Bank of Melbourne home loans

Bank of Melbourne
Bank of Melbourne's overall rating for home loans

(as rated by the Mozo community)

7.2 / 10

based on 87 reviews

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. Or if you are wondering how Bank of Melbourne compare against other lenders by head on over to the Mozo comparison engine and search all home loans here.

Rates and fees verified as correct at 02 December, 2016. Other information correct at the time of writing.

What home loans do Bank of Melbourne offer?

Fixed Rate Home Loans 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 a certain amount each year. 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, 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 ‡

4.44% p.a.

5.38% p.a.

$10.00 monthly

$700

4.44% p.a.

5.35% p.a.

$10.00 monthly

$700

4.24% p.a.

5.15% p.a.

$10.00 monthly

$700

4.24% p.a.

5.12% p.a.

$10.00 monthly

$700


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Variable Rate Home Loans 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. 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 ‡

4.93% p.a.

4.98% p.a.

$0.00

$700

4.89% p.a.

4.94% p.a.

$0.00

$700

4.68% p.a.

4.73% p.a.

$0.00

$700

4.64% p.a.

4.69% p.a.

$0.00

$700

4.33% p.a.

4.34% p.a.

$0.00

$100

4.29% p.a.

4.30% p.a.

$0.00

$100

4.12% p.a.

4.13% p.a.

$0.00

$100

4.08% p.a.

4.09% p.a.

$0.00

$100

5.51% p.a.

5.68% p.a.

$10.00 monthly

$700

5.47% p.a.

5.64% p.a.

$10.00 monthly

$700

5.26% p.a.

5.43% p.a.

$10.00 monthly

$700

5.22% p.a.

5.39% p.a.

$10.00 monthly

$700


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Fixed Package Home Loan Fixed Package Home Loan

The Advantage package from the Bank of Melbourne is a great choice if you’re looking to borrow between $500,000 and $1,000,000. In return for an annual fee, you’ll receive a discounted interest rate and fees waived on your home loan, credit card and transaction account (i.e. establishment fee, annual card fee, transaction keeping account fee). You can opt for a standard variable, fixed or line of credit home loan and if you have a BT Super for Life account, you’ll receive a $200 cash bonus when your account balance reaches $1,000.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.29% p.a.

5.13% p.a.

$395.00 yearly

$100

4.29% p.a.

5.03% p.a.

$395.00 yearly

$100

4.29% p.a.

4.99% p.a.

$395.00 yearly

$100

4.29% p.a.

4.92% p.a.

$395.00 yearly

$100

4.29% p.a.

4.89% p.a.

$395.00 yearly

$100

4.29% p.a.

5.10% p.a.

$395.00 yearly

$100

4.29% p.a.

5.00% p.a.

$395.00 yearly

$100

4.29% p.a.

4.96% p.a.

$395.00 yearly

$100

4.09% p.a.

4.90% p.a.

$395.00 yearly

$100

4.09% p.a.

4.80% p.a.

$395.00 yearly

$100

3.85% p.a.

4.70% p.a.

$395.00 yearly

$100

4.09% p.a.

4.69% p.a.

$395.00 yearly

$100

4.09% p.a.

4.73% p.a.

$395.00 yearly

$100

3.85% p.a.

4.60% p.a.

$395.00 yearly

$100

4.09% p.a.

4.77% p.a.

$395.00 yearly

$100

4.09% p.a.

4.87% p.a.

$395.00 yearly

$100


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Variable Package Home Loan Variable Package Home Loan

For loans between $500,000 and $1,000,000 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 extra repayments and the full use of an offset account, to help you pay off your home loan faster. If you’re an owner-occupier, you may also be eligible to get $2000 cash back if your loan is over $250,000.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

5.26% p.a.

5.64% p.a.

$395.00 yearly

$100

4.91% p.a.

5.30% p.a.

$395.00 yearly

$100

4.76% p.a.

5.15% p.a.

$395.00 yearly

$100

4.71% p.a.

5.10% p.a.

$395.00 yearly

$100

4.61% p.a.

5.00% p.a.

$395.00 yearly

$100

4.67% p.a.

5.06% p.a.

$395.00 yearly

$100

5.22% p.a.

5.60% p.a.

$395.00 yearly

$100

4.87% p.a.

5.26% p.a.

$395.00 yearly

$100

4.72% p.a.

5.11% p.a.

$395.00 yearly

$100

4.57% p.a.

4.96% p.a.

$395.00 yearly

$100

5.01% p.a.

