Home Loan Interest rates

View our latest interest rates for a range of Bank of Melbourne home loans to suit your needs. Compare our variable and fixed interest rates for owner occupiers and investors.

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Our featured home loan rates

Fixed Rate Home Loan

For new Owner Occupier (Principal & Interest), Advantage Package Home Loans^*, $395 annual package fee applies. LVR⁺ above 60% up to 80%. If you’re an existing Bank of Melbourne Home Loan customer, find out how to manage your home loan.

2.04% p.a. 1 year fixed rate	3.51% p.a. Comparison rate¹
1.84% p.a. 2 year fixed rate	3.38% p.a. Comparison rate¹
1.93% p.a. 3 year fixed rate	3.30% p.a. Comparison rate¹
1.94% p.a. 4 year fixed rate	3.21% p.a. Comparison rate¹

^{T&C's apply. See comparison rate warning.}

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What to look for when choosing a rate and home loan

Home loan features

Getting the most from your home loan is easy when you understand how to use the features of your mortgage to your advantage. Read more

What is the difference between fixed and variable home loans?

Home loan calculators

Mortgage Calculator

Find out how much you may be able to borrow and the potential costs involved in buying a home.

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Home Loan Repayment Calculator

See how much you may need to pay back each week or month.

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Stamp Duty and LMI calculator

Work out how much you could pay in stamp duty and other fees.

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Tools to help you research

Property market research

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

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Compare home loans

See at a glance how fees, features and loan purposes differ by product.

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Compare interest rates

View and compare all of our current home loan interest rates.

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Understanding the home loan process

Borrowing power calculator

Estimate how much you could borrow by entering your income and expenses

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Save on your home loan

There are some great ways to save on your home loan.

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Step 1

Learn how much you could borrow.

Step 2

Receive indicative approval in under 15 minutes.

Step 3

A home loan expert will call you once you have submitted your application to talk through next steps.

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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 13 22 66.

Fixed rate home loan: The Bank will apply the fixed rate that is available at the loan settlement date or the date the fixed rate period commences. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan interest rate.

^{^}How does the refinance cashback offer work: Credit criteria, fees and charges apply. Terms and conditions available at Bank of Melbourne. $2,000 Refinance Cashback per property for new refinance applications received between 1st April 2020 to 30th June 2021 and settled by 30th September 2021. Offer available for Owner Occupier with Principal and Interest repayment and investment loans. Offer current as at 1st April 2020. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. One $2,000 Bonus Refinance Cashback for a new refinance application received between 18th September 2020 to 30th June 2021 and settled by 30th September 2021. Offer available for Owner Occupier with Principal and Interest repayments and investment loans with maximum LVR of 80%. Offer available on the Advantage Package and Basic Home Loans. Offer current as at 18th September 2020. Only 1 bonus cashback will be paid for the initial application regardless of the numbers of customers, properties or applications involved. Offer may be varied or withdrawn at any time. $250k min loan per property refinanced applies for the $2,000 refinance cashback and $2,000 bonus Refinance Cashback. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans, residential lending originated under family or company trusts. Advantage Package Terms and Conditions apply (PDF 118KB). A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. Applicants home loan repayments must be direct debited from this transaction account. Read the Bank of Melbourne transaction account terms and conditions and consider if the product is right for you. Refer to bankofmelbourne.com.au. The cashback will be paid into a Bank of Melbourne transaction account within 60 days of settlement. The transaction account must be in the same name as the home loan account and linked to the home loan at the time of settlement. This account must be kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

^*Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. An Advantage Package discount has been included in the advertised eligible rate. 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.

¹Comparison 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.

⁺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.

^#Basic Home Loan Promotional Rate: This offer is only available for new Basic Home Loan applications received from 9/03/2021. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.

The output or result of these calculators:

a. is subject to the assumptions which are subject to change;

b. is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you. If you need more information, please call 13 22 66. We recommend that you consult your financial adviser before taking out a loan;

c. does not represent either a quote or pre-qualification for a loan;

d. may not be taken into account if you apply for a loan with us as we will make our own calculations. When assessing ability to service a loan, Bank of Melbourne may use an interest rate that is higher than the current interest rate for the loan requested.

The interest rates used in the calculator:

a. are current, as indicated on our home loan interest rate pages

b. are Bank of Melbourne's standard interest rates and include any package or promotional discounts; and

c. are subject to change.

d. LVR above 60% up to 80%