Back to home loans

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.

Apply online
Retrieve application


Our featured home loan rates

 

Fixed Rate Home Loan

For new Owner Occupier (Principal & Interest) packaged* 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
2.03% p.a.
3 year fixed rate		 3.32% p.a.
Comparison rate1
2.54% p.a.
4 year fixed rate		 3.40% p.a.
Comparison rate1
2.84% p.a.
5 year fixed rate		 3.47% p.a.
Comparison rate1

 

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

Get started Find out more

What to look for when choosing a rate and home loan

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

Home loan calculators

Mortgage Calculator

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

Calculate borrowing power

Home Loan Repayment Calculator

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

Calculate repayments

Stamp Duty and LMI calculator

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

Calculate stamp duty

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.

Explore more

Compare home loans

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

Compare our home loans

Compare interest rates

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

Compare interest rates


Understanding the home loan process

Borrowing power calculator

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

Calculate borrowing power

Save on your home loan

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

Find out more

Start your application online

Learn how much you could borrow.
It should only take around 20 minutes to apply.

Our Concierge will call you once you've submitted your application to help handle the rest of the process.

Get started

 

Already started an online application with us? Retrieve your application.

Request a call back

A Bank of Melbourne home loan expert will call you back.

Call us on

13 22 66

To talk with a Bank of Melbourne home loan expert, say "New home loan" when prompted.

Find a lender

Find your nearest branch or mobile lender

Find a lender

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: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st July 2021 to 30th November 2021 and settle by 28th February 2022 for refinance applications. Offer may be varied or withdrawn at any time. Min loan amount $250k and LVR must be less than 90% (LMI may apply). Offer available for Owner Occupier with Principal & Interest repayments and Residential Investment Loans (Principal and Interest & Interest Only repayments). Advantage Package ($395 annual package fee and T&Cs apply) and Basic Home Loans. Limit of one $3,000 cashback payment regardless of the number of applications, applicants, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant. Excludes Owner Occupier Interest Only, Portfolio Loans, residential lending originated under family or company trusts and refinances within Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS). The cashback will be paid into a Bank of Melbourne transaction account within 60 days of settlement. This account must be in the same name as the home loan account and linked to the home loan at 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.

1 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.

+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 Rates: 

Basic Home Loan Promotional Principal and Interest Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments received from 24/08/2021. 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.

 Residential Investment Basic Principal and Interest Promotional Rate: This offer is only available for new Residential Investment Basic Home Loan applications with Principal and Interest repayments received from 24/08/2021. 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.

 Basic Home Loan Promotional Interest Only Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Interest Only repayments received from 26/10/2020. 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.

 Residential Investment Basic Interest Only Promotional Rate: This offer is only available for new Residential Investment Basic Home Loan applications with Interest Only repayments received from 28/09/2021. 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%