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Fixed Rate Home Loan

Protect yourself from rising interest rates with a Fixed Rate Home Loan.
  • Choose a fixed interest rate term of 1 to 5 years
  • Know exactly where you stand with your budget and what you’ll need to pay
  • At the end of the fixed rate period, re-fix your interest rate for another fixed rate period or your loan will revert automatically to our standard variable interest rate
  • On investment loans, choose to pay interest in advance and get 0.2% p.a. off the fixed interest rate for the interest in advance period1.

A Bank of Melbourne home loan expert will contact you at your preferred time.

Overview

Fix your interest rate

  • Fix your interest rate from 1 to 5 years
  • Rate lock lets you secure an advertised Fixed Interest Rate for up to 3 months before your new Fixed Rate Home Loan settles or the interest rate period on your current Bank of Melbourne home loan ends2

Choice of loan term & repayments

Fixed terms up to 5 years, with a choice of principal and interest or interest based repayments.

Package and save!

You could get discounted interest rates and fees with a Bank of Melbourne Advantage Package – a package deal for your home loan, credit card and transaction account4.

For homes or vacant land

Available to owners and investors for homes or vacant land purchase.

Great features!

Features include discounted rates, redraw2, rate lock, a partial interest offset facility, repayment pause and more!

Compare

Discover your borrowing power!

Rates & Fees

Fees

Save when you package your home loan, selected credit card and transaction account with Advantage Package, an annual package fee of $395 applies.

Establishment fee

  • $6003

      or

Monthly Administration fee

  • $10

      or

Other fees and charges apply. See a complete list of fees for loan accounts.

Fixed Rate Home Loan Interest Rates

                                    Get an Advantage Package4 discount on Balances $150,000+

Special offer interest rates under our Advantage Home Loan Package# on Balances $150,000+

Term

Annual rate

Comparison rate(secured loan)

Advantage PackageDiscount

Fixed Rate with Advantage Package4

Comparison rate5

1 year fixed

% p.a.

% p.a.

% p.a.

% p.a.

% p.a.

2 year fixed

% p.a.

% p.a.

% p.a.

% p.a.

% p.a.

3 year fixed

% p.a.

% p.a.

% p.a.

% p.a.

% p.a.

4 year fixed

% p.a.

% p.a.

% p.a.

% p.a.

% p.a.

5 year fixed

% p.a.

% p.a.

% p.a.

% p.a.

% p.a.

Repayments

Repayment options for Fixed Rate Home Loans

Frequency

Choose either:

  • Principal and interest repayments, or
  • Interest based repayments

Weekly

Fortnightly

Monthly

Loans with Principal and interest repayments

yes

yes

yes

Interest based loans

no

no

yes

Additional payments

  • Make additional repayments of up to $10,000 each year on your Fixed Rate Home Loan or break costs may apply
  • Calculate what you could save by making extra payments.

Automatic repayments

Set up convenient automatic repayments from your nominated account.

Interest in advance

On investment loans, choose to pay interest in advance and get a discounted rate of 0.2% p.a. off the standard fixed interest rate1.

Features

Package and save!

You could get discounted interest rates and fees with Bank of Melbourne Advantage Package – a package deal for your home loan, credit card and transaction account.

Redraw

  • Get access to the extra repayments you make by requesting a maximum redraw of $10,000 each year2Break costs may become payable for redraw requests in excess of this amount.
  • You could save on redraw fees2 by making your request over the phone or via Internet Banking.

Lock in a fixed interest rate

Rate lock lets you secure an advertised Fixed Interest Rate for up to 3 months before your new Fixed Rate Home Loan settles or the interest rate period on your current Bank of Melbourne home loan ends2.

Family Pledge

With Family Pledge you can reduce or even avoid paying Lenders Mortgage Insurance when a parent or family member guarantees part of your home loan by using his or her own home’s equity to provide additional security for a portion of your loan account.

Consider splitting your loan

Repayment Pause

Reduce or pause your repayments for 3 to 12 months when you have a legitimate period of leave from the workforce, for example during maternity leave2.

Partial interest offset

For Fixed rate home loans you could save interest with a partial interest offset. Partial interest offset means that for the portion of the home loan equal to the balance in the linked transaction accounts, a reduced interest rate is charged.

How to apply

Apply online

Apply now. It takes just 15 minutes!

Enquire online

Enquire now and a Bank of Melbourne home loan expert will call at your preferred time.

Call us

1300 000 266 To talk with a Bank of Melbourne home loan expert, say “New Mortgage” when prompted.

Visit a branch

Find your nearest branch

What you’ll need to apply

Tips

How to apply

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 1300 000 266.

1. A discount of 0.20% p.a. will apply only if the interest in advance amount is deducted from a Bank of Melbourne transaction account.
2. Redraw, repayment pause and rate lock requests are subject to our approval. Fees apply.
3. Other upfront fees and costs may apply.
4. Advantage Package annual fee of $395 applies, other fees may be payable.  The fee savings apply for the duration of the package. Contact Bank of Melbourne to see if you are eligible to receive Advantage Package benefits.
5. The comparison rate is based on a loan of $150,000 over a 25 year term.  After the fixed rate period expires the interest rate will revert to the relevant Standard Variable rate. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.