Basic variable home loan
Why choose our Basic Home Loan?
A no frills loan
A home loan with a lower variable interest rate1, useful for anyone who doesn’t want to pay for features they won’t use.
Make extra repayments at no extra cost
Pay off your loan sooner and save on interest.
$0 Monthly loan account fee
And a $0 lending establishment fee if you borrow more than $150k2 (see fees section).
If you have made any extra repayments, you have access to redraw them.3
You could use the equity in a family member’s home to help you on your home buying journey and maximise the amount you can borrow.
Take a break from repayments
You may be able to pause or reduce your repayments for a set period (keep in mind after the break your repayments may be higher for the rest of your loan term).3
New Owner Occupier Loans
3.79% p.a Basic Home Loan Variable rate.
Principal & Interest repayments.**
Rate includes 1.87% p.a. discount off the Basic Home Loan rate for new loans.
LVR+ above 60% up to 80%
3.80% p.a Comparison rate*
New Residential Investment Loans
4.19% p.a Basic Home Loan Variable rate.
Principal & Interest repayments.***
Rate includes 2.05% p.a. discount off the Basic Home Loan rate for new loans.
LVR+ above 60% up to 80%
4.20% p.a Comparison rate*
$0Lending establishment fee if loan amount is greater than $150,0002.
$0 Loan account fee
Switch to fixed in three easy steps
Desktop: Go to Switch to a fixed rate home loan.
App: Go to Services, then tap Switch to fixed rate.
Get 4K cashback when you refinance
Cashback^ When you Refinance
$4,000 Refinance Cashback per primary applicant for applications received between 8th December 2021 - 31st October 2022 and settled by 31st January 2023. Limit of one $4,000 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.
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.
For the $4,000 cashback offer, tax consequences may arise for investors and you should seek independent advice.
Start your application online
Our Concierge will call you once you've submitted your application to help handle the rest of the process.
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.
*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.
** 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 20/07/2022. 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.
*** 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 20/07/2022. 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.
#Advantage Package 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.
1. As compared to our standard variable interest rate.
2.Upfront fees and other fees and charges may apply.
3. Redraw and rate lock requests are subject to our approval. Fees apply for rate lock.
+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. 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.