Interest
7.39%p.a.
Comparison*
Not available
Est. repayment
$3,458
LVR 70 to 80%
Bank of Melbourne Home Loan Rates
What are Bank of Melbourne home loans?
Bank of Melbourne home loans are the owner-occupier and investor products in the live table on this page. The lowest verified Bank of Melbourne variable rate in Ratesniffers' listed-lender panel is 6.39% p.a. (6.75% comparison rate) for an owner-occupier principal-and-interest loan at 80% LVR, as of 27 August 2026. Compare Bank of Melbourne against every lender on home loan rates.
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.
Tracked products
353
Lowest variable
6.29%
Lowest fixed (investment, IO)
6.54%
Lowest comparison
6.75%
Last updated
11 Sept 2026
Bank of Melbourne is the Victorian retail-banking brand of Westpac Group, with branches across Melbourne and regional Victoria. Its Advantage Package offset bundle mirrors Westpac's, with the same loan engine and underwriting standards but Victoria-anchored branding.
What are Bank of Melbourne home loan rates?
Bank of Melbourne home loan rates are in the live table on this page, ranked by comparison rate, with the lowest variable rate currently 6.29% p.a. and the lowest fixed rate currently 6.54% p.a., checked daily (last verified 11 Sept 2026). Compare Bank of Melbourne against the wider market on home loan rates, check the comparison rate used to rank the table, or model extra payments with the extra repayments calculator.
What is the lowest Bank of Melbourne home loan rate?
The lowest Bank of Melbourne variable home loan rate Ratesniffers tracks is 6.29% p.a., and the lowest fixed rate is 6.54% p.a. These figures come from the 16 Bank of Melbourne products on this page that pass data-quality checks, ranked by comparison rate, checked daily (last verified 11 Sept 2026).
How many home loan products does Bank of Melbourne offer?
Ratesniffers currently tracks 353 Bank of Melbourne home loan products across variable, fixed and interest-only options for owner-occupiers and investors, and ranks the 16 that pass our data-quality checks on this page. Every rate is ranked by comparison rate, the ASIC-mandated figure that folds in most fees, so the genuinely cheapest products sit at the top.
Bank of Melbourne home loan rates at a glance
| Product type | Rate | Comparison rate | Max LVR |
|---|---|---|---|
| Variable Owner-occupier interest-only | 7.39% p.a. | n/a | 80% |
| Fixed 4-year Owner-occupier interest-only | 7.39% p.a. | n/a | 80% |
| Fixed 5-year Owner-occupier interest-only | 7.39% p.a. | n/a | 80% |
| Fixed 4-year Investor interest-only | 7.54% p.a. | n/a | 90% |
| Fixed 5-year Investor interest-only | 7.54% p.a. | n/a | 90% |
| Fixed 2-year Owner-occupier P&I | 6.44% p.a. | 8.25% p.a. | 95% |
| Variable Owner-occupier interest-only | 9.03% p.a. | n/a | 70% |
| Variable Owner-occupier interest-only | 9.03% p.a. | n/a | 70% |
| Variable Owner-occupier interest-only | 9.13% p.a. | n/a | 80% |
| Variable Owner-occupier interest-only | 9.13% p.a. | n/a | 80% |
| Variable Owner-occupier interest-only | 6.39% p.a. | 9.20% p.a. | 80% |
| Variable Owner-occupier interest-only | 6.39% p.a. | 9.20% p.a. | 80% |
16 of 353 tracked Bank of Melbourne home loan products
Interest
7.39%p.a.
Comparison*
Not available
Est. repayment
$3,458
LVR 70 to 80%
Interest
7.39%p.a.
Comparison*
Not available
Est. repayment
$3,458
LVR 70 to 80%
Interest
7.54%p.a.
Comparison*
Not available
Est. repayment
$3,510
LVR 80 to 90%
Interest
7.54%p.a.
Comparison*
Not available
Est. repayment
$3,510
LVR 80 to 90%
Interest
6.44%p.a.
Comparison*
8.25%p.a.
Est. repayment
$3,141
LVR 70 to 80%
Interest
9.03%p.a.
Comparison*
Not available
Est. repayment
$4,034
LVR ≤70%
Interest
9.03%p.a.
Comparison*
Not available
Est. repayment
$4,034
LVR ≤70%
Interest
9.13%p.a.
Comparison*
Not available
Est. repayment
$4,070
LVR 70 to 80%
Interest
9.13%p.a.
Comparison*
Not available
Est. repayment
$4,070
LVR 70 to 80%
Interest
6.39%p.a.
Comparison*
9.20%p.a.
Est. repayment
$3,124
LVR 70 to 80%
Interest
6.39%p.a.
Comparison*
9.20%p.a.
Est. repayment
$3,124
LVR 70 to 80%
Interest
9.28%p.a.
