What is a Bank of Melbourne Home Loan?

A Bank of Melbourne home loan is a long-term loan that is usually based over 25 or 30 years, and is sometimes also referred to as a “mortgage”. Crown has access to over 30 different lenders including the major banks and, with over several hundred mortgage products, there isn’t a product that we cannot source! Best of all, you don’t even have to leave your place of residence as we will send a home loan coach out to see you in the comfort of your own home at a time that suits you.

How does an Bank of Melbourne Home Loan work?

A basic Bank of Melbourne home loan is made up of Principal & Interest (P&I) repayments. Principal is the amount that you borrow and Interest is the amount of bank profit in the deal. At the start of your home loan, the bulk of your repayments will go in interest (bank profit) and not much will come off the principal. As you reduce the principal, your interest charges fall until the loan is eventually paid off. Your home loan will no doubt be the biggest debt you will ever have and it is structured to be paid off over an extended period of time. The balance transfer credit cards bank will usually use your home as security for the loan.

Example of a standard Bank of Melbourne Home Loan?

If you were to borrow $100,000 with an interest rate of 7% over a term of 25 years, you’ll end up paying back to the bank $212,100; $112,100 is interest and $100,000 is principal.

A Crown Home Loan coach will be able to show you the newest and best home loans on the market, which have the lowest amount of interest (bank profit) in them. This means you will be out of debt sooner and you will be paying less per month..