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Owner Occupier rates for new loans

LVR stands for the initial loan-to-value ratio. The interest rates below are for new loans, and won’t change during the life of your loan as the LVR changes.

  • LVRup to 70%: you’ll get an extra 0.10% p.a. discount off our standard interest rate if you’re borrowing less than 70% of our property valuation.
  • LVR+ above 70% up to 80%: our standard interest rate applies if you're borrowing above 70% and up to 80% of our property valuation.
  • LVRabove 80%: an extra 0.30% p.a. will be applied on top of our standard interest rate if you’re borrowing above 80% of our property valuation.

 

Standard Variable Rate - Owner Occupier

LVR Annual Rate   Comparison rate1
Principal & Interest
Standard rate 8.79% p.a. 8.93% p.a.

LVR up to 70%
(Includes discount of 0.10% p.a.)

8.69% p.a. 8.83% p.a.

LVR above 70% up to 80%
(No change to standard rate)

8.79% p.a. 8.93% p.a.

LVR above 80%
(Includes margin of 0.30% p.a.)

9.09% p.a. 9.23% p.a.
Interest only
Standard rate 9.38% p.a. 9.52% p.a.

LVR up to 70%
(Includes discount of 0.10% p.a.)

9.28% p.a. 9.42% p.a.

LVR above 70% up to 80%
(No change to standard rate)

9.38% p.a. 9.52% p.a.


Standard Variable Rate
  - Owner Occupier with Advantage Package*

LVR Annual Rate including
Advantage Package* Discount
of 1.30% p.a.
Comparison rate1
Principal & Interest
Standard rate 7.49% p.a. 7.83% p.a.

LVR up to 70%
(Includes further discount of 0.10% p.a.)

7.39% p.a. 7.73% p.a.

LVR above 70% up to 80%
(No change to standard rate)

7.49% p.a. 7.83% p.a.

LVR above 80%
(Includes margin of 0.30% p.a.)

7.79% p.a. 8.12% p.a.
Interest only
Standard rate 8.08% p.a. 8.41% p.a.

LVR up to 70%
(Includes further discount of 0.10% p.a.)

7.98% p.a. 8.31% p.a.

LVR above 70% up to 80%
(No change to standard rate)

8.08% p.a. 8.41% p.a.


Basic Home Loan
 - Owner Occupier

Term Annual Rate   Comparison rate1
Principal & Interest
Special offer^ discount of 1.82% p.a. off the Basic Home Loan rate is included in the below rates.
Standard rate
6.39% p.a. 6.40% p.a.

LVR up to 70%
(Includes further discount of 0.10% p.a.)

6.29% p.a. 6.30% p.a.

LVR above 70% up to 80%
(No change to standard rate)

6.39% p.a. 6.40% p.a.

LVR above 80%
(Includes margin of 0.30% p.a.)

6.69% p.a. 6.70% p.a.
Interest only
Special offer^^ discount of 1.41% p.a. off the Basic Home Loan rate is included in the below rates.
Standard rate 7.39% p.a. 7.40% p.a.

LVR up to 70%
(Includes further discount of 0.10% p.a.)

7.29% p.a. 7.30% p.a.

LVR above 70% up to 80%
(No change to standard rate)

7.39% p.a. 7.40% p.a.

Residential
Investment rates for new loans

LVR stands for the initial loan-to-value ratio. The interest rates below are for new loans, and won’t change during the life of your loan as the LVR changes.

  • LVRup to 70%: you’ll get an extra 0.10% p.a. discount off our standard interest rate if you’re borrowing less than 70% of our property valuation.
  • LVR+ above 70% up to 80%: our standard interest rate applies if you're borrowing above 70% and up to 80% of our property valuation.
  • LVRabove 80%: an extra 0.30% p.a. will be applied on top of our standard interest rate if you’re borrowing above 80% of our property valuation.


Standard Variable Rate  - Residential Investment

LVR Annual Rate   Comparison rate1
Principal & Interest
Standard rate 9.37% p.a. 9.51% p.a.

LVR up to 70%
(Includes discount of 0.10% p.a.)

9.27% p.a. 9.41% p.a.

LVR above 70% up to 80%
(No change to standard rate)

9.37% p.a. 9.51% p.a.

LVR above 80%
(Includes margin of 0.30% p.a.)

9.67% p.a. 9.81% p.a.
Interest only
Standard rate 9.66% p.a. 9.80% p.a.

LVR up to 70%
(Includes discount of 0.10% p.a.)

9.56% p.a. 9.70% p.a.

LVR above 70% up to 80%
(No change to standard rate)

9.66% p.a. 9.80% p.a.

LVR above 80% up to 90%
(Includes margin of 0.30% p.a.)

9.96% p.a. 10.10% p.a.


