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Home Loan Interest rates
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.
For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. The interest rates below are for new loans. Home loan rates are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.
LVR | Annual Rate | Comparison rate^{1} |
---|---|---|
Principal & Interest | ||
Standard rate | 4.79% p.a. | 4.96% p.a. |
LVR up to 60% |
4.69% p.a. | 4.86% p.a. |
LVR above 60% up to 80% |
4.74% p.a. | 4.91% p.a. |
LVR above 80% |
4.79% p.a. | 4.96% p.a. |
Interest only | ||
Standard rate | 5.38% p.a. | 5.55% p.a. |
LVR up to 60% |
5.28% p.a. | 5.45% p.a. |
LVR above 60% up to 80% |
5.33% p.a. | 5.50% p.a. |
LVR | Annual Rate including Advantage Package^{*} Discount of 1.30% p.a. |
Comparison rate^{1} |
---|---|---|
Principal & Interest | ||
Standard rate | 3.49% p.a. | 3.90% p.a. |
LVR up to 60% |
3.39% p.a. | 3.80% p.a. |
LVR above 60% up to 80% |
3.44% p.a. | 3.85% p.a. |
LVR above 80% |
3.49% p.a. | 3.90% p.a. |
Interest only |
||
Standard rate | 4.08% p.a. | 4.48% p.a. |
LVR up to 60% |
3.98% p.a. | 4.38 % p.a. |
LVR above 60% up to 80% |
4.03% p.a. | 4.43 % p.a. |
Term | Annual Rate | Comparison rate^{1} |
---|---|---|
Principal & Interest Special offer^{^} discount of 1.82% p.a. off the Basic Home Loan rate is included in the below rates. |
||
Standard rate |
2.39% p.a. | 2.41% p.a. |
LVR up to 60% |
2.29% p.a. | 2.31%p.a. |
LVR above 60% up to 80% |
2.34% p.a. | 2.36% p.a. |
LVR above 80% |
2.39% p.a. | 2.41% p.a. |
Interest only Special offer^{^^} discount of 1.36% p.a. off the Basic Home Loan rate is included in the below rates. |
||
Standard rate | 3.44% p.a. | 3.46% p.a. |
LVR up to 60% |
3.34% p.a. | 3.36% p.a. |
LVR above 60% up to 80% |
3.39% p.a. | 3.41% p.a. |
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.
For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. The interest rates below are for new loans. Home loan rates are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.
LVR | Annual Rate | Comparison rate^{1} |
---|---|---|
Principal & Interest | ||
Standard rate | 5.37% p.a. | 5.54% p.a. |
LVR up to 60% |
5.27% p.a. | 5.44% p.a. |
LVR above 60% up to 80% |
5.32% p.a. | 5.49% p.a. |
LVR above 80% |
5.37% p.a. | 5.54% p.a. |
Interest only | ||
Standard rate | 5.66% p.a. | 5.83% p.a. |
LVR up to 60% |
5.56% p.a. | 5.73% p.a. |
LVR above 60% up to 80% |
5.61% p.a. | 5.78% p.a. |
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 rate^{1} |
---|---|---|
Principal & Interest | ||
Standard rate | 4.07% p.a. | 4.47% p.a. |
LVR up to 60% |
3.97% p.a. | 4.37% p.a. |
LVR above 60% up to 80% |
4.02% p.a. | 4.42% p.a. |
LVR above 80% |
4.07% p.a. | 4.47% p.a. |
Interest only |
||
Standard rate | 4.36% p.a. | 4.75% p.a. |
LVR up to 60% |
4.26% p.a. | 4.65% p.a. |
LVR above 60% up to 80% |
4.31% p.a. | 4.70% p.a. |
LVR | Annual Rate | Comparison rate^{1} |
---|---|---|
Principal & Interest Special offer^{^^^} 2.00% p.a. off the Basic Home Loan rate is included in the below rates. |
||
Standard rate | 2.79% p.a. | 2.81% p.a. |
LVR up to 60% |
2.69% p.a. | 2.71% p.a. |
LVR above 60% up to 80% |
2.74% p.a. | 2.76% p.a. |
LVR above 80% |
2.79% p.a. | 2.81% p.a. |
Interest only Special offer^^^^ 2.09% p.a. off the Basic Home Loan rate is included in the below rates. |
||
Standard rate | 2.99% p.a. | 3.01% p.a. |
LVR up to 60% |
2.89% p.a. | 2.91% p.a. |
LVR above 60% up to 80% |
2.94% p.a. | 2.96% p.a. |
The reference rate is your variable interest rate before any discounts. To find out your reference rate, please refer to your loan contract or contact us on 13 22 66.
Annual Rate |
Comparison rate^{1} | |
---|---|---|
Owner Occupier Standard Variable Rate | 4.79% p.a. | 4.96% p.a. |
Owner Occupier Interest Only Standard Variable Rate | 5.38% p.a. | 5.55% p.a. |
Residential Investment Standard Variable Rate | 5.37% p.a. | 5.54% p.a. |
Residential Investment Interest Only Standard Variable Rate | 5.66% p.a. | 5.83% p.a. |
Portfolio Loan Variable Rate _{Loan type not available for applications from 30 September 2021} |
6.23% p.a. | n/a |
Owner Occupier Basic Rate | 4.21% p.a. | 4.26% p.a. |
Owner Occupier Interest Only Basic Rate | 4.80% p.a. | 4.85% p.a. |
Residential Investment Basic Rate | 4.79% p.a. | 4.84% p.a. |
Residential Investment Interest Only Basic Rate | 5.08% p.a. | 5.13% p.a. |
Our Concierge will call you once you've submitted your application to help handle the rest of the process.
The Detail
Conditions, fees and credit criteria apply. Based on Bank of Melbourne’s 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:
Please read these documents and keep a copy. You can request a paper copy at a branch.
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 Terms & Conditions (PDF 140KB) apply. 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.
^{+}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 Principal and Interest Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments received from 24/03/2022. 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 04/11/2021. 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 Interest Only Promotional Rate: This offer is only available for new Residential Investment Basic Home Loan applications with Interest Only repayments received from 04/11/2021. 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.