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 18 September, 2019. Other information correct at the time of writing.
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.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.04% p.a. | 5.45% p.a. | $10.00 monthly | $700 | ||
| 3.89% p.a. | 5.24% p.a. | $10.00 monthly | $700 | ||
| 3.84% p.a. | 5.19% p.a. | $10.00 monthly | $700 | ||
| 3.94% p.a. | 5.23% p.a. | $10.00 monthly | $700 | ||
| 3.19% p.a. | 4.64% p.a. | $10.00 monthly | $700 | ||
| 3.14% p.a. | 4.59% p.a. | $10.00 monthly | $700 |
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.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 5.18% p.a. | 5.23% p.a. | $0.00 | $600 | ||
| 4.94% p.a. | 4.99% p.a. | $0.00 | $600 | ||
| 4.95% p.a. | 5.00% p.a. | $0.00 | $600 | ||
| 4.36% p.a. | 4.41% p.a. | $0.00 | $600 | ||
| 3.99% p.a. | 4.04% p.a. | $0.00 | $600 | ||
| 3.74% p.a. | 3.75% p.a. | $0.00 | $100 | ||
| 3.69% p.a. | 3.71% p.a. | $0.00 | $100 | ||
| 3.34% p.a. | 3.36% p.a. | $0.00 | $100 | ||
| 3.29% p.a. | 3.31% p.a. | $0.00 | $100 | ||
| 5.76% p.a. | 5.92% p.a. | $10.00 monthly | $700 | ||
| 5.52% p.a. | 5.69% p.a. | $10.00 monthly | $700 | ||
| 5.47% p.a. | 5.64% p.a. | $10.00 monthly | $700 | ||
| 5.48% p.a. | 5.65% p.a. | $10.00 monthly | $700 | ||
| 4.94% p.a. | 5.11% p.a. | $10.00 monthly | $700 | ||
| 4.89% p.a. | 5.06% p.a. | $10.00 monthly | $700 |
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.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.89% p.a. | 4.71% p.a. | $395.00 yearly | $100 | ||
| 3.74% p.a. | 4.50% p.a. | $395.00 yearly | $100 | ||
| 3.69% p.a. | 4.45% p.a. | $395.00 yearly | $100 | ||
| 3.79% p.a. | 4.48% p.a. | $395.00 yearly | $100 | ||
| 3.04% p.a. | 3.90% p.a. | $395.00 yearly | $100 | ||
| 2.99% p.a. | 3.85% p.a. | $395.00 yearly | $100 |
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.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.46% p.a. | 4.86% p.a. | $395.00 yearly | $100 | ||
| 4.22% p.a. | 4.62% p.a. | $395.00 yearly | $100 | ||
| 4.17% p.a. | 4.57% p.a. | $395.00 yearly | $100 | ||
| 4.18% p.a. | 4.58% p.a. | $395.00 yearly | $100 | ||
| 3.64% p.a. | 4.06% p.a. | $395.00 yearly | $100 | ||
| 3.59% p.a. | 4.01% p.a. | $395.00 yearly | $100 |
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 |
|---|---|---|---|---|
| 6.38% p.a. | n/a | $200.00 yearly | $800 |
‡ 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.
| 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. |
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.
Dealing with Commonwealth Bank felt like a breath of fresh air in comparison to other banks. They are constantly in contact to ensure that we are getting the best deals and are happy.
Dealing with Commonwealth Bank felt like a breath of fresh air in comparison to other banks. They are constantly in contact to ensure that we are getting the best deals and are happy.
David, Victoria, reviewed 8 months ago
The service is good but I would like better communication when with regards to interest rates.
The service is good but I would like better communication when with regards to interest rates.
Nicole, Victoria, reviewed 9 months ago
Their service is great and they talk us into the right direction
Their service is great and they talk us into the right direction
Matelita, Victoria, reviewed almost 3 years ago
Very professional and friendly staff. Happy to explain in common terms the confusing world of banking
Very professional and friendly staff. Happy to explain in common terms the confusing world of banking
Adele, Victoria, reviewed over 3 years ago
Dipsikha, Victoria, reviewed over 3 years ago
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To apply for a Bank of Melbourne home loan, you’ll need the following details and documents:
