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Basic home loan. No-frills rate.

  • 6.29% p.a. variable rate (LVR+ up to 70%)
  • 6.30% p.a. Comparison rate1

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 & suburb reports

Search a property or suburb for sales histories, estimated value, expected rent and local amenities, with our full online Property Reports.

Search address or suburb

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.

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)

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. 

^^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. 

*Advantage Package Terms & Conditions (PDF 179KB) 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. 

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

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. 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 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 24/11/2023. 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 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.

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 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.

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.