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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 interest on your home loan.
Redraw
Redraw funds from any extra payments you have made, when you need it2.

You also get…

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 avoid paying lender's mortgage insurance. Learn more

Package and save

With a Bank of Melbourne Advantage Package you could get discounted interest rates and fees when you package your home loan, credit card and transaction account1.

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

Option to split your loan

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

Owner occupier

  • 4.45% p.a

    Standard Variable Rate
    with Advantage Package.
    Principal & Interest repayments.4

  • 4.85% p.a

    Comparison rate*

Investing in Property

  • 5.03%p.a

    Standard Variable Rate
    with Advantage Package
    Principal & Interest repayments.4

  • 5.42% p.a

    Comparison rate*

     

Fees

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.
Advantage package
Terms and Conditions.

Start your journey online

Learn how much you could borrow, without knowing the loan type.
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A home loan expert will call to talk you through your options.

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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.

* 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.

  1. Advantage Package annual fee of currently $395 applies, other fees may be payable. The fee savings apply for the duration of the package.

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

  3. Other upfront fees and costs may apply

  4. Rate includes 0.75% p.a Advantage Package Limited Time Special Discount, applicable for loans with total borrowing amounts of $250,000 to $499,999. These special interest rate discounts are only available for Standard Variable Rate and Portfolio Variable Rate Advantage Package Home Loans. These are current offers and may be withdrawn at any time. These special interest rate discounts are instead of, and cannot be taken in addition to the standard Advantage Package discounts. If you apply after the end of this offer the standard Advantage Package discounts which will apply are available at https://www.bankofmelbourne.com.au/personal/home-loans/home-loan-interest-rates