Basic home loan

Why?
Features
Rates & fees
Insurance

Apply online Apply online

Why choose a Basic Home Loan?

No monthly fees and a lower interest rate

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 service fee

And a $0 establishment fee if you borrow more than $150k³ when making Principal & Interest repayments (see fees section).

You also get…

No-frills low rate loan

Designed for someone who wants a no-frills, basic home loan.

Redraw facility

If you have made any extra repayments, you have access to redraw them. (fees apply)².

Learn more

Flexible repayments

Choose to make your repayments weekly, fortnightly or monthly.

Family Pledge

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.
Learn more

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).²

New Owner Occupier Loans

2.64% p.a Basic Home Loan Variable rate.
Principal & Interest repayments.^**
Rate includes 1.27% p.a. discount off the Basic Home Loan Rate.
LVR⁺ above 60% up to 80%
2.66% p.a Comparison rate*

New Residential Investment Loans

3.09% p.a Basic Home Loan Variable rate.
Principal & Interest repayments.^***
Rate includes 1.40% p.a. discount off the Basic Home Loan Rate.
LVR⁺ above 60% up to 80%
3.11% p.a Comparison rate^*

Fees

$0 Establishment Fee if loan amount is greater than $150,000² for customer making Principal & Interest repayments only.
$0 Monthly administration fee

Calculators

View all calculators

View all rates

See all home loan interest rates

Got insurance?

Home and Contents Insurance helps you get back on your feet if your home or personal belongings are affected in an unforeseen event. Plus save up to 25%.^

Learn more

Refinance cashback offer

$2k

Cashback per property^ refinanced

For new Owner Occupier with Principal & Interest repayments and Investment loans. Available on our Advantage Package and Basic home loans. $395 annual package fee. $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 31 July 2020, and settled by 30 September 2020.

Looking to refinance?

What else do I need to know?

^$2,000 Refinance Cashback. Credit criteria, fees and charges apply. Terms and conditions available at Bank of Melbourne. For new refinance applications received between 1 April 2020 to 31 July 2020 and settle by 30 September 2020. Offer available on the Advantage Package and Basic Home Loans for Owner Occupier with Principal and Interest repayments and Investment Loans. Offer current as at 1 April 2020. Offer may be varied or withdrawn at any time 250k min loan per property refinanced. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans or residential lending originated under family or company trusts. Advantage Package terms and conditions apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. Applicants home loan repayments must be direct debited from this transaction account. Read the Bank of Melbourne transaction account terms and conditions and consider if the product is right for you. The cashback will be paid into a Bank of Melbourne transaction account within 60 days of settlement. The transaction account must be linked to the home loan at the time of settlement and kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

The Detail

Conditions, fees and credit criteria apply. Before making a decision, it’s best to read the terms and conditions.

Residential Loan Agreement

General Terms and Conditions.

Loan Accounts

Charges for specific services and accounts.

Start your application online

Learn how much you could borrow.

Receive indicative approval in under 15 minutes.

A home loan expert will call you once you have submitted your application to talk through next steps.

Request a call back

Our Concierge will call you back at a time that suits you, Monday to Saturday

Face to face

Find your nearest branch or mobile lender.

Not right? Try these

Advantage Package

Package & save

Fixed Rate

Lock in your rate

Find More

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.

* 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 Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments received from 5 June 2020. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within St.George, Bank of Melbourne and BankSA. This offer may be varied or withdrawn at any time. Interest rates subject to change.

^*** Basic Home Loan Promotional Rate: This offer is only available for new Residential Investment Basic Home Loan applications with Principal and Interest repayments received from 5 June 2020. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within St.George, Bank of Melbourne and BankSA. This offer may be varied or withdrawn at any time. Interest rates subject to change.

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 (PDF 112KB), and consider if the product is right for you.

1. As compared to our standard variable interest rate.

2. Redraw, repayment pause and rate lock requests are subject to our approval. Fees apply.

3.Upfront fees and other fees and charges may apply.

⁺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.

^Quote and buy online and save 15% off your annual premium for the first year with promotional code COVER. Plus, save a further 10% when you combine home and contents located at the same address under one policy.

Home and Contents Insurance is issued by Westpac General Insurance Limited ABN 99 003 719 319 (except workers compensation cover where applicable). Bank of Melbourne – a Division of Westpac Banking Corporation ABN 33 007 457 141 (the Bank) distributes the insurance, but does not guarantee the insurance.

COVID-19 Updates