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Fixed Rate Home Loan

Protect yourself from rising interest rates with a Fixed Rate Home Loan

  • Choose a fixed interest rate term of 1 to 5 years
  • Know exactly where you stand with your budget and what you’ll need to pay
  • At the end of the fixed rate period, re-fix your interest rate for another fixed rate period or your loan will revert automatically to our standard variable interest rate
  • On investment loans, choose to pay interest in advance and get 0.2% p.a. off the fixed interest rate for the interest in advance period1.

 

A Bank of Melbourne home loan expert will contact you at your preferred time.

Fix your interest rate

  • Fix your interest rate from 1 to 5 years
  • Rate lock – lets you secure an advertised Fixed Interest Rate for up to 3 months before your new Fixed Rate Home Loan settles or the interest rate period on your current Bank of Melbourne home loan ends2

Choice of loan term & repayments

Fixed terms up to 5 years, with a choice of principal and interest or interest based repayments

Package and save!

You could get discounted interest rates and fees with a Fixed Rate Home Loan as part of your Bank of Melbourne Advantage Package – a package deal for your home loan, credit card and transaction account4

For homes or vacant land

Available to owners and investors for homes or vacant land purchase

Great features!

Features include discounted rates, redraw2, rate lock, a partial interest offset facility, repayment pause and more!

Compare

Discover your borrowing power!

Fees
Save when you package your home loan, selected credit card and transaction account with Advantage Package, an annual package fee of $395 applies.
Establishment fee
  • $6003
or
Monthly Administration fee
  • $10
or
Other fees and charges apply. See a complete list of fees for loan accounts.
Fixed Rate Home Loan Interest Rates
Get an Advantage Package4 discount on Balances $150,000+
Term Annual rate Comparison rate5 (secured loan) Advantage Package4 Discount Fixed Rate with Advantage Package4 Comparison rate5
1 year fixed  p.a.  p.a.  p.a.  p.a.  p.a.
2 year fixed  p.a.  p.a.  p.a.  p.a.  p.a.
3 year fixed  p.a.  p.a.  p.a.  p.a.  p.a.
4 year fixed  p.a.  p.a.  p.a.  p.a.  p.a.
5 year fixed  p.a.  p.a.  p.a.  p.a.  p.a.

Repayment options for Fixed Rate Home Loans
Frequency Choose either:
  • Principal and interest repayments, or
  • Interest based repayments
  Weekly Fortnightly Monthly
Loans with Principal and interest repayments      
Interest based loans      

Learn more:

Additional payments
  • Make additional repayments of up to $10,000 each year on your Fixed Rate Home Loan or break costs may apply
  • Calculate what you could save by making extra payments.
Automatic repayments Set up convenient automatic repayments from your nominated account
Interest in advance On investment loans, choose to pay interest in advance and get a discounted rate of 0.2% p.a. off the standard fixed interest rate1

Package and save!

Redraw

  • Get access to the extra repayments you make by requesting a maximum redraw of $10,000 each year2 Break costs may become payable for redraw requests in excess of this amount.
  • You could save on redraw fees2 by making your request over the phone or via Internet Banking.

 

Lock in a fixed interest rate

  • Rate lock lets you secure an advertised Fixed Interest Rate for up to 3 months before your new Fixed Rate Home Loan settles or the interest rate period on your current Bank of Melbourne home loan ends2

Family Pledge

  • With Family Pledge  you can reduce or even avoid paying Lenders Mortgage Insurance when a parent or family member guarantees part of your home loan by using his or her own home’s equity to provide additional security for a portion of your loan account

Consider splitting your loan

Repayment Pause

Partial interest offset

For Fixed rate home loans you could save interest with a partial interest offset. Partial interest offset means that for the portion of the home loan equal to the balance in the linked transaction accounts, a reduced interest rate is charged.

Apply online

Apply online. It takes just 15 minutes!

Enquire online

Enquire now and a Bank of Melbourne home loan expert will call at your preferred time

Call us

1300 000 266 To talk with a Bank of Melbourne home loan expert, say “New Mortgage” when prompted.

Visit a branch

Find your nearest branch

What you’ll need to apply

Tips

The Detail

Conditions, fees and credit criteria apply.
Before making a decision, it’s best to read the terms and conditions:

Please read these documents and keep a copy. You can request a paper copy at a branch.

The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it’s right for you. If you need help, call 1300 000 266.

1 A discount of 0.20% p.a. will apply only if the interest in advance amount is deducted from a Bank of Melbourne transaction account.
2 Redraw, repayment pause and rate lock requests are subject to our approval. Fees apply.
3 Other upfront fees and costs may apply.
4Advantage Package annual fee of $395 applies, other fees may be payable.  The fee savings apply for the duration of the package. Contact Bank of Melbourne to see if you are eligible to receive Advantage Package benefits.
5 The comparison rate is based on a loan of $150,000 over a 25 year term.  After the fixed rate period expires the interest rate will revert to the relevant Standard Variable rate. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate..