Continue saving this Cyber Monday! 🥳

These sales are still running

Bank of Melbourne Basic Home Loan review

Last updated:  

Keep your repayments low with this no-frills variable rate home loan.

If you're after a no-frills home loan that offers flexibility and a low rate, the Bank of Melbourne Basic Home Loan is worth a look.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Expert review

Adam Smith

Review by


Adam Smith was the home loans editor at Finder.

Expert review

The Bank of Melbourne Basic Home Loan offers a special promotional variable rate for owner-occupiers on principal and interest repayments.

About this loan

What are the feature and benefits of the Bank of Melbourne Basic Home Loan?

  • Loan amount and loan-to-value ratio (LVR). The Bank of Melbourne Basic Home Loan has a minimum loan amount of $30,000. You can borrow up to 95% of the value of the property. While borrowing more than 80% will incur a lenders mortgage insurance (LMI) premium, Bank of Melbourne offers a Family Pledge that can help you avoid LMI.
  • Repayment type and frequency. The Bank of Melbourne Basic Home Loan offers weekly, fortnightly or monthly repayments, and you can make as many additional repayments as you like without penalty.
  • Redraw facility. You can access any extra repayments you've made using the loan's redraw facility. There is a $0 fee for redraws.
  • No ongoing fees. You won't pay any application or ongoing fees for the Bank of Melbourne Basic Home Loan.

What fees and charges come with this loan?

  • Establishment fee: $0. This fee is waived when borrowing over $150,000.
  • Settlement fee: $100. This one-off fee covers the costs of setting up your loan account.
  • Discharge fee: $350. The discharge fee is charged when you close your loan account either by refinancing or paying off your home loan.

How to apply

If you think that the Bank of Melbourne Basic Home Loan could work for you, click the green button to get in touch with a lending specialist from the bank. Make sure you have the following information on hand:

  • Employment details including addresses and phone numbers
  • Income details including assets
  • Details of any other loans (personal or home), credit card debts or store cards

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 90% of the property's value. (Terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate

Take advantage of a low-fee mortgage with a special interest rate of just 2.34% p.a. and a 2.34% p.a. comparison rate.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site