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Bank Of Melbourne

Bank of Melbourne home loans

Bank of Melbourne is an Australian bank, based in Victoria. With headquarters in Melbourne, the bank has 106 branches spread across the state.

Although Bank of Melbourne was established in 1989 as an independent organisation, it has been part of the Westpac Group since 1997.

Bank of Melbourne, or BoM as it is also known, offers a wide range of home loans, both through its branch network and through mortgage brokers.

Other available products

Content updated

01 Aug, 2023

Product data updated

08 May, 2024

Why choose Bank of Melbourne

Benefits

Specialised and construction loans available
Suits customers with small deposits
Lots of repayment flexibility

Drawbacks

Branch access limited to Victoria
Some home loans charge ongoing fees

Home Loans calculator

Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios.

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All calculations are estimates only; they are not guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
It is assumed that data entered into the calculator, including interest rates, do not change for the lifetime of the loan - unless specified.
The Present Value provided by this calculator is displayed as the amount labelled 'Loan amount'.
At the end of the interest-only period, the rate may change. For this calculation, rate switches to the current rate.
The current rate is today’s average big 4 owner occupier advertised discounted variable rate (LVR 80%), unless you have inserted your own rate.
Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.

Months are assumed to be of equal length. However, given some months are longer than others, interest charged may vary depending upon the month.
One year is assumed to contain exactly 52 weeks or 26 fortnights. Thus each year has 364 days.
The calculator uses the unrounded repayment to derive the home loan summary line graph and repayment schedule. However, institutions may round repayments to the nearest cent.
Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
Calculator does not include the cost of fees or other extra charges.
Calculator does not account for changes to interest rates over time.
This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Consider whether you need financial advice from a qualified adviser.
After the interest only term ends, your repayments will change based on the current* interest rate. This rate is subject to change. Read our full disclaimer.

Contact a mortgage broker

Bank of Melbourne homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.

Azm Khan

NSW2150

Customer Representative Number: 463273

4.9

60 Google reviews

Get expert advice from a home loans specialist.

I am passionate about helping people reach their property goals. A Master's degree in Accounting, a CPA qualification an...

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Al Hamayoon

VIC3175

Australian Credit Licence: 393195

Get expert advice from a home loans specialist.

Al Hamayoon is a highly motivated and experienced professional. With his access to a wide range of products, he is here ...

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Dean Coddington

SA5253

Australian Credit Licence: 393195

Get expert advice from a home loans specialist.

Principal and Mortgage Broker, Dean has a passion for going the extra mile for his clients, ensuring he gets to know you...

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Bank of Melbourne customer service

Home loan customers at Bank of Melbourne can contact the bank by phone, choose to live chat with Bank of Melbourne employees online, contact them via email, visit in person at their Victorian branches or book an appointment through the website.

Customer service centre (phone, email, branch)
Mobile app
Online banking
Live Chat
Mobile banking staff

How to apply for a Bank of Melbourne home loan

Bank of Melbourne allows customers to apply for a home loan in a variety of ways. Customers can also make online or email enquries before applying for a loan online, by phone, or in-person at Bank of Melbourne branches.

Before applying for a home loan it is advisable to think about how much money you can afford to borrow given your financial situation and income.

Some of the documentation you’ll need to provide applying for a home loan may include:

Personal identification
Proof of employment and earnings
Details of your savings history and accounts
Information on other loans, debts and expenses

Refinancers will also need to provide statements on their current loan for the last six months. To apply for a construction loan, you may need to provide council approved plans, building quotes and proof of sale.

About Bank of Melbourne home loans

Bank of Melbourne offers a range of home loans to suit a variety of customers and circumstances, including:

First home buyers
Upgraders
Refinancers
Investors
Self-employed (low-doc loans)
Super fund home loans

Mortgage borrowers in Australia who choose a Bank of Melbourne home loan can choose from a variety of interest rate options, such as:

Principal and interest home loans
Interest-only home loans
Variable interest rates
Fixed interest rates (for terms of one to five years)

Bank of Melbourne also offers interest rate discounts and temporary introductory interest rate offers.

Customers are able to begin a Bank of Melbourne home loan application online and receive indicative approval in less than 15 minutes. A home loan expert will then call to discuss your mortgage options.

Bank of Melbourne home loan rates

Although Bank of Melbourne is not one of Australia’s big four banks, it is part of Westpac Group, making its rates comparable with larger banks. However, permanent discounts and introductory offers may help lower their rates.

Bank of Melbourne home loan interest rates vary from product to product. As a general rule, owner-occupiers are granted lower interest rates than investors, and principal and interest borrowers get lower interest rates than interest-only borrowers.

Bank of Melbourne home loans review

Although Bank of Melbourne is owned by Westpac Group, it is still considered a regional bank, rather than a national bank. Some Victorians may choose one of Bank of Melbourne’s home loans over a mortgage from one of the big four banks because of BoM’s local appeal. Bank of Melbourne’s contact centre is in Victoria, and the bank’s marketing speaks to its commitment to the local economy. While Bank of Melbourne does not operate branches outside of Victoria, customers can also access services through BankSA and St.George branches.

Bank of Melbourne offers a wide range of home loan products, but its selection may not be as extensive those of larger banks in Australia. Bank of Melbourne home loans include options for first time buyers, investors and self-employed borrowers.

Bank of Melbourne home loans can be principal and interest or interest only, and borrowers can choose between fixed-rate and variable-rate home loans.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Bank of Melbourne home loans

Why choose Bank of Melbourne

Benefits

Drawbacks

Bank of Melbourne Home Loans