7.8 / 10

based on 883 Bank of Melbourne reviews as rated by Mozo community

Bank of Melbourne home loans

Whether you’re a first home buyer, property investor or refinancer, Bank of Melbourne has a range of home loans to fulfil your property dreams. Operating under the Westpac Group, Bank of Melbourne is part of Australia’s largest regional banking network with St George and BankSA. Don’t let the name fool you, this bank is not just for those living in Melbourne, it’s available for anyone living in Australia, all you need is a computer or phone to get your home loan application rolling.

On this page you can compare all of the Bank of Melbourne home loans including variable, fixed and line of credit to find the best one to snatch up your dream home. 

What home loans do Bank of Melbourne offer?

Rates and fees verified as correct at 15 April, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

Like any fixed rate, you’ll always know where you stand with your monthly budget but with Bank of Melbourne’s fixed home loan if you end up with extra funds you can make fee free extra repayments up to $30,000 over the fixed period. There is also a repayment holiday feature which you can use if you need to have a break from the workforce such as maternity leave. The fixed rate loan is available for periods between 1 and 5 years with a choice of principal and interest repayments or interest only repayments. There is a partial interest offset facility where you can rack up serious savings over the term of the loan, but keep in mind these great features aren’t free, as you’ll need to pay a monthly service fee.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

3.79% p.a.

4.89% p.a.

$10.00 monthly

$600

3.74% p.a.

4.84% p.a.

$10.00 monthly

$600

2.08% p.a.

4.02% p.a.

$10.00 monthly

$600

2.13% p.a.

4.07% p.a.

$10.00 monthly

$600

2.03% p.a.

3.97% p.a.

$10.00 monthly

$600

2.79% p.a.

4.83% p.a.

$10.00 monthly

$600

2.84% p.a.

4.87% p.a.

$10.00 monthly

$600

2.74% p.a.

4.78% p.a.

$10.00 monthly

$600

2.59% p.a.

4.57% p.a.

$10.00 monthly

$600

2.64% p.a.

4.62% p.a.

$10.00 monthly

$600

2.54% p.a.

4.52% p.a.

$10.00 monthly

$600

Variable Rate Home Loans

If you’re busy scouring the market for a flexible home loan, Bank of Melbourne has two variable home loans on offer: a no frills, basic variable rate on loans starting from $30,000 and a standard variable rate that is available for loans from as low as $10,000. For first home buyers and those with smaller deposits, Bank of Melbourne’s variable home loans allow you to borrow up to 95% LVR, although beware you may have to account for an extra cost called Lender Mortgage Insurance if your LVR is above 80%. 

Both variable loan options from Bank of Melbourne are packed with flexible features that make paying of your loan a breeze including free extra repayments and the ability to set up automatic payments from your nominated Bank of Melbourne bank account - so you never miss a payment! A redraw facility is on hand but you’ll need the bank’s approval to use it, so be sure that you have enough funds to cover your weekly or monthly expenses before making any additional payments.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

3.19% p.a.

3.22% p.a.

$0.00

$500

2.59% p.a.

2.62% p.a.

$0.00

$500

3.14% p.a.

3.17% p.a.

$0.00

$500

3.09% p.a.

3.12% p.a.

$0.00

$500

2.49% p.a.

2.49% p.a.

$0.00

$0

2.54% p.a.

2.54% p.a.

$0.00

$0

2.44% p.a.

2.44% p.a.

$0.00

$0

5.08% p.a.

5.23% p.a.

$10.00 monthly

$600

5.03% p.a.

5.18% p.a.

$10.00 monthly

$600

4.49% p.a.

4.65% p.a.

$10.00 monthly

$600

4.54% p.a.

4.70% p.a.

$10.00 monthly

$600

4.44% p.a.

4.60% p.a.

$10.00 monthly

$600

3.34% p.a.

3.37% p.a.

$0.00

$500

3.04% p.a.

3.07% p.a.

$0.00

$500

2.99% p.a.

3.02% p.a.

$0.00

$500

2.94% p.a.

2.97% p.a.

$0.00

$500

2.79% p.a.

2.79% p.a.

$0.00

$0

2.84% p.a.

2.84% p.a.

$0.00

$0

2.74% p.a.