Comparison*
Not available
Est. repayment
$4,124
LVR ≤70%
Interest
9.38%p.a.
Comparison*
Not available
Est. repayment
$4,161
LVR 70 to 80%
Interest
9.56%p.a.
Comparison*
Not available
Est. repayment
$4,226
LVR ≤70%
Interest
9.66%p.a.
Comparison*
Not available
Est. repayment
$4,263
LVR 70 to 80%
*Important Information and Comparison Rate Warning
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.
Who is Bank of Melbourne?
Bank of Melbourne is the Victorian brand of the Westpac Group, relaunched in 2011 as a local alternative to the national banks and built on the former St.George network in Victoria. It grew quickly to more than 70 branches across the state within two years of launch.
Its home-loan range broadly mirrors the wider Westpac Group product set, with its own Victorian branch and banker network. Pricing at launch was positioned aggressively against the majors, including its own parent, and it continues to price as a challenger brand within the group.
Who suits a Bank of Melbourne home loan?
Bank of Melbourne tends to suit Victorian borrowers who want big-bank product breadth and branch access with challenger-brand pricing, including buyers who need its 12-month Relocation Loan to buy before they sell. If you are outside Victoria, the same group products are typically available through Westpac or St.George, so compare across the group before deciding.
Bank of Melbourne's lowest variable rate today is 6.29% p.a., 5 basis points above the 6.24% p.a. median across the lenders Ratesniffers tracks, computed daily from the same live feed as the table above.
Background facts checked 5 September 2026. Rates above refresh independently.
Bank of Melbourne home loan products explained
The line-up as published by Bank of Melbourne, checked 5 September 2026. Today's rate for each product is in the table above.
| Product | Who it is for | What to know |
|---|---|---|
| Basic Home Loan | Owner-occupiers and investors who want a straightforward variable loan. | No offset account, unlimited extra repayments, fee-free redraw, $0 establishment fee, $0 monthly account keeping fee. |
| Standard Variable Rate Home Loan | Borrowers who want an optional offset account. | Unlimited extra repayments, no break costs, optional offset account, packageable under the Advantage Package. |
| Fixed Rate Home Loan | Borrowers who want rate certainty. | Locks the rate for a set term on all or part of the loan, packageable. |
| Advantage Package | Borrowers who want packaged pricing on variable and fixed loans. | $395 annual fee, no establishment fee and no ongoing monthly fees on packaged loans. |
| Relocation Loan | Owner-occupiers buying a new home or land before selling the current one. | 12-month bridging loan with no required repayments during the bridging period (interest is capitalised), extensions subject to credit approval, up to 70% LVR, $600 establishment fee, $8 monthly fee, $100 document processing fee, $350 discharge fee, no redraw. Not available for investment properties, debt consolidation or trust borrowing. |
Bank of Melbourne fees, offset and limits at a glance
- Application or establishment fee
- $600 upfront including 1 valuation.
- Discharge fee
- $350
- Settlement fee
- $100
- Additional valuation fee
- $0
- Rate lock fee
- Higher of 0.15% of loan amount or $500. Rate lock period valid for 90 days.…
- Loan portability
- $350 assessment fee plus $350 to discharge the mortgage plus valuation fee (if applicable).
- Offset account
- 100% mortgage offset account available
- Minimum offset balance
- > $0
- Lenders mortgage insurer
- Westpac Lenders Mortgage Insurance (WLMI) for all new and existing applications with LVR less than or equal…
- Capitalising LMI
- Owner Occupied purchase max LVR 95% (inc LMI). Max LVR capped at 90% for Investment.…
- Maximum total lending
- Subject to serviceability
- Extra repayments on fixed
- Max $10k p.a.
- When the fixed rate is locked
- On settlement unless rate lock fee is paid
Checked 4 Sept 2026. Lender fees and policy change without notice, so confirm the detail with the lender before you apply.
Bank of Melbourne home loan fees and policy
- The Advantage Package costs $395 a year and removes the establishment fee and ongoing monthly fees on packaged loans.
- The Basic Home Loan has a $0 establishment fee and $0 monthly fee, with fee-free redraw limited to $100,000 a day online or by phone and $30,000 in branch.
- The Relocation Loan runs for 12 months, capitalises interest so no repayments are required while you sell, is capped at 70% LVR for owner-occupiers, and lists a $600 establishment fee, $8 monthly fee, $100 document processing fee and $350 discharge fee. When the existing home sells, the balance is repaid from the proceeds or any remaining debt converts to a standard home loan.
- Bank of Melbourne is a participating lender in the Australian Government 5% Deposit Scheme: eligible first home buyers from a 5% deposit and eligible single parents or guardians from 2%, no LMI, owner-occupier principal and interest loans only, with interest-only repayments not available under the scheme.