Standard Variable Rate  - Residential Investment with Advantage Package*

Our Advantage Package offers a 1.30% p.a. variable interest rate discount and other product savings, for one $395 annual package fee*. Available on loans over $100,000.

LVR Annual Rate including
Advantage Package* Discount of 1.30% p.a.
Comparison rate1
Principal & Interest
Standard rate 8.07% p.a. 8.40% p.a.

LVR up to 70%
(Includes further discount of 0.10% p.a.)

7.97% p.a. 8.30% p.a.

LVR above 70% up to 80%
(No change to standard rate)

8.07% p.a. 8.40% p.a.

LVR above 80%
(Includes margin of 0.30% p.a.)

8.37% p.a. 8.69% p.a.
Interest only
Standard rate 8.36% p.a. 8.68% p.a.

LVR up to 70%
(Includes further discount of 0.10% p.a.)

8.26% p.a. 8.59% p.a.

LVR above 70% up to 80%
(No change to standard rate)

8.36% p.a. 8.68% p.a.

LVR above 80% up to 90%
(Includes margin of 0.30% p.a.)

8.66% p.a. 8.98% p.a.


Basic Home Loan
- Residential Investment

LVR Annual Rate   Comparison rate1
Principal & Interest
Special offer^^^ 2.15% p.a. off the Basic Home Loan rate is included in the below rates.
Standard rate 6.64% p.a. 6.65% p.a.

LVR up to 70%
(Includes further discount of 0.10% p.a.)

6.54% p.a. 6.55% p.a.

LVR above 70% up to 80%
(No change to standard rate)

6.64% p.a. 6.65% p.a.

LVR above 80%
(Includes margin of 0.30% p.a.)

6.94% p.a. 6.95% p.a.
Interest only  
Special offer^^^^ 2.09% p.a. off the Basic Home Loan rate is included in the below rates.
Standard rate 6.99% p.a. 7.00% p.a.

LVR up to 70%
(Includes further discount of 0.10% p.a.)

6.89% p.a. 6.90% p.a.

LVR above 70% up to 80%
(No change to standard rate)

6.99% p.a. 7.00% p.a.

LVR above 80% up to 90%
(Includes margin of 0.30% p.a.)

7.29% p.a. 7.30% p.a.

Existing Home Loan Rates

Variable Loans Reference Rates2

The reference rate is your variable interest rate before any discount or margin. To find out your reference rate, please refer to your loan contract or contact us on 1300 304 660.

  Annual Rate
Comparison rate1
Owner Occupier Standard Variable Rate 8.79% p.a. 8.93% p.a.
Owner Occupier Interest Only Standard Variable Rate 9.38% p.a. 9.52% p.a.
Residential Investment Standard Variable Rate 9.37% p.a. 9.51% p.a.
Residential Investment Interest Only Standard Variable Rate 9.66% p.a. 9.80% p.a.
Portfolio Loan Variable Rate
Loan type not available for applications from 30 September 2021
10.23% p.a. n/a
Owner Occupier Basic Rate 8.21% p.a. 8.22% p.a.
Owner Occupier Interest Only Basic Rate 8.80% p.a. 8.81% p.a.
Residential Investment Basic Rate 8.79% p.a. 8.80% p.a.
Residential Investment Interest Only Basic Rate 9.08% p.a. 9.09% p.a.

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The Detail

Conditions, 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.

Loan Accounts – Charges for specific services and accounts (PDF 33KB)

Advantage Package - Terms and Conditions (PDF 179KB)

Fixed Interest Rates: 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 interest rate.

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. Tax consequences may arise from promotions for investors and customers should seek independent advice on any taxation matters.

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.

2 For sale products only

*Advantage Package: A $395 annual package fee applies and is payable from a Bank of Melbourne Complete Freedom transaction account. Before deciding to open a Bank of Melbourne Complete Freedom account, read the Terms & Conditions, and consider if the account’s right for you. 
Terms & Conditions (PDF 179KB) apply.

**Rate Lock: Bank of Melbourne will apply the fixed rate available at the loan settlement date or the date the fixed rate term commences, unless you lock a fixed rate in on your loan using our Rate Lock feature. The fixed rate lock-in fee is 0.15% of your loan amount or $500, whichever is higher, capped at $1000 for loans up to $2M. For loans above $2M, the fixed rate lock-in fee is 0.15% of your loan amount. At the end of your fixed rate term, the interest rate will convert to our standard variable interest rate, unless a new fixed rate term’s selected and then the fixed rate is determined on the day the fixed term ends. 

***Available for Owner Occupier and Investment Property Loans with Principal & Interest and Interest only repayments.

+LVR stands for the initial loan to value ratio. 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 won’t change during the life of the loan as the LVR changes.

^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 24/11/2023. 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 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 24/11/2023. 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 24/11/2023. 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.