5.40% p.a.

$395.00 yearly

$100

4.66% p.a.

5.05% p.a.

$395.00 yearly

$100

4.51% p.a.

4.91% p.a.

$395.00 yearly

$100

4.46% p.a.

4.86% p.a.

$395.00 yearly

$100

4.36% p.a.

4.76% p.a.

$395.00 yearly

$100

4.32% p.a.

4.72% p.a.

$395.00 yearly

$100

4.97% p.a.

5.36% p.a.

$395.00 yearly

$100

4.47% p.a.

4.87% p.a.

$395.00 yearly

$100

4.62% p.a.

5.01% p.a.

$395.00 yearly

$100

4.42% p.a.

4.82% p.a.

$395.00 yearly

$100


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Line of Credit 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 other line of credit loans there is 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

5.56% p.a.

n/a

$200.00 yearly

$800

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Bank of Melbourne home loan features in a glance

Repayment pauseRepayment 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.

Family pledgeFamily 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. Unlike other banks, the guarantee can be limited to a specific amount. This way you may be able to avoid Lender’s Mortgage Insurance which is required of loans with an LVR that exceeds 80%.

Automatic repaymentsAutomatic repayments

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

Rate lock featureRate 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. 

Interest offsetInterest 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.

How are Bank of Melbourne home loans rated?

To help you choose the right provider for you, Mozo has given thousands of Australians the chance to say what they like (and what they don’t like) about their mortgage provider. See what the Mozo community thinks about Bank of Melbourne’s home loans here.

Bank of Melbourne home loans

Overall 7.2*

Price

Features

Customer service

Convenience

Trust

87 Reviews

* Overall rating based on reviews in the past 12 months.

Recent Bank of Melbourne home loan reviews Recent Bank of Melbourne home loan reviews

Bank of Melbourne

Bank of Melbourne home loan review

Overall rating   6 / 10

Trust worthy

Their service is great and they talk us into the right direction

Full review

Their service is great and they talk us into the right direction

    Price   8 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   8 / 10

    Trust   10 / 10

Less

Matelita (VIC), reviewed about 1 month ago

Bank of Melbourne

Bank of Melbourne Fixed Home Loan (Owner Occupier, Principal & Interest) (Advantage Package) home loan review

Overall rating   8 / 10

Excellent service and welcoming

Very professional and friendly staff. Happy to explain in common terms the confusing world of banking

Full review

Very professional and friendly staff. Happy to explain in common terms the confusing world of banking

    Price   5 / 10

    Features   6 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   7 / 10

Less

Adele (VIC), reviewed 8 months ago

Bank of Melbourne

Bank of Melbourne Variable Home Loan (Owner Occupier, Principal & Interest) (Advantage Package) home loan review

Overall rating   7 / 10

Not happy at all

Terrible customer service lender

Full review

Terrible customer service lender

    Price   3 / 10

    Features   6 / 10

    Customer service   4 / 10

    Convenience   9 / 10

    Trust   6 / 10

Less

Dipsikha (VIC), reviewed 9 months ago

Bank of Melbourne

Bank of Melbourne Basic Home Loan Special Offer (Owner Occupier, Principal & Interest) home loan review

Overall rating   2 / 10

Bad Credit Assessment Team

Bank of Melbourne is good in product and pricing. However, their Credit Assessment is absolutely substandard. They don't have people who can do the assessment within a time frame and provide a solution. They keep recruiting new and they don't know...

Full review

Bank of Melbourne is good in product and pricing. However, their Credit Assessment is absolutely substandard. They don't have people who can do the assessment within a time frame and provide a solution. They keep recruiting new and they don't know what they do.

    Price   7 / 10

    Features   7 / 10

    Customer service   4 / 10

    Convenience   5 / 10

    Trust   5 / 10

Less

Andrew (VIC), reviewed 11 months ago

Bank of Melbourne

Bank of Melbourne Standard Variable Home Loan (Owner Occupier, Principal & Interest) home loan review

Overall rating   9 / 10

Great

Great, open till 5 pm weekdays

Full review

Great, open till 5 pm weekdays

    Price   8 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   9 / 10

Less

Debra (VIC), reviewed 12 months ago

Hide reviews

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

What do you need to apply for a Bank of Melbourne home loan? 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, maintenance, loans/cards with other financial institutions and details of any extraordinary expenses such as school fees or maintenance payments.
  • Purpose of borrowing such as housing construction/renovation, plans and specifications, 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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