- Rent paid through a licensed agent for at least six months can count as genuine savings on owner-occupier loans.
- Bank of Melbourne is a Westpac Group brand, and its home loans are available only to Australian residents.
Sources checked 5 September 2026: www.bankofmelbourne.com.au, www.bankofmelbourne.com.au, www.bankofmelbourne.com.au, www.bankofmelbourne.com.au, www.bankofmelbourne.com.au, Bank of Melbourne home loans, Bank of Melbourne Basic Home Loan, Bank of Melbourne Relocation Loan, Bank of Melbourne first home buyers, Bank of Melbourne 5% Deposit Scheme.
Bank of Melbourne home loans: frequently asked questions
What are Bank of Melbourne home loans?
Bank of Melbourne home loans are the owner-occupier and investor products in the live table on this page. The lowest verified Bank of Melbourne variable rate in Ratesniffers' listed-lender panel is 6.39% p.a. (6.75% comparison rate) for an owner-occupier principal-and-interest loan at 80% LVR, as of 27 August 2026. Compare Bank of Melbourne against every lender at /home-loans.
What is a Bank of Melbourne home loan?
Bank of Melbourne home loans are the owner-occupier and investor products in the live table on this page. The lowest verified Bank of Melbourne variable rate in Ratesniffers' listed-lender panel is 6.39% p.a. (6.75% comparison rate) for an owner-occupier principal-and-interest loan at 80% LVR, as of 27 August 2026. Compare Bank of Melbourne against every lender at /home-loans.
What are Bank of Melbourne home loan interest rates?
Bank of Melbourne home loan rates for an owner-occupier principal-and-interest loan at 80% LVR are 6.39% p.a. (6.75% comparison rate) for an owner-occupier principal-and-interest loan at 80% LVR, as of 27 August 2026. Compare Bank of Melbourne against every lender at /home-loans. This is general information, not a recommendation to borrow.
What are Bank of Melbourne interest rates?
Bank of Melbourne home loan rates for an owner-occupier principal-and-interest loan at 80% LVR are 6.39% p.a. (6.75% comparison rate) for an owner-occupier principal-and-interest loan at 80% LVR, as of 27 August 2026. Compare Bank of Melbourne against every lender at /home-loans. This is general information, not a recommendation to borrow.
What are Bank of Melbourne fixed rates?
Bank of Melbourne fixed rates for an owner-occupier principal-and-interest loan at 80% LVR are 6.54% p.a. (6.86% comparison rate) 1-year fixed, for an owner-occupier principal-and-interest loan at 80% LVR, as of 27 August 2026. Compare the comparison rate, not only the headline rate, at /home-loans. This is general information, not a recommendation to borrow.
What are Bank of Melbourne home loan rates?
Bank of Melbourne home loan rates are in the live table on this page. The lowest variable rate Ratesniffers ranks is currently 6.29% p.a., and the lowest fixed rate is 6.54% p.a., checked daily (last verified 11 Sept 2026). Compare Bank of Melbourne against the wider market at /home-loans. The /guides/comparison-rate explains the fee-inclusive figure used to rank the table. To model extra payments on a Bank of Melbourne balance, use /calculators/extra-repayment.
What is the lowest Bank of Melbourne home loan rate?
Bank of Melbourne's lowest variable home loan rate is currently 6.29% p.a., and its lowest fixed rate is 6.54% p.a., based on the 16 Bank of Melbourne products Ratesniffers ranks by comparison rate, checked daily (last verified 11 Sept 2026). The advertised rate isn't always the rate Bank of Melbourne approves, a broker can often negotiate a sharper deal on your scenario.
What is the monthly repayment on a $600,000 Bank of Melbourne home loan?
At Bank of Melbourne's lowest variable rate of 6.29% p.a., a $600,000 principal and interest loan over 30 years repays about $3,710 a month, and $500,000 about $3,092. That is an estimate at the advertised rate before fees; the comparison rate in the table above carries the fees, and a fixed or interest-only loan repays differently.
How much do you need to earn for a $500,000 Bank of Melbourne home loan?
There is no single salary. Like every Australian lender, Bank of Melbourne must assess a new home loan at a rate at least 3 percentage points above the loan's rate under APRA's serviceability buffer, so 6.29% p.a. is assessed at about 9.29% p.a., then test that repayment against income after living expenses and other debts. The income required calculator at /calculators/income-required works this backwards from a property price and deposit.
How does Bank of Melbourne's home loan rate compare to the market?
Bank of Melbourne's lowest variable home loan rate today is 6.29% p.a., which is 5 basis points above the market median of 6.24% p.a., so there are sharper variable rates available elsewhere today, and it's worth comparing or asking Bank of Melbourne to match a lower rate. This is computed daily from the live rates across the lenders Ratesniffers tracks, so it reflects where Bank of Melbourne sits right now rather than a fixed snapshot.
