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Home loan rates in Melbourne, June 2026

The sharpest owner-occupier rates available to Melbourne buyers, ranked by comparison rate across 85+ lenders. Rates are priced nationally, so a Melbourne buyer sees the same numbers as anyone in Victoria; what changes is the value you borrow against and the VIC concessions that stack on top.

RBA cash rate 4.35%(effective 17 Jun 2026)|Rates updated |1,300 products|85+ Australian lenders
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Editor's Pick · Ratesniffers Editorial Team

Top Home Loan Rates in June 2026

Reviewed by the Ratesniffers Editorial Team, June 2026

These are the standout rates for Melbourne buyers right now, ranked sharpest-first by comparison rate, refreshed daily with no paid placement.

Type
Lender & product
Rate p.a.
Comp. rate p.a.*
Max LVR
Variable rate
Greater Bank LimitedDiscounted Great Rate Home Loan - Variable Owner Occupied
5.94%
5.95%
—
Fixed rate
AthenaObliterate
5.99%
5.99%
50%
Interest only
Queensland Country BankHome Loan-Package
5.99%
6.03%
—
HSBC logo
Home Value Loan
Owner-occupierVariableP&IRedrawExtra repayments
Interest
5.94%p.a.
Comparison*
5.98%p.a.
Monthly repayment
$2,978
LVR 70–80%
More details
ME Bank - ME Go logoOnline
ME Bank CompleteME Home Loan
Owner-occupierVariableP&IOffsetRedrawExtra repayments$3,000 cashback
Cashback eligibility
  • Min loan $700,000
  • Max LVR 80%
  • Aggregate split refi loans to meet $700k minimum (same customer, same submission)
  • Mixed refi + purchase apps eligible — one $3k per application
  • Excludes BOQ Group refis + recipients of BOQ refi cashback in last 12 months
  • Offer ends 28 Aug 2026 · lender T&Cs
Interest
5.99%p.a.
Comparison*
6.03%p.a.
Monthly repayment
$2,995
LVR 70–80%
More details
Queensland Country Bank logo
Home Loan-Package
Owner-occupierVariableP&IOffsetRedrawExtra repayments
Interest
5.99%p.a.
Comparison*
6.03%p.a.
Monthly repayment
$2,995
LVR —
More details
IMB Bank logo
Budget Home Loan
Owner-occupierVariableP&IRedrawExtra repayments$4,000 cashback
Interest
6.04%p.a.
Comparison*
6.07%p.a.
Monthly repayment
$3,011
LVR ≤80%
More details
QBANK logo
Classic Home Loan
Owner-occupierVariableP&IRedrawExtra repayments
Interest
6.04%p.a.
Comparison*
6.08%p.a.
Monthly repayment
$3,011
LVR 70–80%
More details
gmcu logo
Standard Variable Plus
Owner-occupierVariableP&IOffsetRedrawExtra repayments
Interest
5.94%p.a.
Verify — 66d old
Comparison*
6.10%p.a.
Monthly repayment
$2,978
LVR ≤80%
More details
Auswide Bank Ltd logo
BASIC HOME LOAN
Owner-occupierVariableP&IRedrawExtra repayments
Interest
6.09%p.a.
Comparison*
6.13%p.a.
Monthly repayment
$3,027
LVR —
More details
Firefighters Mutual Bank
Your Way Plus Home Loan
Owner-occupierVariableP&IOffsetRedrawExtra repayments
Interest
6.09%p.a.
Comparison*
6.13%p.a.
Monthly repayment
$3,027
LVR 70–80%
More details
Health Professionals Bank
Your Way Plus Home Loan
Owner-occupierVariableP&IOffsetRedrawExtra repayments
Interest
6.09%p.a.
Comparison*
6.13%p.a.
Monthly repayment
$3,027
LVR 70–80%
More details
*Important Information and Comparison Rate Warning

This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.

The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.

Home loan rates in Melbourne are the same rates lenders price right across Victoria, because rates are set nationally rather than by city. The table above ranks 85+ lenders sharpest comparison rate first, refreshed daily, so the lowest rate available to a Melbourne buyer always sits at the top.

Buying in Melbourne

What changes when you compare home loans in Melbourne

Melbourne sits well below Sydney on value but spreads across one of the widest price ranges of any capital, from inner-ring terraces to growth-corridor house and land. Your interest rate does not change with your postcode, but the size of the loan does, and so does the cash going in. First home buyers in Melbourne can combine the $10,000 First Home Owner Grant with the VIC stamp duty concession and the federal Home Guarantee Scheme cap of $950,000 (Melbourne + Geelong) / $650,000 (rest of VIC). Those three can move your minimum deposit by tens of thousands without touching the rate column above.

Source: State Revenue Office Victoria · Verified April 2026. See also our stamp duty calculator.

10
of 85+ lenders are under 6.00% today on an owner-occupier variable loan a Melbourne buyer can access.
$4,641
a month, principal and interest over 30 years, indicative on an approximate Melbourne value of around $780,000at today's lowest variable rate of 5.93%.

VIC first home buyer concessions at a glance

First home owner grant$10,000
Stamp duty concessionFull exemption on homes ≤ $600,000; concessional rates from $600,000 to $750,000.
Home Guarantee Scheme cap$950,000 (Melbourne + Geelong) / $650,000 (rest of VIC)

What is the lowest home loan rate in Melbourne right now?

Today the sharpest owner-occupier variable rate available to a Melbourne buyer sits at 5.93%, with 10 of 85+ lenders priced under 6.00% and a panel median near 6.09%. Because lenders price nationally, that same rate is open to buyers right across Victoria.

Melbourne home loan rate FAQs

What are the lowest home loan rates in Melbourne?

Our table is sorted by comparison rate so the lowest rates sit at the top, refreshed daily. Home loan rates are not set by city, the same lenders price nationally, so a Melbourne buyer accesses the same rates as anyone in Victoria; the value and the VIC concessions are what differ locally.

How much would a typical Melbourne home loan repayment be?

As an indicative example, a loan of around $780,000, which reflects an approximate Melbourne dwelling value, repaid principal and interest over 30 years at today's lowest variable rate, sits in the range shown in the panel above. It is an indicative figure on an approximate value, not a quote, and your actual repayment depends on your rate, deposit and loan term.

What is the First Home Owner Grant for Melbourne buyers?

VIC's First Home Owner Grant is $10,000. Buying or building a new home valued ≤ $750,000 (newly constructed or never-occupied). It is paid in addition to any rate you secure on the comparison table above. See State Revenue Office Victoria for current eligibility detail.

Do first home buyers pay stamp duty in Melbourne?

Full exemption on homes ≤ $600,000; concessional rates from $600,000 to $750,000. These concessions can be worth more than a small difference in interest rate, so factor them into your total cost, not just the headline rate. Authority: State Revenue Office Victoria.

What is the Home Guarantee Scheme price cap for Melbourne?

$950,000 (Melbourne + Geelong) / $650,000 (rest of VIC) Under the federal Home Guarantee Scheme, eligible Melbourne buyers can purchase under that cap with as little as a 5% deposit and no Lenders Mortgage Insurance, with the government guaranteeing the difference. It works with several lenders on the table above.