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Why choose a Standard Variable Rate Home Loan?

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 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.

New Owner Occupier Loans

  • 3.19% p.a

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

  • 3.62% p.a

    Comparison rate*

New Residential Investment Loans

  • 3.77%p.a

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

  • 4.18% p.a

    Comparison rate*


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 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.

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.

  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 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 Bank’s 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.