How many home loan products does Bank of Melbourne offer?
Ratesniffers currently tracks 353 Bank of Melbourne home loan products across variable, fixed and interest-only options for owner-occupiers and investors, and ranks the 16 that pass our data-quality checks on this page. Every rate is checked daily against each lender's current published pricing and ranked by comparison rate, the ASIC-mandated figure that folds in most fees, so the genuinely cheapest loans sit at the top.
Is Bank of Melbourne competitive for refinancing?
It depends on your loan size and LVR. Bank of Melbourne's lowest comparison rate is currently 6.75% p.a., worth checking against the wider market before you switch. On a $500,000 loan, even a 0.30% p.a. difference is about $100 a month, so comparing Bank of Melbourne against the sharpest available rate usually pays off.
How often are Bank of Melbourne's home loan rates updated?
Ratesniffers refreshes Bank of Melbourne's home loan rates daily; this page was last updated 11 Sept 2026. Rates can change whenever Bank of Melbourne reprices or the RBA moves the cash rate, so the figures shown reflect the most recent data we hold rather than a static snapshot.
How can I contact Bank of Melbourne about my home loan?
Call Bank of Melbourne's home loan line on 1300 304 660, open 8am to 8pm Monday to Friday and 9am to 6pm Saturday, excluding public holidays. Existing customers can also tap Contact us in the Bank of Melbourne App, use Chat with us in Internet Banking, or visit a branch. General enquiries go to 13 22 66.
Does Bank of Melbourne offer an offset account, and what does it cost?
Yes. Bank of Melbourne offers a full 100% offset on its Standard Variable Rate home loan, with up to 10 linked offset accounts. The offset is a Complete Freedom transaction account with a Visa Debit card and zero account keeping fees. Packaging the loan under the Advantage Package costs $395 a year. The Basic home loan has no offset.
Does Bank of Melbourne lend to self-employed borrowers, and what income evidence does it accept?
Yes. Borrowing in your own name, self-employed applicants get the same residential loans and rates as salary earners. Fast Track assessment needs two years of personal ATO Notices of Assessment plus a 20% deposit; otherwise one or two years of tax returns and business financials are assessed. The business must have traded two full financial years. No low doc loans.
Does Bank of Melbourne offer construction loans?
Yes. Bank of Melbourne offers a building option on its Standard Variable Rate Home Loan for house and land packages, new builds and renovations, whether you use a contract builder or are an owner builder. Funds are drawn in stages as construction progresses, interest is charged only on the amount drawn, and there is no fee to add the option.
Does Bank of Melbourne have its own banking licence?
No. Bank of Melbourne operates as a division of Westpac Banking Corporation, so its products are issued under Westpac's ABN 33 007 457 141 and Australian Financial Services and credit licence 233714 rather than a separate licence. The brand exists only in Victoria, with a local contact centre, and customers can also use interstate branches and ATMs of the other banks in its network.
What are Bank of Melbourne's home loan rates in September 2026?
Bank of Melbourne's current home loan rates are in the live table above, ranked by comparison rate and refreshed from the bank's published pricing rather than frozen into this answer. Its Basic, Standard Variable Rate and Fixed Rate loans price differently by LVR band and purpose, so compare the comparison rate, which includes the Advantage Package fee where it applies.
Does Bank of Melbourne do relocation loans?
Yes. Bank of Melbourne's Relocation Loan is a 12-month bridging loan for owner-occupiers buying a new home or land before selling the current one. No repayments are required during the bridging period because interest is capitalised, extensions may be available subject to credit approval, and lending is capped at 70% LVR. It is not available for investment properties, debt consolidation or trust borrowing.
What fees does Bank of Melbourne charge on a home loan?
The Basic Home Loan has a $0 establishment fee and $0 monthly fee. Packaged variable and fixed loans pay a $395 Advantage Package fee a year in return for no establishment or monthly fees. The Relocation Loan lists a $600 establishment fee, $8 monthly fee, $100 document processing fee and $350 discharge fee. Comparison rates in the table above already include ongoing fees.
Can I get a Bank of Melbourne home loan with a 5% deposit?
Yes. Bank of Melbourne is a participating lender in the Australian Government 5% Deposit Scheme, so eligible first home buyers can apply from a 5% deposit and eligible single parents or guardians from 2%, with no LMI, on an owner-occupier principal and interest loan below the scheme's price caps. Rent paid through a licensed agent for six months can count as genuine savings.
Is Bank of Melbourne the same as Westpac?
Bank of Melbourne is owned by Westpac but runs as its own brand, with its own Victorian branch network and its own pricing, sharing much of its product set with St.George and BankSA. Because each Westpac Group brand prices separately, a Bank of Melbourne rate can differ from the Westpac rate on an otherwise similar loan, so compare all four in the table above.