Bank of Melbourne home loan repayment calculator

Thinking about taking out a home loan with Bank of Melbourne? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Bank of Melbourne home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated repayments

at interest rate 2.49 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Lots of repayment flexibility
  • Specialised and construction loans available
  • Suits customers with small deposits
  • Some home loans charge ongoing fees
  • Branch access limited to Victoria

Bank of Melbourne home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.49%

Variable

$264

2.51%

$0
Bank of Melbourne
More details

2.54%

Variable

$264

2.56%

$0
Bank of Melbourne
More details

2.59%

Variable

$264

2.61%

$0
Bank of Melbourne
More details

2.94%

Variable

$264

2.96%

$0
Bank of Melbourne
More details

2.99%

Variable

$264

3.01%

$0
Bank of Melbourne
More details

3.04%

Variable

$264

3.06%

$0
Bank of Melbourne
More details

3.09%

Variable

$764

3.11%

$0
Bank of Melbourne
More details

1.89%

Fixed - 4 years

$264

3.16%

$395 annually
Bank of Melbourne
More details

3.14%

Variable

$764

3.16%

$0
Bank of Melbourne
More details

3.14%

Variable

$764

3.16%

$0
Bank of Melbourne
More details

2.19%

Fixed - 5 years

$264

3.19%

$395 annually
Bank of Melbourne
More details

1.94%

Fixed - 4 years

$264

3.21%

$395 annually
Bank of Melbourne
More details

3.19%

Variable

$764

3.21%

$0
Bank of Melbourne
More details

2.24%

Fixed - 5 years

$264

3.24%

$395 annually
Bank of Melbourne
More details

1.99%

Fixed - 4 years

$264

3.26%

$395 annually
Bank of Melbourne
More details

1.99%

Fixed - 3 years

$264

3.28%

$395 annually
Bank of Melbourne
More details

2.29%

Fixed - 5 years

$264

3.29%

$395 annually
Bank of Melbourne
More details

2.04%

Fixed - 3 years

$264

3.33%

$395 annually
Bank of Melbourne
More details

1.99%

Fixed - 2 years

$264

3.37%

$395 annually
Bank of Melbourne
More details

2.09%

Fixed - 3 years

$264

3.37%

$395 annually
Bank of Melbourne
More details

2.04%

Fixed - 2 years

$264

3.41%

$395 annually
Bank of Melbourne
More details

1.99%

Fixed - 1 year

$264

3.46%

$395 annually
Bank of Melbourne
More details

2.09%

Fixed - 2 years

$264

3.46%

$395 annually
Bank of Melbourne
More details

2.04%

Fixed - 1 year

$264

3.51%

$395 annually
Bank of Melbourne
More details

2.09%

Fixed - 1 year

$264

3.56%

$395 annually
Bank of Melbourne
More details

3.14%

Variable

$0

3.57%

$395 annually
Bank of Melbourne
More details

3.19%

Variable

$0

3.62%

$395 annually
Bank of Melbourne
More details

3.24%

Variable

$0

3.67%

$395 annually
Bank of Melbourne
More details

2.69%

Fixed - 5 years

$264

3.72%

$395 annually
Bank of Melbourne
More details

2.34%

Fixed - 5 years

$1241

3.77%

$10 monthly
Bank of Melbourne
More details

2.74%

Fixed - 5 years

$264

3.77%

$395 annually
Bank of Melbourne
More details

2.39%

Fixed - 3 years

$264

3.79%

$395 annually
Bank of Melbourne
More details

2.69%

Fixed - 4 years

$264

3.79%

$395 annually
Bank of Melbourne
More details

2.04%

Fixed - 4 years

$1241

3.82%

$10 monthly
Bank of Melbourne
More details

2.39%

Fixed - 5 years

$1241

3.82%

$10 monthly
Bank of Melbourne
More details

2.79%

Fixed - 5 years

$264

3.82%

$395 annually
Bank of Melbourne
More details

2.44%

Fixed - 3 years

$264

3.84%

$395 annually
Bank of Melbourne
More details

2.74%

Fixed - 4 years

$264

3.84%

$395 annually
Bank of Melbourne
More details

2.09%

Fixed - 4 years

$1241

3.86%

$10 monthly
Bank of Melbourne
More details

2.44%

Fixed - 5 years

$1241

3.87%

$10 monthly
Bank of Melbourne
More details

2.39%

Fixed - 2 years

$264

3.89%

$395 annually
Bank of Melbourne
More details

2.49%

Fixed - 3 years

$264

3.89%

$395 annually
Bank of Melbourne
More details

2.79%

Fixed - 4 years

$264

3.89%

$395 annually
Bank of Melbourne
More details

2.14%

Fixed - 4 years

$1241

3.91%

$10 monthly
Bank of Melbourne
More details

2.44%

Fixed - 2 years

$264

3.94%

$395 annually
Bank of Melbourne
More details

2.89%

Fixed - 5 years

$0

3.96%

$395 annually
Bank of Melbourne
More details

2.49%

Fixed - 2 years

