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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 70%
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 60%
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 investor taking out a principal & interest loan of at least $150,000 with an LVR below 70%
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 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 70%
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

Availability Loan type LVR Min loan amount Max loan amount
Owner Occupier Principal & Interest < 70% $150,000
Owner Occupier Principal & Interest 70%-80% $150,000
Owner Occupier Principal & Interest 80%-95% $150,000
Owner Occupier Interest Only < 60% $150,000
Owner Occupier Interest Only 70%-80% $150,000
Investor Principal & Interest < 70% $150,000
Investor Principal & Interest 70%-80% $150,000
Investor Principal & Interest 80%-90% $150,000
Investor Interest Only < 70% $150,000
Investor Interest Only 70%-80% $150,000
Investor Interest Only 80%-90% $150,000
  • Owner Occupier (Principal & Interest)
    LVR < 70%
    Loan: $150,000
  • Owner Occupier (Principal & Interest)
    LVR 70%-80%
    Loan: $150,000
  • Owner Occupier (Principal & Interest)
    LVR 80%-95%
    Loan: $150,000
  • Owner Occupier (Interest Only)
    LVR < 60%
    Loan: $150,000
  • Owner Occupier (Interest Only)
    LVR 70%-80%
    Loan: $150,000
  • Investor (Principal & Interest)
    LVR < 70%
    Loan: $150,000
  • Investor (Principal & Interest)
    LVR 70%-80%
    Loan: $150,000
  • Investor (Principal & Interest)
    LVR 80%-90%
    Loan: $150,000
  • Investor (Interest Only)
    LVR < 70%
    Loan: $150,000
  • Investor (Interest Only)
    LVR 70%-80%
    Loan: $150,000
  • Investor (Interest Only)
    LVR 80%-90%
    Loan: $150,000
Fixed 3 year rate
6.59% p.a.
Comparison Rate
7.50% p.a.
Service fee
$395.00 yearly
Upfront fee
$100
Fixed 3 year rate
6.69% p.a.
Comparison Rate
7.60% p.a.
Service fee
$395.00 yearly
Upfront fee
$100
Fixed 3 year rate
6.99% p.a.
Comparison Rate
7.89% p.a.
Service fee
$395.00 yearly
Upfront fee
$100
Fixed 3 year rate
6.89% p.a.
Comparison Rate
7.99% p.a.
Service fee
$395.00 yearly
Upfront fee
$100
Fixed 3 year rate
6.99% p.a.
Comparison Rate
8.09% p.a.
Service fee
$395.00 yearly
Upfront fee
$100
Fixed 3 year rate
6.69% p.a.
Comparison Rate
7.83% p.a.
Service fee
$395.00 yearly
Upfront fee
$100
Fixed 3 year rate
6.79% p.a.
Comparison Rate
7.92% p.a.
Service fee
$395.00 yearly
Upfront fee
$100
Fixed 3 year rate
7.09% p.a.
Comparison Rate
8.22% p.a.
Service fee
$395.00 yearly
Upfront fee
$100
Fixed 3 year rate
6.79% p.a.
Comparison Rate
8.05% p.a.
Service fee
$395.00 yearly
Upfront fee
$100
Fixed 3 year rate
6.89% p.a.
Comparison Rate
8.15% p.a.
Service fee
$395.00 yearly
Upfront fee
$100
Fixed 3 year rate
7.19% p.a.
Comparison Rate
8.44% p.a.
Service fee
$395.00 yearly
Upfront fee
$100

Mozo editorial review Bank of Melbourne Fixed Home Loan (Advantage Package) - last updated: 28 November 2023

binocular icon
What's hot
  • 6.59% p.a. 3-year fixed rate (7.47% p.a. comparison rate*), for <70% LVR
  • 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 starting at 6.59% p.a. (7.65% p.a. comparison rate*) on 1-year terms, plus a number of handy features such as a redraw facility and offset account. 

key icon
Key features

The Bank of Melbourne Fixed Rate Home Loan provides borrowers with a degree of flexibility that’s not all that common among fixed offerings. Rates range from 6.59% p.a. (7.65% p.a. comparison rate*), available on 1-year terms, and 6.69% p.a. (7.42% p.a. comparison rate*), available on 5-year terms.

There are different rates depending on the LVR tier you're on. The tiers are:

  • Up to 70% LVR
  • 70.01% - 80% LVR
  • More than 80.01% LVR

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.

snapshot
Who is it good for

This loan could suit borrowers who are looking to take advantage of 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 27 May 2024. 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

6.59% (7.65%*)

6.49% (7.55%*)

6.59% (7.50%*)

6.59% (7.44%*)

6.69% (7.42%*)

n/a

n/a

7.39% p.a.

