Bank of Melbourne logo

Bank of Melbourne Fixed Home Loan (Advantage Package)

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 60%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a interest only loan of at least $150,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a interest only loan of at least $150,000 with an LVR below 60%

The details shown below are for an investor taking out a principal & interest loan of at least $150,000 with an LVR below 60%

The details shown below are for an investor taking out a principal & interest loan of at least $150,000 with an LVR below 80%

The details shown below are for an investor taking out a interest only loan of at least $150,000 with an LVR below 60%

The details shown below are for an investor taking out a principal & interest loan of at least $150,000 with an LVR below 90%

The details shown below are for an investor taking out a interest only loan of at least $150,000 with an LVR below 80%

The details shown below are for an investor taking out a interest only loan of at least $150,000 with an LVR below 90%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 60%

    Loan: $150,000

  • Owner Occupier (Principal & Interest)

    LVR 60%-80%

    Loan: $150,000

  • Owner Occupier (Principal & Interest)

    LVR 80%-95%

    Loan: $150,000

  • Owner Occupier (Interest Only)

    LVR 60%-80%

    Loan: $150,000

  • Owner Occupier (Interest Only)

    LVR < 60%

    Loan: $150,000

  • Investor (Principal & Interest)

    LVR < 60%

    Loan: $150,000

  • Investor (Principal & Interest)

    LVR 60%-80%

    Loan: $150,000

  • Investor (Interest Only)

    LVR < 60%

    Loan: $150,000

  • Investor (Principal & Interest)

    LVR 80%-90%

    Loan: $150,000

  • Investor (Interest Only)

    LVR 60%-80%

    Loan: $150,000

  • Investor (Interest Only)

    LVR 80%-90%

    Loan: $150,000

Fixed 3 year rate
2.69% p.a.
Comparison Rate
3.44% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Fixed 3 year rate
2.74% p.a.
Comparison Rate
3.50% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Fixed 3 year rate
2.79% p.a.
Comparison Rate
3.55% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Fixed 3 year rate
3.84% p.a.
Comparison Rate
3.50% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Fixed 3 year rate
3.79% p.a.
Comparison Rate
3.45% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Fixed 3 year rate
2.89% p.a.
Comparison Rate
3.91% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Fixed 3 year rate
2.94% p.a.
Comparison Rate
3.89% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Fixed 3 year rate
3.09% p.a.
Comparison Rate
4.10% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Fixed 3 year rate
2.99% p.a.
Comparison Rate
3.94% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Fixed 3 year rate
3.14% p.a.
Comparison Rate
4.21% p.a.
Service fee
$395.00 yearly
Upfront fee
$0
Fixed 3 year rate
3.19% p.a.
Comparison Rate
4.26% p.a.
Service fee
$395.00 yearly
Upfront fee
$0

Mozo editorial review Bank of Melbourne Fixed Home Loan (Advantage Package) - last updated: 16 November 2021

binocular icon
What's hot
  • 2.79% p.a. 3-year fixed rate (3.55% p.a. comparison rate*)
  • Extra repayments and redraw facility (conditions apply)
  • Offset account available
What's not
  • $395 annual service fee
Mozo snapshot

This packaged deal from Bank of Melbourne gives owner occupiers rates as low as 2.24% p.a. (3.41% p.a. comparison rate*) on 2-year terms, plus a number of handy features such as a redraw facility and offset account. Along with discounted interest rates and fee waivers, you can also receive $3,000 cashback when you refinance from a lender outside the Westpac Group.

key icon
Key features

The Bank of Melbourne Fixed Rate Home Loan rewards borrowers with competitive interest rates and a degree of flexibility that’s not all that common among fixed offerings. Rates range from 2.24% p.a. (3.41% p.a. comparison rate*), available on 2-year terms, and 3.09% p.a. (3.54% p.a. comparison rate*), available on 5-year terms.

As for the features, you’ll be able to make repayments weekly, fortnightly or monthly, and if you want to pay down your loan faster, extra repayments are free up to $30,000. There’s also a free redraw facility, in case you decide those extra repayments would be better back in your hands, and an offset account to help you save on interest.

As part of the package deal, you’ll be able to bundle your home loan, credit card and transaction account. Fees such as establishment fee on your home loan and the annual fee on your credit card will be waived.

Finally, you can receive $3,000 cashback per property when you refinance with a minimum loan size of $250,000 and with an LVR below 90%, so long as you’re refinancing from a lender outside the Westpac Group. 

snapshot
Who is it good for

This loan could suit borrowers who are looking to take advantage of low fixed rates and prefer to keep all their banking products in one manageable bundle.

question icon
Any catches

Borrowers will have to budget for the $395 yearly service fee. While this product offers a number of helpful features, like an offset account and redraw facility, there are limits and conditions which apply.

Details

Rates and fees information correct as at 4 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

n/a

n/a

n/a

n/a

2.19% (3.47%*)

2.24% (3.40%*)

2.69% (3.44%*)

2.99% (3.50%*)

3.09% (3.53%*)

n/a

n/a

3.14% p.a.

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$395.00 yearly

$0.00

Other financial bits

$150,000

none

none

60.00%

Features

Weekly, Fortnightly, Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

none

Receive $3,000 refinance cashback, min loan size of $250,000 and LVR less than or equal to 90% (excludes refinances from Westpac Group), apply by 28 February 2022 and settle by 31 May 2022.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 4 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

n/a

n/a

n/a

n/a

2.24% (3.52%*)

2.29% (3.45%*)

2.74% (3.50%*)

2.94% (3.52%*)

3.14% (3.58%*)

n/a

n/a

3.19% p.a.

