Bank of Melbourne home loans are the owner-occupier and investor products in the live table on this page, ranked by comparison rate. Compare Bank of Melbourne against every lender on home loan rates.
Rates shown are selected product examples, not every product or a personalised offer. 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.
Bank of Melbourne lifted its variable home-loan rates by 0.25 percentage points from 9 October 2026, Ratesniffers records. Every lender's date is in the RBA rate pass-through tracker.
Active products
353
Variable product example
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Check the product rates and conditions in the table. A verified example for this loan scenario is unavailable.
Fixed product example
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Check the product rates and conditions in the table. A verified example for this loan scenario is unavailable.
Example comparison rate
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Check the product rates and conditions in the table. A verified example for this loan scenario is unavailable.
Last updated
1 November 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?
Ratesniffers compares Bank of Melbourne home loan products by comparison rate. Compare Bank of Melbourne's product rates and conditions in the table. A verified example for this loan scenario is unavailable. 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.
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. 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.
353 Bank of Melbourne home loan products
No active products surfaced. This lender may have paused new lending or recently been removed from our index, check back tomorrow.
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.
Compare Bank of Melbourne's product conditions and comparison rates with /home-loans. The available table does not establish a whole-market ranking or a personalised offer.
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 8 Oct 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.
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 Ratesniffers live rate table, ranked by comparison rate. 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 Ratesniffers live rate table, ranked by comparison rate. 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 are in the Ratesniffers live rate table, ranked by comparison rate. Compare Bank of Melbourne against every lender at /home-loans.
What are Bank of Melbourne interest rates?
Bank of Melbourne home loan rates are in the Ratesniffers live rate table, ranked by comparison rate. Compare Bank of Melbourne against every lender at /home-loans.
What are Bank of Melbourne fixed rates?
Bank of Melbourne fixed rates include this selected product example: Advantage Package 3 Year Fixed 70% - 80% LVR Owner Occupied P&I: 7.04% p.a. (7.19% comparison rate), 36-month fixed, for an owner-occupier principal-and-interest loan at 80% LVR (listed LVR band 70% to 80%), as of 20 October 2026. Compare the comparison rate, not only the headline rate, at /home-loans. This is general information, not a recommendation to borrow. This is a selected product example, not every product or a personalised offer. 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.
What are Bank of Melbourne home loan rates?
Ratesniffers compares Bank of Melbourne home loan products by comparison rate. Compare Bank of Melbourne's product rates and conditions in the table. A verified example for this loan scenario is unavailable. Compare Bank of Melbourne at /home-loans. The /guides/comparison-rate explains the fee-inclusive figure used to rank the table. To model extra payments, use /calculators/extra-repayment.
How much do you need to earn for a $500,000 Bank of Melbourne home loan?
There is no single salary requirement for a Bank of Melbourne home loan. The lender assesses income, expenses, debts and repayment capacity. APRA's residential mortgage framework generally requires governed authorised deposit-taking institutions to apply a minimum 3 percentage point buffer above the payable interest rate, ignoring temporary introductory discounts, with prudent limited policy exceptions. This does not establish Bank of Melbourne's actual assessment rate or approval criteria. Confirm the applicable lender policy and use /calculators/income-required for an illustrative estimate, not approval.
How does Bank of Melbourne's home loan rate compare to the market?
Compare Bank of Melbourne's product conditions and comparison rates with /home-loans. The available table does not establish a whole-market ranking or a personalised offer.
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. 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?
Compare Bank of Melbourne's available product conditions and total costs with your existing loan. A listed rate does not establish refinance eligibility. Allow for discharge, establishment and any fixed-loan early repayment costs, and confirm applicable lender terms before switching. Compare the table with /home-loans/refinance.
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 1 November 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 November 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.
