These home loans offer low costs, coupled with a host of features, giving the best overall value.
7+
Great
These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.
5+
Standard
Usually the home loans would offer above average rates. They may still include some competitive features.
0+
Basic
Higher costs and/or fewer features.
Key takeaways
Bank of Melbourne is a Victoria-based bank and is part of the Westpac group.
This bank has a range of home loans for investors and owner-occupiers, including fixed and variable rate, basic loans and package loans.
Its 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.
Compare Bank of Melbourne home loans for December 2025
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".
The following information is general in nature and applies to most home loans. There may be specific criteria that apply for this lender.
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 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).
Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
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
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.
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.
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.
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.
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.
What is Finder Score?
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University.
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Want to remortgage flat (VIC 3004) value $500k , mortgage ( with Commonwealth Bank) is $300k on interest / repayment basis (term 25yrs). Want to remortgage on an INTEREST ONLY BASIS fixed rate for 2 years ( as plan to sell flat in 2 years). Flat is owner occupied and is 65sqm . Earnings are 50% of mortgage.
Finder
RebeccaJanuary 27, 2023Finder
Hi Jones,
You might consider consulting a mortgage broker, as they can research loan options and find the right one for you.
If you wish to refinance through the Bank of Melbourne, please visit their website directly.
Hello, I’m on DSP receiving 1000 a fortnight what type of loans and how much might I try to get a loan for?
Finder
JoshuaJanuary 29, 2019Finder
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
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
Finder
MarcApril 14, 2014Finder
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.
GaryAugust 12, 2013
Hi
my wife and myself have fulltime jobs,just enquiring if it is possible to get 100% home loan.
Regards,
Gary.
Finder
ShirleyAugust 12, 2013Finder
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.
Think you need a 20% deposit to buy a home? Think again. We break down no deposit home loans: how they work, who offers them, and what to watch out for.
Home loan cashback deals can help you refinance to a cheaper interest rate and get a lump sum cash payment. Compare the latest deals and check your eligibility today.
Construction loan comparison is as simple as finding out how much you can borrow, then reviewing some of the best construction loans on the market to find the right fit.
What is an offset account? It can save you thousands in interest and help you own your home sooner.
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Want to remortgage flat (VIC 3004) value $500k , mortgage ( with Commonwealth Bank) is $300k on interest / repayment basis (term 25yrs). Want to remortgage on an INTEREST ONLY BASIS fixed rate for 2 years ( as plan to sell flat in 2 years). Flat is owner occupied and is 65sqm . Earnings are 50% of mortgage.
Hi Jones,
You might consider consulting a mortgage broker, as they can research loan options and find the right one for you.
If you wish to refinance through the Bank of Melbourne, please visit their website directly.
You can also check other lenders available for refinancing here.
Kind regards,
Rebecca
Hello, I’m on DSP receiving 1000 a fortnight what type of loans and how much might I try to get a loan for?
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
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
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.
Hi
my wife and myself have fulltime jobs,just enquiring if it is possible to get 100% home loan.
Regards,
Gary.
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