Bank of Melbourne Home Loan Review For Australian Expats

Bank of Melbourne Home Loan Review for Australian Expats

The Bank of Melbourne has established itself as a reputable and trusted financial institution in Australia. With a rich history dating back to 1989, the bank has a deep understanding of the local property market and the unique needs of Australian expats.

Can Bank of Melbourne help you with your property purchase goals in Australia?

Bank of Melbourne Home Loan Options

Bank of Melbourne offers the following home loan products to Australian expats living overseas.

Expat Home Loan
Expat Investor Home Loan
Flexi Home Loan

This loan is designed for Australian citizens who are living and working overseas. You can borrow up to 90% of the value of the property, but you will need to pay LMI on the remaining 10%. LMI is a type of insurance that protects the lender if you default on your loan.

The expat home loan also has a few other features that are specifically designed for expats, such as:

The ability to make repayments from overseas
The ability to use foreign income to service the loan
The ability to have a joint borrower who is not an Australian citizen

This loan is designed for Australian citizens who are living and working overseas and want to invest in property in Australia. You can borrow up to 80% of the value of the property, but you will need to pay LMI on the remaining 20%.

The expat investor home loan also has a few other features that are specifically designed for expat investors, such as:

The ability to make repayments from overseas
The ability to use foreign income to service the loan
The ability to have a joint borrower who is not an Australian citizen

This loan gives you more flexibility with your repayments, such as the ability to make extra payments or skip a payment if you need to. It also offers a range of other features, such as:

The ability to split your loan into two parts, one for your principal and interest repayments and one for your interest only repayments
The ability to offset your home loan balance against the balance of your linked transaction account
The ability to fix your interest rate for a specified period of time

The flexi home loan is a good option for expats who want more flexibility with their repayments and who want to take advantage of features like offset accounts and fixed interest rates.

Bank of Melbourne Home Loans Review

Here are the pros and cons of choosing a Bank of Melbourne home loan to buy property in Australia.

Pros	Cons
Competitive interest rates.	The application process can be complex.
No application fees.	Limited branches and ATMs.
Flexible lending criteria.	Foreign currency exchange fees.
Fast turnaround times.	Not all expats may be eligible for a loan.

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

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Bank of Melbourne Home Loan Features

Bank of Melbourne offers the following home loan features.

Feature	Details
Rate Lock	Allows you to lock in a fixed interest rate for your home loan for a specified period of time, even if interest rates rise in the meantime. This can give you peace of mind knowing that your monthly repayments will stay the same for the duration of the fixed rate period.
Family Pledge	Allows you to use the equity in your family home to help finance the purchase of another property. This can be a helpful option if you're looking to buy an investment property or a holiday home, but don't have enough equity in your own home to get a loan on your own.
Split Loan Option	Allows you to split your home loan into two parts, one for your principal and interest repayments and one for your interest only repayments. This can be a helpful option if you're looking to free up some cash flow in the short term, while still paying down the principal on your loan over time.
Interest Offset	Allows you to offset your home loan balance against the balance of your linked transaction account. This means that any money you have in your transaction account is effectively reducing the amount of interest you pay on your home loan.

Facts About Bank of Melbourne

Originally known as the RESI Statewide Building Society and based in Victoria, Bank of Melbourne obtained its banking license in July 1989. Over time, it evolved and gained prominence in the banking sector.

In 1997, the Bank of Melbourne was acquired by Westpac Banking Corporation, a major Australian financial institution. This acquisition contributed to the bank's growth and expansion.

It is a strong supporter of the local community and places a high value on customer satisfaction, striving to provide excellent customer service. It aims to build lasting relationships with its clients.

How Do I Apply for an Expat Mortgage with Bank of Melbourne?

Here are the steps on how to apply for an Australian expat home loan with Bank of Melbourne while living overseas.

Contact a Mortgage Broker: Speaking with a mortgage broker who specialises in expat home loans should be your first course of action. They will be able to help you understand the lending criteria for expats and find the best loan for your individual circumstances.
Gather the Required Documentation: Bank of Melbourne will require you to provide a range of documents, such as proof of income and employment.
Complete the Loan Application: You can complete the loan application online or through your mortgage broker.
Provide a Valuation: Bank of Melbourne will require a valuation of the property you are buying.
Undergo a Credit Assessment: Bank of Melbourne will assess your credit history to determine your eligibility for a loan.
Receive a Decision: Bank of Melbourne will make a decision on your loan application within a few weeks. If your application is approved, you will be able to sign the loan documents and finalise your purchase.

Here are some additional tips for applying for an Australian expat home loan with Bank of Melbourne while living overseas.

