Skip to main content Skip to main navigation Skip to accessibility page Skip to search input

Home Loans

COVID-19 Home Loan support

We’re here to support Australia through the good and tough times. Here's how we're helping home loan customers today.

Find out how to make changes to your home loan

Here's how it works

default
Do it your way
Get your home loan online, over the phone or face-to-face. Whatever suits you.
default
Paperless process
Paperwork. Yuck. Use our step-by-step online process to apply instead.
default
Get your own rate
We'll personalise an interest rate to you as soon as you finish your application.
default
Ask us anything
Not a home loan expert? Don't worry - we are. Ask our Concierge today.

$3k cashback for switching to us


$2k

Cashback^
Per property refinanced


For new Owner Occupier with Principal & Interest repayments and Investment loans. Available on our Basic and Advantage Package home loans, with a $395 annual package fee. $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 30 Sep 2020, and settle by 30 Nov 2020. Only 1x $2k cashback per property refinance will be paid regardless of the number of loans involved.


Looking to refinance?

+$1k

Bonus cashback^
New Owner Occupiers
applying online


Owner Occupier? Get two bites of the cherry if you apply online, for new Owner Occupier with Principal & Interest repayments. Available on our Basic and Advantage Package home loans, with a $395 annual package fee. $250k min loan per property refinanced. LVR up to 80% at time of approval. Excludes refinances from within Westpac Group. Apply by 27 Aug 2020, and settle by 30 Sep 2020. T&Cs and exclusions apply. Only 1x $1k bonus cashback will be paid regardless of the numbers of customers, properties or applications involved ^.

 

FAQs

You may be able to get one or both of these offers, based on how you apply and whether you're living in your property (Owner Occupier).

  • $2,000 Refinance Cashback per property for applications received between 1 April – 30 Sept 20, and settled by 30 Nov 20. For applications submitted online, in branch, over the phone or with a broker. You can refinance any number of properties.
  • + one-off $1,000 Bonus Cashback for Owner Occupiers applying to switch online between 17 July – 30 Aug 20, and settled by 30 Sept 20.

Example of how the two Cashback offers works:
 

Home loan scenario Total cashback for eligible Investors Total cashback for eligible Owner-Occupiers
I’m switching 1 property online

You’ll receive $2,000 Cashback

  • $2k Refinance Cashback per property x1
  • Ineligible for $1k Bonus Cashback (Owner Occupier)

You’ll receive $3,000 Cashback

  • $2k Refinance Cashback per property x1
  • + $1k Bonus Cashback x1 max
I’m switching 2 properties online

You’ll receive $4,000 Cashback

  • $2k Refinance Cashback per property x2
  • Ineligible for $1k Bonus Cashback (Owner Occupier)

You’ll receive $5,000 Cashback (your other property is an investment)

  • $2k Refinance Cashback per property x2
  • + $1k Bonus Cashback x1 max

The cashbacks will be paid into a Bank of Melbourne  transaction account within 60 days of settlement. This account must be linked to your home loan at the time of settlement, and kept open for 60 days afterwards.

For the $2,000 cashback offer, tax consequences may arise for investors and you should seek independent advice.

 

 

Start your application online

Learn how much you could borrow.
Receive indicative approval in under 15 minutes.
Our Concierge will call you once you've submitted your application to help handle the rest of the process.
Bank of the Year - CANSTAR 2020 - First Home Buyers


Winner of Bank of the Year for First Home Buyers

  • Awarded 2020 Canstar Bank of the Year – First Home Buyers
  • Recognised for offering outstanding value and outstanding planning, application, settlement and management of your home loan.

Free property report

Discover what you need to know about the property trends in your suburb or the estimated value of a property you're looking to buy.

Explore more

 

Fixed Rate Home Loan

One low rate, fixed from 1-3 years.

For New Owner Occupier (Principal & Interest) Advantage Package Home Loans#, $395 annual package fee applies. LVR+ above 60% up to 80%. These rates do not apply to existing fixed rate loans.

 

2.24% p.a.
1 year fixed rate
3.53% p.a.
Comparison rate*
2.24% p.a.
2 year fixed rate
3.45% p.a.
Comparison rate*
2.24% p.a.
3 year fixed rate
3.38% p.a.
Comparison rate*

 

T&C's apply. See comparison rate warning.

The Detail

Credit criteria, fees and charges apply. Based on Bank of Melbourne’s credit criteria, residential lending is not available for Non-Australian resident borrowers. Interest rates subject to change

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.

*Comparison Rate: The comparison rate is based on a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

** Eligibility conditions apply. Bank of Melbourne Home Loan customers who wish to apply for these special relief measures or need assistance should contact Bank of Melbourne Assist on 1800 600 266 or speak with their Relationship Manager. Mobile Westpac Group Support teams will also be available in bushfire affected towns and regions.

+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan. Any applicable LVR discount has been included in the advertised eligible rate.

#Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. The discount and fee savings apply for the duration of the package. Before deciding to acquire a Bank of Melbourne transaction account, read the terms and conditions and consider if the product is right for you.