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Why choose a Standard Variable Rate Home Loan?

Flexibility

Make unlimited additional repayments to pay off your loan sooner, with no break costs to pay in the event of early repayment.

Offset account

Full interest offset facility to help you save on interest on your home.

Redraw

Redraw funds from any extra payments you have made, when you need it2.

Option to split your loan

Make part of your loan a fixed interest rate and part a variable interest rate.

Family Pledge

You could use the equity in a family member's home to guarantee part of your home loan. 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

  • 3.19% p.a

    Standard Variable Rate
    with Advantage Package.1
    Principal & Interest repayments.4
    LVR+ above 60% up to 80%

  • 3.61% p.a

    Comparison rate*

New Residential Investment Loans

  • 3.77% p.a Standard Variable Rate
    with Advantage Package1
    Principal & Interest repayments.4
    LVR+ above 60% up to 80%
  • 4.18% p.a

    Comparison rate*

Fees

  • $600 Establishment Fee3
  • $10 Monthly administration fee
  • OR
  • $0 with Advantage Package1

Get 3K cashback when you refinance


$3K

Cashback^ When you Refinance


Apply by 30th November 2021, and settle by 28th February 2022. Owner Occupier (P&I repayments) and Residential Investment loans, with LVR less than 90%. Available on home loans with our Advantage Package ($395 annual package fee) and our Basic Home Loan (no annual fee). $250k min loan. Only one $3K cashback offer available per primary applicant within a 12 month period. Excludes refinances from within Westpac Group.^

 

FAQs

$3,000 Refinance Cashback per primary applicant for applications received between 1st July 2021 - 30th November 2021 and settled by 28th February 2022. Limit of one $3,000 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 $3,000 cashback offer, tax consequences may arise for investors and you should seek independent advice.

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.

Compare our home loans

See at a glance how features differ by product.

Compare our home loans

Home loan interest rates

View our latest interest rates for a range of Bank of Melbourne home loans to suit your needs. Compare our variable and fixed interest rates for owner occupiers and investors.

View interest rates

The Detail

Credit criteria, fees and charges apply. Interest Rates are subject to change. Based on Bank of Melbourne credit criteria, residential lending is not available for Non-Australian resident borrowers.

Before making a decision, it’s best to read the terms and conditions:

Residential Loan Agreement – General Terms and Conditions (PDF 286KB)

Loan Accounts – Charges for specific services and accounts (PDF 65KB)

Advantage Package - Terms and Conditions (PDF 137KB)

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. Tax consequences may arise from promotions for investors and customers should seek independent advice on any taxation matters.

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.

  1. 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, and consider if the product is right for you.

  2. Redraw and repayment reduction are subject to bank approval. 

  3. Other upfront fees and costs may apply

  4. Rate includes 1.30% p.a. standard Advantage Package discount, applicable for loans with total borrowing amounts above $100,000.

+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.

^How does the refinance cashback offer work: Conditions, credit criteria, fees, charges, eligibility criteria and exclusions apply. Apply between 1st July 2021 to 30th November 2021 and settle by 28th February 2022 for refinance applications. Offer may be varied or withdrawn at any time. Min loan amount $250k and LVR must be less than 90% (LMI may apply). Offer available for Owner Occupier with Principal & Interest repayments and Residential Investment Loans (Principal and Interest & Interest Only repayments). Advantage Package ($395 annual package fee and T&Cs apply) and Basic Home Loans. Limit of one $3,000 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. Excludes Owner Occupier Interest Only, Portfolio Loans, residential lending originated under family or company trusts and refinances within Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA and RAMS). The cashback will be paid into a Bank of Melbourne transaction account within 60 days of settlement. This account must be in the same name as the home loan account and linked to the home loan at settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters. 

^^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 Allianz Australia General Insurance Limited ABN 99 003 719 319, which is a corporate authorised representative of Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz Insurance). Bank of Melbourne – a Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 arranges the insurance under a distribution arrangement with Allianz Insurance, but does not guarantee the insurance. This information does not take into account your personal circumstances. Read the Product Disclosure Statement (PDF 630KB) to see if this insurance is right for you. Call 13 22 66 or visit bankofmelbourne.com.au/insurance.