Bank of Melbourne

Bank of Melbourne home loans

Bank of Melbourne has home loans for owner-occupiers and investors, with rates starting from 2.19%.

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!

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 January 2022

Hit the "Load more" button to compare a bigger selection of products. You can also find more information on each individual product by clicking "more info".

$
years
Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Monthly Payment

Bank of Melbourne Basic Variable Rate Home Loan P&IHome≥ 20% Deposit

Bank of Melbourne Basic Variable Rate Home Loan
2.19%
2.21%
  • App: $0
  • Ongoing: $0 p.a.
$570
$3,000 refinance cashback
A competitive variable rate loan. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Apply by 28 February 2022. Terms and conditions apply). Refinancers Only.

Bank of Melbourne Basic Variable Rate Home Loan P&IHome≥ 10% Deposit

Bank of Melbourne Basic Variable Rate Home Loan
2.24%
2.26%
  • App: $0
  • Ongoing: $0 p.a.
$574
$3,000 cashback
A competitive variable rate loan. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Other terms, conditions and exclusions apply).

Bank of Melbourne Fixed Rate Home Loan with Advantage Package P&IHome 2Y Fixed≥ 20% Deposit

Bank of Melbourne Fixed Rate Home Loan with Advantage Package
2.54%
3.50%
  • App: $0
  • Ongoing: $395 p.a.
$597
$3,000 refinance cashback
Get a competitive home loan rate for two years. Requires at least a 20% deposit. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Apply by 28 February 2022. Terms and conditions apply). Refinancers Only.

Bank of Melbourne Fixed Rate Home Loan with Advantage Package P&IInvestment 2Y Fixed≥ 20% Deposit

Bank of Melbourne Fixed Rate Home Loan with Advantage Package
2.79%
4%
  • App: $0
  • Ongoing: $395 p.a.
$617
$3,000 refinance cashback.
Lock in a low rate for two years with this competitive investment package loan. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Apply by 28 February 2022. Terms and conditions apply). Refinancers Only.

Bank of Melbourne Fixed Rate Home Loan with Advantage Package P&IInvestment 3Y Fixed≥ 10% Deposit

Bank of Melbourne Fixed Rate Home Loan with Advantage Package
3.24%
4.08%
  • App: $0
  • Ongoing: $395 p.a.
$654
Low fixed rate loan for investors. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Other terms, conditions and exclusions apply).
loading

Compare up to 4 providers

Bank of Melbourne key facts

  • Bank of Melbourne's most competitive rates are its package home loans, so if you want to bundle your loan with an offset account and a credit card, it's a good option to consider.
  • Bank of Melbourne has online and phone support but also has a network of branches, especially in Victoria where the bank is headquartered.
  • You need at least a 5% deposit to get some Bank of Melbourne home loans, but many loans require a 10% or 20% deposit.

Review by our senior home loans writer Richard Whitten

Bank of Melbourne home loan features

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

FeatureDetails
Minimum depositMany Bank of Melbourne loans have 80% maximum LVRs, meaning you need a 20% deposit. But some loans are available with deposits as low as 5%.
Offset accountIf you want a Bank of Melbourne loan with an offset account, avoid the Basic Home Loan and consider a Bank of Melbourne Advantage Package Home Loan.
Repayment optionsBank of Melbourne home loans have options for both interest-only repayments and principal-and-interest repayments.
Package loan benefitsBank of Melbourne's package loans let you combine a loan with a transaction account and a credit card.

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

More guides on Finder

Home Loan Offers

Important Information*

Find the right home loan now

Ask an Expert

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.

6 Responses

    Default Gravatar
    RobertJanuary 24, 2019

    Hello, I’m on DSP receiving 1000 a fortnight what type of loans and how much might I try to get a loan for?

      Avatarfinder Customer Care
      JoshuaJanuary 29, 2019Staff

      Hi Robert,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      I understand you are trying to get a loan while you are on DSP. Typically, if you are receiving DSP your options might be limited, but there are still lenders who might be able to meet your needs. As long as you are able to comply with their eligibility requirements and prove your ability to make repayments, you should be approved.

      To know more about how you can obtain a home loan while on DSP, please check our pensioner home loans page. On that page, you’ll read more details about the types of home loans that might be available to you, how to compare home loans, and extra documentation for disability pensioners, to name a few.

      Moreover, please consider speaking to a mortgage broker who can help you explore your home loan options while taking into consideration your current situation.

      Finally, please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    JohnApril 11, 2014

    Dear Sir/Madam
    Hello

    RE; Unsecured personal loan for self employed .Try on line application get stuck for some reasons .
    Low doc application
    Hope to hear from you soon
    Best regards

      Avatarfinder Customer Care
      MarcApril 14, 2014Staff

      Hi John,
      thanks for the question.

      I’d recommend contacting Bank of Melbourne directly to work through this matter, as they’ll be able to help you through this application error.

      I hope this helps,
      Marc.

    Default Gravatar
    GaryAugust 12, 2013

    Hi
    my wife and myself have fulltime jobs,just enquiring if it is possible to get 100% home loan.
    Regards,
    Gary.

      Avatarfinder Customer Care
      ShirleyAugust 12, 2013Staff

      Hi Gary,

      Thanks for your comment.

      At the moment, 100% home loans are only possible with a guarantor. Bank of Melbourne do offer guarantor loans.

      Hope this helps,
      Shirley

Go to site