Be prepared to provide detailed financial information. Bank of Melbourne will want to see a clear picture of your income, expenses, and assets before they approve your loan.
Have a good credit history. A good credit history will show Bank of Melbourne that you are a reliable borrower.
Work with a mortgage broker who specialises in expat home loans. A mortgage broker can help you navigate the lending process and find the best loan for your individual circumstances.
Be patient. The lending process for expats can take longer than for Australian citizens living in Australia. Be prepared to wait a few weeks or even months for your loan to be approved.

Odin Mortgage specialises in home loans for Australian expats, permanent residents, and non-residents living overseas. We can help you secure a home loan to buy property in Australia from overseas.

Who is Eligible?

Eligibility criteria for Australian expats and Aussie permanent residents living overseas:

Must be an Australian citizen or permanent resident.
Must have a good credit history.
Must have a stable income.
Must have a deposit of at least 20% of the property value.
Must be able to demonstrate a genuine intention to live in the property.

Eligibility criteria for foreign investors living overseas:

Must have a valid visa to live in Australia.
Must have a good credit history.
Must have a stable income.
Must have a deposit of at least 40% of the property value.
Must be able to demonstrate a genuine intention to rent the property out.

It is important to note that these are just general eligibility criteria. The actual eligibility criteria may vary depending on the individual’s circumstances.

What Documents Do I Require?

Bank of Melbourne in Australia requires the following documents for a home loan from overseas with them.

Proof of Identity

This could be your passport, driver's license, or birth certificate.

Proof of Australian Citizenship or Permanent Residency

This could be your citizenship certificate, permanent residency visa, or passport.

Proof of Income

This could be your payslips, tax returns, or bank statements.

Proof of Employment

This could be a letter from your employer or a copy of your employment contract.

Proof of Residency in Your Current Country

This could be a copy of your visa, residency permit, or utility bill.

Proof of Your Deposit

This could be a copy of your bank statement showing the deposit funds.

Valuation of the Property

This is a document that estimates the value of the property you are buying.

Credit Report

This is a document that shows your credit history.

It is important to note that these are just the basic documents that Bank of Melbourne requires. They may also require additional documents depending on your individual circumstances.

Here are some additional tips for expats who are applying for a home loan from Bank of Melbourne in Australia:

Certified Translations: Be prepared to provide translated copies of your documents. Bank of Melbourne may require translated copies of your documents if they are not in English.
Effective Preparation: Get your documents ready well in advance. The application process for a home loan from overseas can take several weeks or even months. It is important to have your documents ready well in advance so that you can submit your application as soon as possible.
Seek Expert Help: A mortgage broker can help you navigate the lending process and find the best loan for your individual circumstances.

Other Related Products from Bank of Melbourne

Advantage Package Home Loan

This loan offers a discounted interest rate and a range of other benefits, such as fee-free ATM withdrawals and discounted home and contents insurance. The other benefits of the Advantage Package Home Loan include:

Fee-free ATM withdrawals on Bank of Melbourne ATMs
Discounted home and contents insurance
Access to a range of other banking products and services, such as credit cards and personal loans

Basic Home Loan

This loan has no annual fees, but it typically has a higher interest rate than the Advantage Package Home Loan. The Basic Home Loan does not offer any other benefits, such as fee-free ATM withdrawals or discounted home and contents insurance.

Construction Home Loan

This loan is specifically designed for people who are building a new home. It offers a fixed interest rate for the construction period, followed by a variable interest rate after settlement. The Construction Home Loan also offers a range of other features, such as:

The ability to make extra payments during the construction period
The ability to extend the construction period if needed
The ability to fix your interest rate for a specified period of time after settlement

Need a Home Loan with Bank of Melbourne?

Bank of Melbourne stands as a reliable partner for Australian expats seeking to invest in property in their homeland. With tailored home loan solutions, competitive interest rates, and a customer-centric approach, the bank addresses the unique challenges faced by expatriates.

Whether one seeks stability through fixed-rate loans or flexibility through variable-rate options, the Bank of Melbourne has something to offer. However, you may find it challenging to qualify for a great deal or negotiate a better rate. It’s why we’re here!

Odin Mortgage has years of experience dealing with lenders regarding overseas home loans. Speak with one of us to discuss your requirements in detail and receive tailored solutions and help throughout the loan application process, even beyond settlement!

Other Australian Lender Reviews

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

Get a Home Loan Refinance Home Loan

The ULTIMATE mortgage e-book

The ULTIMATE mortgage e-book

The ULTIMATE mortgage e-book

The ULTIMATE mortgage e-book