2.74% p.a.

$0.00

$0

5.36% p.a.

5.51% p.a.

$10.00 monthly

$600

5.31% p.a.

5.46% p.a.

$10.00 monthly

$600

5.07% p.a.

5.22% p.a.

$10.00 monthly

$600

5.12% p.a.

5.27% p.a.

$10.00 monthly

$600

5.02% p.a.

5.17% p.a.

$10.00 monthly

$600

Fixed Package Home Loan

The Advantage package from the Bank of Melbourne is a great choice if you’re looking to borrow at least $150,000 and want the convenience of bundling all your financial products together. In return for an annual fee, you’ll receive a discounted interest rate and fees waived on your Bank of Melbourne home loan, credit card and transaction account (i.e. establishment fee, annual card fee, transaction keeping account fee). Plus  you'll also be able to save up to 10% on your home and contents insurance premium.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

3.64% p.a.

4.14% p.a.

$395.00 yearly

$0

3.59% p.a.

4.09% p.a.

$395.00 yearly

$0

1.93% p.a.

3.29% p.a.

$395.00 yearly

$0

1.98% p.a.

3.34% p.a.

$395.00 yearly

$0

1.88% p.a.

3.24% p.a.

$395.00 yearly

$0

2.64% p.a.

4.09% p.a.

$395.00 yearly

$0

2.69% p.a.

4.14% p.a.

$395.00 yearly

$0

2.59% p.a.

4.04% p.a.

$395.00 yearly

$0

2.44% p.a.

3.83% p.a.

$395.00 yearly

$0

2.49% p.a.

3.88% p.a.

$395.00 yearly

$0

2.39% p.a.

3.78% p.a.

$395.00 yearly

$0

Variable Package Home Loan

For loans from $100,000 with added flexibility, take a look at the variable rate Advantage package from the Bank of Melbourne. It’s essentially the same as the fixed rate alternative, but you’ll have unlimited free extra repayments and the full use of an offset account, to help you pay off your home loan faster and save on interest. 

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

3.78% p.a.

4.18% p.a.

$395.00 yearly

$0

3.73% p.a.

4.13% p.a.

$395.00 yearly

$0

3.19% p.a.

3.60% p.a.

$395.00 yearly

$0

3.24% p.a.

3.65% p.a.

$395.00 yearly

$0

3.14% p.a.

3.55% p.a.

$395.00 yearly

$0

4.06% p.a.

4.45% p.a.

$395.00 yearly

$0

4.01% p.a.

4.40% p.a.

$395.00 yearly

$0

3.77% p.a.

4.17% p.a.

$395.00 yearly

$0

3.82% p.a.

4.22% p.a.

$395.00 yearly

$0

3.72% p.a.

4.12% p.a.

$395.00 yearly

$0

Line of Credit

Line of Credit

Bank of Melbourne’s Portfolio line of credit home loan allows you to borrow up to 90% of your property's value which can be put towards other investments such as shares, property or even a new car. You have the choice to pay either a monthly or annual fee, and like many other line of credit loans, there are no set repayment terms which means you can repay the loan whenever it suits you. You will enjoy 24/7 access to your home loan through mobile and online banking and a linked Visa debit card that you can use to shop wherever Visa is accepted.

Product Rate Comparison Rate Service fee Upfront fee

5.98% p.a.

n/a

$200.00 yearly

$700

Bank of Melbourne home loan features in a glance

Pause icon

Repayment pause

No pressure if you’ve been off work for a while, you can reduce or hold your payments when you have fixed or variable loan with Bank of Melbourne (fees apply). Keep in mind this feature is subject to approval.

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Family pledge

Bank of Melbourne’s Family Pledge option allows family members to use their own home’s equity to provide security for a portion of your loan amount. This way you may be able to avoid Lender’s Mortgage Insurance which is required of loans with an LVR that exceeds 80%.

Repayment Icon

Automatic repayments

You can set up automatic repayments from your nominated Bank of Melbourne bank account and never miss a payment again.

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Rate lock feature

If you want to safeguard yourself against interest rate rises during settlement, Bank of Melbourne’s fixed home loan offers a rate lock feature that allows you to secure their advertised interest rate (up to 3 months). There is a fee for this service. 