Fees

$0.00

$0.00

$0.00

$100.00

n/a

$395.00 yearly

$350.00

Other financial bits

$150,000

none

none

70.00%

Features

Weekly, Fortnightly, Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

Fixed Rate Lock feature fee is the higher of 0.15% of loan amount or $500, capped at $1000 for loans up to $2M. Rate Lock fee is 0.15% of loan amount for loans above $2M

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 27 May 2024. 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

6.69% (7.75%*)

6.59% (7.65%*)

6.69% (7.60%*)

6.69% (7.54%*)

6.79% (7.52%*)

n/a

n/a

7.49% p.a.

Fees

$0.00

$0.00

$0.00

$100.00

n/a

$395.00 yearly

$350.00

Other financial bits

$150,000

none

70.00%

80.00%

Features

Weekly, Fortnightly, Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

Fixed Rate Lock feature fee is the higher of 0.15% of loan amount or $500, capped at $1000 for loans up to $2M. Rate Lock fee is 0.15% of loan amount for loans above $2M

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 27 May 2024. 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

6.99% (8.04%*)

6.89% (7.94%*)

6.99% (7.89%*)

6.99% (7.83%*)

7.09% (7.81%*)

n/a

n/a

7.79% p.a.

Fees

$0.00

$0.00

$0.00

$100.00

n/a

$395.00 yearly

$350.00

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

Fixed Rate Lock feature fee is the higher of 0.15% of loan amount or $500, capped at $1000 for loans up to $2M. Rate Lock fee is 0.15% of loan amount for loans above $2M

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 27 May 2024. 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

6.89% (8.20%*)

6.79% (8.07%*)

6.89% (7.99%*)

6.89% (7.90%*)

6.99% (7.87%*)

n/a

n/a

7.98% p.a.

Fees

$0.00

$0.00

$0.00

$100.00

n/a

$395.00 yearly

$350.00

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

Fixed Rate Lock feature fee is the higher of 0.15% of loan amount or $500, capped at $1000 for loans up to $2M. Rate Lock fee is 0.15% of loan amount for loans above $2M

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 27 May 2024. 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

6.99% (8.30%*)

6.89% (8.17%*)

6.99% (8.09%*)

6.99% (8.00%*)

7.09% (7.97%*)

n/a

n/a

8.08% p.a.

Fees

$0.00

$0.00

$0.00

$100.00

n/a

$395.00 yearly

$350.00

Other financial bits

$150,000

none

70.00%

80.00%

Features

Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

Fixed Rate Lock feature fee is the higher of 0.15% of loan amount or $500, capped at $1000 for loans up to $2M. Rate Lock fee is 0.15% of loan amount for loans above $2M

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 27 May 2024. 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

6.69% (8.04%*)

6.49% (7.88%*)

6.69% (7.83%*)

6.69% (7.73%*)

6.79% (7.70%*)

n/a

n/a

7.82% p.a.

Fees

$0.00

$0.00

$0.00

$100.00

n/a

$395.00 yearly

$350.00

Other financial bits

$150,000

none

none

70.00%

Features

Weekly, Fortnightly, Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

Fixed Rate Lock feature fee is the higher of 0.15% of loan amount or $500, capped at $1000 for loans up to $2M. Rate Lock fee is 0.15% of loan amount for loans above $2M

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 27 May 2024. 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

6.79% (8.14%*)

6.59% (7.98%*)

6.79% (7.92%*)

6.79% (7.83%*)

6.89% (7.79%*)

n/a

n/a

7.92% p.a.

Fees

$0.00

$0.00

$0.00

$100.00

n/a

$395.00 yearly

$350.00

Other financial bits

$150,000

none

70.00%

80.00%

Features

Weekly, Fortnightly, Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

Fixed Rate Lock feature fee is the higher of 0.15% of loan amount or $500, capped at $1000 for loans up to $2M. Rate Lock fee is 0.15% of loan amount for loans above $2M

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 27 May 2024. 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

7.09% (8.43%*)

6.89% (8.28%*)

7.09% (8.22%*)

7.09% (8.12%*)

7.19% (8.08%*)

n/a

n/a

8.22% p.a.

Fees

$0.00

$0.00

$0.00

$100.00

n/a

$395.00 yearly

$350.00

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

Fixed Rate Lock feature fee is the higher of 0.15% of loan amount or $500, capped at $1000 for loans up to $2M. Rate Lock fee is 0.15% of loan amount for loans above $2M

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 27 May 2024. 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

6.79% (8.30%*)

6.54% (8.12%*)

6.79% (8.05%*)

6.79% (7.94%*)

6.89% (7.89%*)

n/a

n/a

8.11% p.a.

