Home Loan Refinance

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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 cashback for every property you refinance with us. 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.

Refinance cashback offer

$2k

Cashback per property^ refinanced

For new Owner Occupier with Principal & Interest repayments and Investment loans. Available on our Advantage Package and Basic home loans. $395 annual package fee. $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 29 May 2020, and settled by 31 July 2020.

What else do I need to know?

^$2,000 Refinance Cashback. Credit criteria, fees and charges apply. Terms and conditions available at Bank of Melbourne. For new refinance applications received between 1 April 2020 to 29 May 2020 and settle by 31 July 2020. Offer available on the Advantage Package and Basic Home Loans for Owner Occupier with Principal and Interest repayments and Investment Loans. Offer current as at 1 April 2020. Offer may be varied or withdrawn at any time 250k min loan per property refinanced. Only 1 cashback per property refinance will be paid regardless of the number of loans 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 or residential lending originated under family or company trusts. Advantage Package terms and conditions apply. 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. 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.

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.

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.

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Why Refinance?

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

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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 578KB)

Bank of Melbourne Advantage Package - Terms and Conditions (PDF 575KB)

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 575KB), and consider if the product is right for you.
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.

* Basic Home Loan Promotional Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments received from 22 July 2019. 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.

⁺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.

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