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Interest offset

With Bank of Melbourne’s standard variable rate, you’ll be able to save bundles on interest through an full interest offset facility which offsets the funds in your linked transaction account against the balance of your loan. The fixed rate loan offers a partial interest offset which allows you to access a reduced interest rate for a portion of your home loan.

Image of coins

Up to $4k cashback for refinancers

Non-Westpac Group home loan customers switching to Bank of Melbourne may be eligible for cashback up to $4,000. You'll receive $2,000 cashback for each property you refinance (given that the loan amount is at least $250,000), plus a bonus one-off $2,000 if your loan has a LVR below 80%.  

How are Bank of Melbourne home loans rated?

Mozo users have rated Bank of Melbourne home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Bank of Melbourne home loans
Overall
7.1/10
Price
Features
Customer service
Convenience
Trust

177 Reviews

Recent Bank of Melbourne home loan reviews

Bank of Melbourne Home Loan review
Overall 1/10
Don't do it with BOM

For 6 months BOM have keep us hanging waiting for approval for a loan. We have jumped through every single hoop and they are still to give an answer. Withdrawing the application and going elsewhere.

Read full review

For 6 months BOM have keep us hanging waiting for approval for a loan. We have jumped through every single hoop and they are still to give an answer. Withdrawing the application and going elsewhere.

Customer service
1/10
Convenience
4/10
Trust
1/10
Less
Kris, Victoria, reviewed about 1 month ago
Bank of Melbourne Portfolio Loan review
Overall 5/10
Very disappointed due to the situation

I wanted to increase our loan by $20,000 but was rejected because I was made redundant, even though our house was valued at $950,000.

Read full review

I wanted to increase our loan by $20,000 but was rejected because I was made redundant, even though our house was valued at $950,000.

Price
6/10
Features
6/10
Customer service
2/10
Convenience
7/10
Trust
5/10
Less
Vicki, Victoria, reviewed 3 months ago
Bank of Melbourne Home Loan review
Overall 10/10
Fantastic.

We are changing banks to Bank of Melbourne. Their interest rate is very competitive and our loans officer is so helpful.

Read full review

We are changing banks to Bank of Melbourne. Their interest rate is very competitive and our loans officer is so helpful.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Colleen, Victoria, reviewed 3 months ago
Bank of Melbourne Fixed Home Loan (Advantage Package) review
Overall 9/10
Fast approval great rate and service

We had multiple applications and Bank Of Melbourne came through with the fastest approval and the best rate.

Read full review

We had multiple applications and Bank Of Melbourne came through with the fastest approval and the best rate.

Price
8/10
Features
9/10
Customer service
8/10
Convenience
9/10
Trust
9/10
Less
Emma, Victoria, reviewed 3 months ago
Bank of Melbourne Home Loan review
Overall 10/10
Best bank.

Love this bank. I got a mortgage with just one pay slip and at a very competitive rate. So easy to talk to.

Read full review

Love this bank. I got a mortgage with just one pay slip and at a very competitive rate. So easy to talk to.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Brendan, Victoria, reviewed 3 months ago

What do you need to apply for a Bank of Melbourne home loan?

To apply for a Bank of Melbourne home loan, you’ll need the following details and documents:

  • Savings history including a copy of statements for all your savings account(s) held with other banks/financial institutions covering 3 months.
  • Income Details
    • Salary including details of each component of your income, current and year to date gross and net income and your employer’s name.
    • If you’re self-employed you will need copies of your personal income tax returns and full financial statements for the past 2 years and a copy of your most recent financial year’s Assessment Notice (which should not be older than 18 months at the date of application).
    • Don’t forget to include details of other incomes you may be receiving including rental income, Centrelink payments commission/bonuses and maintenance.
  • Details any commitments, including loans/cards from other financial institutions, rent, and expenses like childcare fees, groceries, education costs, insurance, investment property costs etc. 
  • Purpose of borrowing such as housing construction/renovation, purchasing an existing property or vacant land, refinancing, borrowing against the equity in your current home or paying out a joint owner.
  • Other documentation (if necessary) including any First Home Owner Grant details, strata title, company title, if your loan will be in a company name or trustee, and other proof of deposit including gifts from family and friends and sales of assets (other than real estate).

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