Bank of Melbourne home loans

Bank of Melbourne is a Victoria-based bank and is part of the Westpac group. Bank of Melbourne has a range of home loans for investors and owner-occupiers, including fixed and variable rate, basic loans and package loans. Check out the full table of Bank of Melbourne products below or read more about the lender and its loans.

Compare Bank of Melbourne home loans for December 2023

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Name	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
Bank of Melbourne Basic Variable Rate Home Loan Principal & Interest20% min. depositOwner-occupier	Interest Rate 6.29%	Comparison Rate 6.30%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $929	Enquire now Compare	$2,000 cashback Refinancers borrowing $250,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).
Bank of Melbourne Basic Variable Rate Home Loan Principal & Interest20% min. depositInvestment	Interest Rate 6.54%	Comparison Rate 6.55%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $953	Enquire now Compare
Bank of Melbourne Basic Variable Rate Home Loan Principal & Interest10% min. depositOwner-occupier	Interest Rate 6.59%	Comparison Rate 6.60%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $958	Enquire now Compare	$2,000 cashback Refinancers borrowing $250,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).
Bank of Melbourne Fixed Rate Home Loan with Advantage Package Principal & Interest 1Y Fixed20% min. depositOwner-occupier	Interest Rate 6.59%	Comparison Rate 7.73%	Fees Application: $0 Ongoing: $395 p.a.	Monthly Payment $958	Enquire now Compare	$2,000 cashback Refinancers borrowing $250,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).
Bank of Melbourne Fixed Rate Home Loan with Advantage Package Principal & Interest 2Y Fixed20% min. depositOwner-occupier	Interest Rate 6.49%	Comparison Rate 7.62%	Fees Application: $0 Ongoing: $395 p.a.	Monthly Payment $948	Enquire now Compare	$2,000 cashback Refinancers borrowing $250,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).

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Bank of Melbourne home loan features

Here are the key features and details you need to know about Bank of Melbourne's mortgage products.

How do I apply for a Bank of Melbourne mortgage?

When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.

Eligibility

Each Bank of Melbourne product has specific eligibility criteria but some will apply to all products. For example:

• Age. You must be over 18 years of age.
• Residency. You should be a resident of Australia.
• Employment. You should have a regular source of income.

Documents required

When you apply for a mortgage with Bank of Melbourne you are required to provide certain information so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:

📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.

📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.

📄 Proof of income documents. Recent payslips can establish your income.

📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).

How to apply for a home loan

Lenders like Bank of Melbourne

If you want to compare loans from similar lenders to Bank of Melbourne then you can start with other banks in the Westpac group.

• BankSA. BankSA operates in South Australia, with very similar loan offers to St.George.
• St.George. In NSW and Queensland, you'll find St.George rather than Bank of Melbourne. Both lenders have very similar loan offers.
• Westpac. Westpac owns Bank of Melbourne and offers similar package home loans.

More home loan questions

• How do I compare Bank of Melbourne home loans?

  To make sure you find the right Bank of Melbourne loan you need a clear idea of what you're looking for in a mortgage. These simple questions can help:

  • Do you really need a package loan? Some of Bank of Melbourne's lowest rates are home loan packages that let you combine a mortgage with other products like a credit card or transaction account. This usually brings you some benefits, but if you don't actually use those other products then paying the annual package fee probably isn't worth it.
  • What do you need the loan for? If you're buying a home to live in you need an owner-occupier loan. Property investors need an investment loan rate. Bank of Melbourne has both.
  • Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes entirely?
  • What features do you need? You have to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.

• What is home loan pre-approval?

  Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.

  Pre-approval is not something every lender offers, but many do.

• Are there any risks going with a smaller lender?

  Most Australian borrowers bank with one of the Big Four (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender. But there's no reason to worry about going with a smaller lender.

  In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.

  Bank of Melbourne is owned by Westpac, which is an authorised deposit-taking institution (ADI). This means customers with money deposited in a Bank of Melbourne savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000. Even if the bank itself collapses.

• Should I go with a fixed or variable rate?

  Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.

  A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.

• Do I need a mortgage broker?

  Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.