Home Loans

Home Loan Refinance

Refinance with Bank of Melbourne and you could save.

Apply online
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Why refinance your home loan with us?

Look for a better rate
Refinancing your home loan could help you save on interest with a lower variable or fixed interest rate.
Unlock cashback
Get $2,000 for each property you refinance plus a bonus $1,000 for owner occupiers applying online. Terms, conditions, fees and exclusions apply.^
Make it easy for yourself
Our paperless application makes it simple for you to refinance online, in branch or over the phone.
Settle in less than a week
Your home loan refinance could be completed within 5 business days once we receive your documentation.

$3k cashback for switching to us

$2k

Cashback^
Per property refinanced


For new Owner Occupier with Principal & Interest repayments and Investment loans. Available on our Basic and Advantage Package home loans, with a $395 annual package fee. $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 30 Sep 2020, and settle by 30 Nov 2020. Only 1x $2k cashback per property refinance will be paid regardless of the number of loans involved.

 

+$1k

Bonus cashback^
New Owner Occupiers
applying online


Owner Occupier? Get two bites of the cherry if you apply online, for new Owner Occupier with Principal & Interest repayments. Available on our Basic and Advantage Package home loans, with a $395 annual package fee. $250k min loan per property refinanced. LVR up to 80% at time of approval. Excludes refinances from within Westpac Group. Apply by 27 Aug 2020, and settle by 30 Sep 2020. T&Cs and exclusions apply. Only 1x $1k bonus cashback will be paid regardless of the numbers of customers, properties or applications involved ^.

 

FAQs

You may be able to get one or both of these offers, based on how you apply and whether you're living in your property (Owner Occupier).

  • $2,000 Refinance Cashback per property for applications received between 1 April – 30 Sept 20, and settled by 30 Nov 20. For applications submitted online, in branch, over the phone or with a broker. You can refinance any number of properties.
  • + one-off $1,000 Bonus Cashback for Owner Occupiers applying to switch online between 17 July – 30 Aug 20, and settled by 30 Sept 20.

Example of how the two Cashback offers works:
 

Home loan scenario Total cashback for eligible Investors Total cashback for eligible Owner-Occupiers
I’m switching 1 property online

You’ll receive $2,000 Cashback

  • $2k Refinance Cashback per property x1
  • Ineligible for $1k Bonus Cashback (Owner Occupier)

You’ll receive $3,000 Cashback

  • $2k Refinance Cashback per property x1
  • + $1k Bonus Cashback x1 max
I’m switching 2 properties online

You’ll receive $4,000 Cashback

  • $2k Refinance Cashback per property x2
  • Ineligible for $1k Bonus Cashback (Owner Occupier)

You’ll receive $5,000 Cashback (your other property is an investment)

  • $2k Refinance Cashback per property x2
  • + $1k Bonus Cashback x1 max

The cashbacks will be paid into a Bank of Melbourne  transaction account within 60 days of settlement. This account must be linked to your home loan at the time of settlement, and kept open for 60 days afterwards.

For the $2,000 cashback offer, tax consequences may arise for investors and you should seek independent advice.

Already have a Bank of Melbourne home loan with us?

You can apply to increase your home loan. Note that this is different from a home loan refinance. Apply for a home loan increase.

Start your refinance now

Complete our simple application online.
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.
Get started

What are the costs to refinance?

Refinancing your home loan has the potential to make you some hefty savings, it’s important to weigh up the costs involved.

Find out more

Why Refinance?

Finding a way to save money is just one of the many reasons you might be thinking about refinancing.

Find out more

Request a call back

Our Concierge will call you back at a time that suits you, Monday to Saturday

Call us on

03 8664 0250

Our Concierge is available 8am-10pm
Monday to Friday and 9am-5pm Saturday and Sunday

Face to face

Find your nearest branch or mobile lender.

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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 (PDF 1MB)

Loan Accounts - Charges for specific services and accounts (PDF 841KB)

Portfolio Loan Agreement - General Terms and Conditions (PDF 282KB)

Bank of Melbourne Advantage Package - Terms and Conditions (PDF 112KB)

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.

*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 (PDF 112KB), and consider if the product is right for you.

1 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.

2For sale products only

3The output or result of these calculators:

    a. is subject to the assumptions which are subject to change;

    b. is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you. If you need more information, please call 13 22 66. We recommend that you consult your financial adviser before taking out a loan;

    c. does not represent either a quote or pre-qualification for a loan;

    d. may not be taken into account if you apply for a loan with us as we will make our own calculations. When assessing ability to service a loan, Bank of Melbourne may use an interest rate that is higher than the current interest rate for the loan requested.

4The interest rates used in the calculator:

    a. are current, as indicated on our home loan interest rate pages

    b. are Bank of Melbourne's standard interest rates and include any package or promotional discounts; and

    c. are subject to change.

    d. LVR above 60% up to 80%

^How does the refinance cashback offer work: Credit criteria, fees and charges apply. Terms and conditions available at Bank of Melbourne. $2000 Refinance Cashback per property for new refinance applications received between 1 April 2020 to 30 September 2020 and settle by 30 November 2020. Offer available for Owner Occupier with Principal and Interest repayment and investment loans. One $1,000 Bonus Refinance Cashback for a new refinance application submitted online and received between 17 July 2020 to 27 August 2020 and settle by 30 September 2020. Offer available for Owner Occupier with Principal and Interest repayments with maximum LVR of 80%. Offer available on the Advantage Package and Basic Home Loans. Offer current as at 17 July 2020. Offer may be varied or withdrawn at any time. $250k min loan per property refinanced applies for the $2000 Refinance Cashback. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. Only 1 bonus cashback will be paid regardless of the numbers of customers, properties or applications involved. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans, Investment Loans or residential lending originated under family or company trusts. Advantage Package Terms and Conditions apply (PDF 112KB). A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. Applicants home loan repayments must be direct debited from this transaction account. Read the Bank of Melbourne transaction account terms and conditions and consider if the product is right for you. Refer to bankofmelbourne.com.au. The cashback will be paid into a Bank of Melbourne transaction account within 60 days of settlement. The transaction account must be linked to the home loan at the time of settlement and kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

+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.

# Basic Home Loan Promotional Rate: This offer is only available for new Basic Home Loan applications received from 5 June 2020. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within St.George, Bank of Melbourne and BankSA. This offer may be varied or withdrawn at any time. Interest rates subject to change.