occupied 60-80 LVR

Variable
Rate 3.91
Comparison
Rate 3.96

Basic Home Loan Variable Owner Occupied 80+ LVR

Variable
Rate 3.96
Comparison
Rate 4.01

Basic Promo Home Loan for Investment I/O <60%LVR

Variable
Rate 2.94
Comparison
Rate 2.96

Basic Promo Home Loan for Investment I/O 60-80LVR

Variable
Rate 2.99
Comparison
Rate 3.01

Basic Promo Rate Home Loan Variable Investment

Variable
Rate 2.74
Comparison
Rate 2.76

Basic Promo Rate Home Loan Variable Investment 80+ LVR

Variable
Rate 2.84
Comparison
Rate 2.86

Fixed Rate Home Loan Investment P&I

Variable
Rate
Comparison
Rate

Fixed Rate Home Loan Investment P&I

Variable
Rate
Comparison
Rate

Fixed Rate Home Loan Owner Occ P&I

Variable
Rate
Comparison
Rate

Fixed Rate Home Loan Owner Occupied P&I

Variable
Rate
Comparison
Rate

Portfolio - Home Equity Loan

Variable
Rate 5.98
Comparison
Rate

Standard Variable Home Loan Investment <60LVR

Variable
Rate 5.02
Comparison
Rate 5.19

Standard Variable Home Loan Investment 60-80 LVR

Variable
Rate 5.07
Comparison
Rate 5.24

Standard Variable Home Loan Investment 80+ LVR

Variable
Rate 5.12
Comparison
Rate 5.29

Standard Variable Home Loan Investment 80+ LVR Packaged

Variable
Rate 3.82
Comparison
Rate 4.22

Standard Variable Home Loan Owner Occupied

Variable
Rate 3.14
Comparison
Rate 3.56

Standard Variable Home Loan Owner Occupied <60LVR

Variable
Rate 4.44
Comparison
Rate 4.61

Standard Variable Home Loan Owner Occupied 60-80 LVR

Variable
Rate 4.49
Comparison
Rate 4.66

Standard Variable Home Loan Owner Occupied 80+ LVR

Variable
Rate 4.54
Comparison
Rate 4.71

Secured Personal Loan

1st year Fixed
Rate 7.49
Comparison
Rate. 8.60

Get Set Loan

1st year Fixed
Rate
Comparison
Rate.

Overdraft

1st year Fixed
Rate
Comparison
Rate.

Personal Loan - Unsecured

1st year Fixed
Rate 11.49
Comparison
Rate. 12.57

Bank of Melbourne No Annual Fee

Purchase
Rate 20.74
Annual
Fee

Bank of Melbourne Vertigo Visa

Purchase
Rate 13.99
Annual
Fee $55.00

Complete Freedom

Max Interest rate($10,000) Base Interest rate($10,000)

Complete Freedom for Students

Max Interest rate($10,000) Base Interest rate($10,000)

Concession Account

Max Interest rate($10,000) Base Interest rate($10,000)

DIY Super Saver

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

Incentive Saver Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.20

Maxi Saver

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

Retirement Access Plus Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.20

Farm Management Deposit Account

90 Days

1 Yr Paid
Annually

Farm Management Deposit Account

90 Days

1 Yr Paid
Annually

Farm Management Deposit Account

90 Days

1 Yr Paid
Annually

Farm Management Deposit Account

90 Days

1 Yr Paid
Annually

Term Deposit

90 Days

0.10
1 Yr Paid
Annually 0.25

What transaction accounts do Bank of Melbourne Bank offer?

  • A Complete Freedom Account for your daily banking with no monthly account keeping fee – if you deposit into the account each month. Customers can access funds using a Visa debit card, or through mobile and internet banking.
  • A Retirement Access Plus Account specifically designed retirees aged over 55 years. No ongoing account fees and the ability to bank in person at a branch, via phone banking or online banking. Account holders have access to a Visa debit card.
  • A Concession Account for eligible Commonwealth Government Health Concession Cards or Seniors Cards. No monthly account fees. All account holders get a Visa debit card and the ability to make transactions at Bank of Melbourne or Westpac Group branches.

What savings accounts do Bank of Melbourne Bank offer?

  • Incentive Saver Account – lets you earn bonus interest for every month you make one deposit and no withdrawals. No account keeping fees on this account.
  • Investment Cash Account – an account for an investor or Self Managed Super Fund with no account keeping fees.
  • DIY Super Saver – primarily online best for Self Managed Super Funds with a bonus interest for the first four months.
  • Maxi Saver Account – a savings account with a bonus interest offer for the first three months with no ongoing account fees.

What term deposits are offered by Bank of Melbourne Bank?

Bank of Melbourne Bank offers term deposits starting with as little as $1,000 up to $5 million from one month to five years. Pay no setup fees or ongoing fees, with multiple interest payment options like monthly, quarterly, bi-annually, annually or at maturity. There are a number of options available to you at the maturity of your deposit.

What home loans do Bank of Melbourne offer?

Bank of Melbourne offers a home loan concierge service where they will personalise an interest rate to your individual circumstances. Home loans can be obtained through Bank of Melbourne online, on a video call, over the phone or face to face in branch. The process is paperless, instead using a digital process that walks you through step-by-step.

What features does Bank of Melbourne offer?

Bank of Melbourne offer a number of different products to consumers including:

  • Socket layer technology – utilising secure socket layer technology, Bank of Melbourne helps keep your account secure with data encryption, automatic timeouts and firewalls to prevent unauthorised access.
  • Schedule payments – customers have the option to schedule payments up to 24 months in advance.
  • Credit cards – from travel cards to Qantas rewards to balance transfer options.
  • Business banking services – Bank of Melbourne offer a number of business and corporate finance solutions
  • Personal loans – both secured and unsecured personal loans at a fixed rate, or an unsecured personal overdraft.

How do I apply for an account with Bank of Melbourne Bank?

You can apply for an account online, over the phone or by heading into a Bank of Melbourne Bank branch. As with any online application you will need to meet eligibility criteria such as minimum balance requirements, age requirements and evidence of Australian residency.

Have your identification documents ready such as your Australian passport or driver’s license. You will also need your contact information such as email address, phone number and residential address.

What are some of the positive and negative features with Bank of Melbourne?

  • Variety of products – Bank of Melbourne has a bank account to suit almost any need from personal to business to help you reach your goals.
  • Branches – Bank of Melbourne has close to 100 branches, but they are only available in Victoria. Interstate customers may find this a negative.
  • Technology driven – Bank of Melbourne offer online and mobile banking to easily access funds.

Compare Bank of Melbourne savings rate with other savings accounts and other term deposits in Australia.