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Not a home loan expert? Don't worry - we are. Call our Concierge on 03 8664 0250 today.
Do it your way
Get your home loan online, over the phone, via video call, or where permitted, face to face.
Get your own rate
We'll personalise an interest rate to you as soon as you finish your application.
Paperless process
Try our completely digital, step-by-step mortgage process.

What do you need to think about when buying your first home?

Repayments and budgeting

Before you apply, think about how your repayments fit within your budget. Our repayment calculator could help.

Calculate your repayments

Borrowing power

Estimate how much you could borrow by entering your income and expenses into our borrowing power calculator.

See how much you could borrow

Purchase costs

Our stamp duty and lenders mortgage insurance calculator could help you estimate these property purchase costs.

Estimate costs

Property reports

Check sales histories, estimated values and suburb trends with our online Property Market Research tool.

Research the property market

Understanding the process

While it’s an exciting time, the process of buying your first home can be a bit daunting too. From finding a solicitor to settlement, here are 5 things you need to know.

Read article

How do I get started

There are many things to consider when buying your first home. Find out more about guarantor loans, home buyer grants and lenders mortgage insurance.

Read article

Don’t quite have a 20% deposit?

First home buyer
Get into your first home sooner with a minimum deposit of 15% of the property’s bank valuation. 
Reduced LMI
Reduce the cost of your Lenders Mortgage Insurance (LMI) to $1 – you could save thousands.
Owner Occupier with Principal & Interest repayments. Max loan size $850k. LVR+ up to 85% at time of approval. T&Cs and exclusions apply^.

FAQs on our first home buyer LMI offer

You can reduce the cost of Lenders Mortgage Insurance (LMI) to $1 if you’re an eligible first home buyer. You’ll need to contribute a minimum deposit of 15% of the property’s bank valuation to be eligible. And submit your home loan application either online, in-branch with our lending experts, or with your broker, who’ll chat about your eligibility and how best to tailor your loan.

Once your application’s been approved, the Bank of Melbourne team will apply this home loan offer by reducing your LMI to $1, which will be reflected in your Loan Offer Documents. 

It’s important to keep in mind this offer can be withdrawn or varied at any time. You’ll find the rest of the offer details and eligibility criteria at the bottom of the page under ‘The Detail’.

The bank for first home buyers

We focus on outstanding value: Canstar 2020 Bank of the Year for First Home Buyers, 5-Star Home Lender and 5-Star Fixed Home Lender.

Start your application online

Learn how much you could borrow.
Receive indicative approval in under 15 minutes.
A home loan expert will call you once you have submitted your application to talk through next steps.

Our Home Loans

We offer a range of mortgages to suit your needs with competitive interest rates.

Some key features

Learn about the different features of your home loan and see how they could affect you.

The Detail

Credit criteria, fees and charges apply. Based on Bank of Melbourne credit criteria, residential lending is not available for Non-Australian resident borrowers.

Before making a decision, it’s best to read the terms and conditions:

Residential Loan Agreement – General Terms and Conditions (PDF 344KB)

Loan Accounts – Charges for specific services and accounts (PDF 841KB)

Advantage Package - Terms and Conditions (PDF 118KB)

^LMI offer: This offer is available for first home buyers applying for their first home loan who have 15% of the property’s value as a deposit (in other words, an LVR of up to 85% at time of approval). The minimum deposit requirements are based on the bank’s valuation of the property. Your application will be assessed and, once approved, you’ll be charged LMI of $1.00. This will be reflected within the Loan Offer Documents. This offer isn’t an LMI waiver. LMI is subject to approval and you must adhere to LMI obligations during the loan agreement. Available for Owner Occupier loans with Principal & Interest repayments only. Offer current as of 27 July 2020 and may be varied or withdrawn at any time. Maximum loan size of $850k. Only one property to be financed per application. First Home Buyers are applicants applying for their first home loan for their first property. For joint applications, only one applicant must be a first home buyer. Offer not available for Owner Occupier Interest Only loans, or residential lending originated under family or company trusts. Offer not available in conjunction with Family Pledge option. Excludes Residential Investment Loans, Portfolio Loans, Constructions Loans, switches and refinances of home loans within the Westpac Group, including St.George, Westpac, Bank of Melbourne, BankSA and RAMS. LMI is issued to Westpac Banking Corporation ABN 33 007 457 141 by either Westpac Lenders Mortgage Insurance Limited ABN 60 074 042 934, Australian credit licence 388077 a subsidiary of Westpac, or another LMI insurer. This information does not take into account your personal circumstances.

+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the Bank’s 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.

#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.