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$395.00 yearly

$0.00

Other financial bits

$150,000

none

60.00%

80.00%

Features

Weekly, Fortnightly, Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

none

Receive $3,000 refinance cashback, min loan size of $250,000 and LVR less than or equal to 90% (excludes refinances from Westpac Group), apply by 28 February 2022 and settle by 31 May 2022.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 4 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

n/a

n/a

n/a

n/a

2.29% (3.57%*)

2.34% (3.50%*)

2.79% (3.55%*)

2.99% (3.57%*)

3.19% (3.63%*)

n/a

n/a

3.24% p.a.

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$395.00 yearly

$0.00

Other financial bits

$150,000

none

80.00%

95.00%

Features

Weekly, Fortnightly, Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

none

Receive $3,000 refinance cashback, min loan size of $250,000 and LVR less than or equal to 90% (excludes refinances from Westpac Group), apply by 28 February 2022 and settle by 31 May 2022.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 4 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

n/a

n/a

n/a

n/a

3.64% (4.17%*)

3.64% (4.15%*)

3.84% (3.50%*)

4.09% (4.28%*)

4.09% (4.30%*)

n/a

n/a

3.78% p.a.

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$395.00 yearly

$0.00

Other financial bits

$150,000

none

60.00%

80.00%

Features

Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 4 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

n/a

n/a

n/a

n/a

3.59% (4.12%*)

3.59% (4.10%*)

3.79% (3.45%*)

4.04% (4.23%*)

4.04% (4.25%*)

n/a

n/a

3.73% p.a.

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$395.00 yearly

$0.00

Other financial bits

$150,000

none

none

60.00%

Features

Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 4 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

n/a

n/a

n/a

n/a

2.49% (4.01%*)

2.59% (3.92%*)

2.89% (3.91%*)

3.19% (3.94%*)

3.29% (3.95%*)

n/a

n/a

3.72% p.a.

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$395.00 yearly

$0.00

Other financial bits

$150,000

none

none

60.00%

Features

Weekly, Fortnightly, Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

none

Receive $3,000 refinance cashback, min loan size of $250,000 and LVR less than or equal to 90% (excludes refinances from Westpac Group), apply by 28 February 2022 and settle by 31 May 2022.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 4 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

n/a

n/a

n/a

n/a

2.54% (4.06%*)

2.64% (3.97%*)

2.94% (3.89%*)

3.24% (3.99%*)

3.34% (4.00%*)

n/a

n/a

3.77% p.a.

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$395.00 yearly

$0.00

Other financial bits

$150,000

none

60.00%

80.00%

Features

Weekly, Fortnightly, Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

none

Receive $3,000 refinance cashback, min loan size of $250,000 and LVR less than or equal to 90% (excludes refinances from Westpac Group), apply by 28 February 2022 and settle by 31 May 2022.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 4 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

n/a

n/a

n/a

n/a

2.69% (4.28%*)

2.79% (4.19%*)

3.09% (4.10%*)

3.39% (4.20%*)

3.49% (4.19%*)

n/a

n/a

4.01% p.a.

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$395.00 yearly

$0.00

Other financial bits

$150,000

none

none

60.00%

Features

Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

none

Receive $3,000 refinance cashback, min loan size of $250,000 and LVR less than or equal to 90% (excludes refinances from Westpac Group), apply by 28 February 2022 and settle by 31 May 2022.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 4 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

n/a

n/a

n/a

n/a

2.59% (4.10%*)

2.69% (4.02%*)

2.99% (3.94%*)

3.29% (4.04%*)

3.39% (4.04%*)

n/a

n/a

3.82% p.a.

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$395.00 yearly

$0.00

Other financial bits

$150,000

none

80.00%

90.00%

Features

Weekly, Fortnightly, Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

none

Receive $3,000 refinance cashback, min loan size of $250,000 and LVR less than or equal to 90% (excludes refinances from Westpac Group), apply by 28 February 2022 and settle by 31 May 2022.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 4 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

n/a

n/a

n/a

n/a

2.74% (4.33%*)

2.84% (4.23%*)

3.14% (4.21%*)

3.44% (4.25%*)

3.54% (4.24%*)

n/a

n/a

4.06% p.a.

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$395.00 yearly

$0.00

Other financial bits

$150,000

none

60.00%

80.00%

Features

Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

none

Receive $3,000 refinance cashback, min loan size of $250,000 and LVR less than or equal to 90% (excludes refinances from Westpac Group), apply by 28 February 2022 and settle by 31 May 2022.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 4 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

n/a

n/a

n/a

n/a

2.79% (4.38%*)

2.89% (4.28%*)

3.19% (4.26%*)

3.49% (4.29%*)

3.59% (4.29%*)

n/a

n/a

4.11% p.a.

Fees

$0.00

$0.00

$0.00

$0.00

n/a

$395.00 yearly

$0.00

Other financial bits

$150,000

none

80.00%

90.00%

Features

Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

none

Receive $3,000 refinance cashback, min loan size of $250,000 and LVR less than or equal to 90% (excludes refinances from Westpac Group), apply by 28 February 2022 and settle by 31 May 2022.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Customer Reviews

How are Bank of Melbourne home loans rated by the Mozo community?

Overall
Price
Features
Customer service
Convenience
Trust

Latest reviews of Bank of Melbourne Fixed Home Loan (Advantage Package)

About Bank of Melbourne

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.