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BOM Speical Deal: Refund of LMI and 1% Off Variable Rate Home Loans

Discussion in 'Finance & Banking' started by ksherwell, 16th Feb, 2012.

  1. ksherwell

    ksherwell New Member

    16th Feb, 2012
    Altona North
    Thought everyone should know of the special deals (which can be combined) from Bank Of Melbourne. I just got them e-mailed to me by their mobile banker.

    Special Deal 1

    Refund of Lenders Mortgage Insurance up to 85% LVR

    Deal Expires 31/03/12

    Bank of Melbourne will refund a borrower their LMI insurance 30 days after settlement for any loan borrowing up to 85%.
    The following criteria applies:

    Must have an eligible Bank of Melbourne transaction account
    Must be 80-85% LVR (including Capitalised LMI if applicable)
    New and increase loans (Note: only the LMI on the increase component will be refunded)
    Must meet LMI criteria
    Must be able to service and meet normal lending requirements based on the full loan amount including LMI – no exceptions
    Full contribution, fees & charges (including LMI) must be available to meet settlement
    Loans originated between Wednesday 15 February 2012 and Friday 31 March 2012
    Loan must be fully approved by 20 April 2012 and settled by 31 July 2012

    Special Deal 2

    1% off the Standard Variable Home Loan rate for loans over $500k

    Expires 31/03/12

    Bank Of Melbourne will give customers who borrow over $500,000 up to 1% off the standard variable home loan rate, for the life of the loan. To secure this there is a $395 package fee (includes a number of other benefits) and a $100 settlement fee. This discount would equal a interest rate of 6.4%

    If you loan is between $250,000 and $499,999 the Bank of Melbourne is giving 0.9btps off the standard variable rate. Thats a home loan variable rate of 6.5%

    Check it out Exclusive Special Offers for We Share Home Loan Clients | We Share Home Loans