Fees

$0.00

$0.00

$0.00

$100.00

n/a

$395.00 yearly

$350.00

Other financial bits

$150,000

none

none

70.00%

Features

Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

Fixed Rate Lock feature fee is the higher of 0.15% of loan amount or $500, capped at $1000 for loans up to $2M. Rate Lock fee is 0.15% of loan amount for loans above $2M

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 27 May 2024. 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

6.89% (8.40%*)

6.64% (8.22%*)

6.89% (8.15%*)

6.89% (8.04%*)

6.99% (7.99%*)

n/a

n/a

8.21% p.a.

Fees

$0.00

$0.00

$0.00

$100.00

n/a

$395.00 yearly

$350.00

Other financial bits

$150,000

none

70.00%

80.00%

Features

Monthly

yes - free up to $30,000

yes

yes - free

$0.00

yes

yes - partial only

none

Fixed Rate Lock feature fee is the higher of 0.15% of loan amount or $500, capped at $1000 for loans up to $2M. Rate Lock fee is 0.15% of loan amount for loans above $2M

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 27 May 2024. 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

7.19% (8.69%*)

6.94% (8.51%*)

7.19% (8.44%*)

7.19% (8.33%*)

7.29% (8.28%*)

n/a

n/a

8.51% p.a.

Fees

$0.00

$0.00

$0.00

$100.00

n/a

$395.00 yearly

$350.00

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

Fixed Rate Lock feature fee is the higher of 0.15% of loan amount or $500, capped at $1000 for loans up to $2M. Rate Lock fee is 0.15% of loan amount for loans above $2M

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.

Customer Reviews

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

Overall
7.7/10
Price
7.0/10
Features
6.7/10
Customer service
7.3/10
Convenience
7.3/10
Trust
7.0/10
Based on 209 Bank of Melbourne home loan reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

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

About Bank of Melbourne

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5.99% p.a. variable

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fixed 3 years

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Heritage Bank

Discount Variable Home Loan

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6.09% p.a. variable

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6.29% p.a. variable

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6.59% p.a.
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7.06% p.a.

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Basic Home Loan

6.14% p.a. variable

6.16% p.a.

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Mortgage Simplifier

6.14% p.a. variable

6.17% p.a.

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5.99% p.a. variable

5.90% p.a.

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Macquarie

Basic Home Loan

6.14% p.a. variable

6.16% p.a.

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6.01% p.a.

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6.29% p.a. variable

6.20% p.a.

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Flex Home Loan

6.24% p.a. variable

6.48% p.a.

Thumbnail icon for Aussie
Aussie

Elevate

6.09% p.a. variable

6.20% p.a.

Thumbnail icon for ING
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Fixed Rate Loan (with Orange Advantage)

5.99% p.a.
fixed 3 years

6.12% p.a.

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Macquarie

Offset Home Loan (Package)

6.14% p.a. variable

6.39% p.a.

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Variable

5.99% p.a.

5.90% p.a.

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan

6.14% p.a.

6.16% p.a.

Thumbnail icon for Heritage Bank
Heritage Bank

Discount Variable Home Loan

5.99% p.a.

6.01% p.a.

Thumbnail icon for Aussie
Aussie

Elevate

6.09% p.a.

6.20% p.a.

Thumbnail icon for ING
ING

Mortgage Simplifier

6.14% p.a.

6.17% p.a.

Thumbnail icon for Macquarie
Macquarie

Offset Home Loan (Package)

6.14% p.a.

6.39% p.a.

Thumbnail icon for loans.com.au
loans.com.au

Variable Home Loan 90

6.04% p.a.

6.06% p.a.

Thumbnail icon for Bendigo Bank
Bendigo Bank

Express Home Loan (Fixed)

6.04% p.a.
fixed 3 years

6.15% p.a.

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan (Fixed)

6.25% p.a.
fixed 3 years

6.20% p.a.

Thumbnail icon for Bendigo Bank
Bendigo Bank

Express Home Loan (Fixed)

6.54% p.a.
fixed 3 years

6.38% p.a.

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ubank

Flex Home Loan Fixed

5.99% p.a.
fixed 3 years

6.41% p.a.

Thumbnail icon for ING
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Fixed Rate Loan (with Orange Advantage)

5.99% p.a.
fixed 3 years

6.12% p.a.

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Macquarie

Basic Home Loan (Fixed)

6.35% p.a.
fixed 3 years

6.26% p.a.

Thumbnail icon for Bendigo Bank
Bendigo Bank

Express Home Loan (Fixed)

6.54% p.a.
fixed 3 years

6.38% p.a.

Thumbnail icon for ANZ
ANZ

Fixed Rate

6.59% p.a.
fixed 3 years

7.06% p.a.

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.

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