Standard Variable Rate Home Loan

Flexibility and great features with a Standard Variable Rate Home Loan!

Limited time offer:

  • Save up to 0.90 % p.a. off our standard variable rate under the Advantage Package for loans of $750,000 or more*
  • Get a competitive variable interest rate without being locked in for a set term
  • Full interest offset facility to help you save interest on your home loan
  • Request to redraw funds from your extra payments, when you need it1.

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

Competitive interest rate

Get a competitive variable interest rate.

Choice of loan term & repayments

Choice of term up to 30 years for principal and interest repayments or up to 5 years for interest only repayments on Owner Occupier## loans and up to 10 years for interest only repayments on Residential Investment### loans

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.

For properties, vacant land or building

Available for property or vacant land purchase, and for building.

Great features!

Features include full interest offset, redraw, repayment pause and more!


Discover your borrowing power!


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

  • $6002


  • $0 with Advantage Package3

Monthly administration fee

  • $10


  • $0 with Advantage Package3

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

Owner occupier interest rates

Balances Standard Variable Rate   Comparison rate1
Principal & Interest
All balances 5.22% p.a. 5.39% p.a.
Interest only
All balances
5.34% p.a. 5.51% p.a.

Residential investment interest rates

Balances Standard Variable Rate   Comparison rate1
Principal & Interest
All balances 5.47% p.a. 5.64% p.a.
Interest only
All balances
5.59% p.a. 5.76% p.a.

Repayment options for Standard Variable Rate Home Loans


Choose either:

  • Principal and interest repayments for up to 30 years, or
  • Interest only repayments for up to 5 years for Owner Occupier## home loans and 10 years for Residential Investment### home loans




Loans with Principal and interest repayments




Loans with Interest only repayments




Additional payments

  • Make additional payments at any time at no cost
  • Calculate what you could save by making extra payments.

Automatic repayments

Set up convenient automatic repayments from your nominated Bank of Melbourne bank account.

Choose the features you need

Provides interest rates discounts, fee reductions or waivers, discounts on home/investment loans as well as other useful day to day banking products like transaction accounts, transaction accounts, credit cards, insurance and wealth management products.

An interest offset account is a transaction account linked to a home loan which reduces the interest charged on the home loan. No credit interest will be earned on the balance in the linked transaction account.

Pay off your loan earlier and pay less interest by making additional repayments. You have same day access to redraw your extra repayments (no fee applies). Redraw fee may apply depending on the product (and/or means by which the redraw is made). Any party to the loan can access the available redraw amount.  The bank has a discretion to suspend redraws. Limits apply to extra repayments.

Uses the equity in a family member’s home to reduce or eliminate the need for lenders mortgage insurance. The value of the pledge is limited to the amount needed (when combined with your deposit) so that it equals 20% of the value of the property being purchased. Legal advice is required for the family pledge guarantor.

Consider splitting your loan

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).

Apply online

Apply now. It takes just 10 minutes!

Enquire online

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

Call us

13 22 66

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


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 13 22 66.

## Excludes Investment loan applications where the principal property securing the loan will be used to derive rental income or where the loan application purpose is to invest in real estate or to construct or make property improvements to an investment property. 

### Excludes loan applications for owner occupier purposes (where the owner owns the property in which they live or intend to live in). Includes Investment loan applications where the principal property securing the loan will be used to derive rental income or where the loan application purpose is to invest in real estate or to construct or make property improvements to an investment property. Refer to or call us for more information on current offers available.

1. Redraw and repayment pause requests are subject to our approval. Fees apply.
2. Other upfront fees and costs may apply.
3. 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.
4. The comparison rate is based on a loan of $150,000 over a 25 year term. 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.
5. Lender’s Mortgage Insurance is generally payable on loans exceeding 80% of the value of your property.

* Credit criteria fees and charges apply. Terms and conditions are available on request.  Advantage Package Conditions of Use apply and are available upon request. Advantage Package annual fee, currently $395, is payable from an eligible Bank of Melbourne transactional account.

Special interest rate discounts: In addition to the conditions set out above, the following interest rate discounts are only available in Advantage Package for Standard Variable Rate Loans and Portfolio Variable Rate Loans and for the following loan amounts: Loans between $150,000 and $249,999, % p.a. discount, for loans between $250,000 and $499,999, % p.a. discount, between $500,000 and $749,999, % p.a. discount. For loans greater than $750,000, % p.a. will be applied. Special rate discounts include the standard Advantage Package discount of % p.a. discount and do not apply to internal refinances and are not transferrable between loans. If you apply outside of the offer period, standard Advantage Package discounts will apply which are available at

There may be tax consequences arising from this promotion for our business customers and rental property investors. This is not taxation advice. Customers should seek independent taxation advice on any taxation matters.

Bank of Melbourne – A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. (03/12).