$264

3.99%

$395 annually
Bank of Melbourne
More details

2.49%

Fixed - 1 year

$264

4.01%

$395 annually
Bank of Melbourne
More details

2.94%

Fixed - 4 years

$0

4.01%

$395 annually
Bank of Melbourne
More details

2.94%

Fixed - 5 years

$0

4.01%

$395 annually
Bank of Melbourne
More details

2.14%

Fixed - 3 years

$1241

4.02%

$10 monthly
Bank of Melbourne
More details

2.89%

Fixed - 4 years

$0

4.04%

$395 annually
Bank of Melbourne
More details

2.59%

Fixed - 3 years

$0

4.05%

$395 annually
Bank of Melbourne
More details

2.19%

Fixed - 3 years

$1241

4.06%

$10 monthly
Bank of Melbourne
More details

2.54%

Fixed - 1 year

$264

4.06%

$395 annually
Bank of Melbourne
More details

2.99%

Fixed - 4 years

$0

4.06%

$395 annually
Bank of Melbourne
More details

2.99%

Fixed - 5 years

$0

4.06%

$395 annually
Bank of Melbourne
More details

2.64%

Fixed - 3 years

$0

4.09%

$395 annually
Bank of Melbourne
More details

2.24%

Fixed - 3 years

$1241

4.11%

$10 monthly
Bank of Melbourne
More details

2.59%

Fixed - 1 year

$264

4.11%

$395 annually
Bank of Melbourne
More details

3.59%

Fixed - 3 years

$0

4.11%

$395 annually
Bank of Melbourne
More details

3.59%

Fixed - 2 years

$0

4.12%

$395 annually
Bank of Melbourne
More details

3.59%

Fixed - 1 year

$0

4.13%

$395 annually
Bank of Melbourne
More details

3.72%

Variable

$0

4.13%

$395 annually
Bank of Melbourne
More details

2.69%

Fixed - 3 years

$0

4.14%

$395 annually
Bank of Melbourne
More details

3.73%

Variable

$0

4.14%

$395 annually
Bank of Melbourne
More details

2.59%

Fixed - 2 years

$0

4.16%

$395 annually
Bank of Melbourne
More details

3.64%

Fixed - 3 years

$0

4.16%

$395 annually
Bank of Melbourne
More details

3.64%

Fixed - 2 years

$0

4.17%

$395 annually
Bank of Melbourne
More details

3.64%

Fixed - 1 year

$0

4.18%

$395 annually
Bank of Melbourne
More details

3.77%

Variable

$0

4.18%

$395 annually
Bank of Melbourne
More details

3.78%

Variable

$0

4.19%

$395 annually
Bank of Melbourne
More details

2.14%

Fixed - 2 years

$1241

4.20%

$10 monthly
Bank of Melbourne
More details

2.64%

Fixed - 2 years

$0

4.21%

$395 annually
Bank of Melbourne
More details

3.82%

Variable

$0

4.23%

$395 annually
Bank of Melbourne
More details

3.83%

Variable

$0

4.24%

$395 annually
Bank of Melbourne
More details

2.19%

Fixed - 2 years

$1241

4.25%

$10 monthly
Bank of Melbourne
More details

2.69%

Fixed - 2 years

$0

4.25%

$395 annually
Bank of Melbourne
More details

4.04%

Fixed - 4 years

$0

4.25%

$395 annually
Bank of Melbourne
More details

4.04%

Fixed - 5 years

$0

4.27%

$395 annually
Bank of Melbourne
More details

2.69%

Fixed - 1 year

$0

4.29%

$395 annually
Bank of Melbourne
More details

2.24%

Fixed - 2 years

$1241

4.30%

$10 monthly
Bank of Melbourne
More details

2.84%

Fixed - 5 years

$864

4.30%

$10 monthly
Bank of Melbourne
More details

4.09%

Fixed - 4 years

$0

4.30%

$395 annually
Bank of Melbourne
More details

4.09%

Fixed - 5 years

$0

4.32%

$395 annually
Bank of Melbourne
More details

2.74%

Fixed - 1 year

$0

4.34%

$395 annually
Bank of Melbourne
More details

2.89%

Fixed - 5 years

$864

4.35%

$10 monthly
Bank of Melbourne
More details

2.79%

Fixed - 1 year

$0

4.38%

$395 annually
Bank of Melbourne
More details

2.14%

Fixed - 1 year

$1241

4.40%

$10 monthly
Bank of Melbourne
More details

2.94%

Fixed - 5 years

$864

4.40%

$10 monthly
Bank of Melbourne
More details

4.01%

Variable

$0

4.42%

$395 annually
Bank of Melbourne
More details

2.19%

Fixed - 1 year

$1241

4.44%

$10 monthly
Bank of Melbourne
More details

2.99%

Fixed - 5 years

$700

4.44%

$395 annually
Bank of Melbourne
More details

2.84%

Fixed - 4 years

$864

4.45%

$10 monthly
Bank of Melbourne
More details

4.06%

Variable

$0

4.47%

$395 annually
Bank of Melbourne
More details

2.24%

Fixed - 1 year

$1241

4.49%

$10 monthly
Bank of Melbourne
More details

2.89%

Fixed - 4 years

$864

4.50%

$10 monthly
Bank of Melbourne
More details

4.11%

Variable

$0

4.52%

$395 annually
Bank of Melbourne
More details

2.54%

Fixed - 3 years

$864

4.53%

$10 monthly
Bank of Melbourne
More details

3.04%

Fixed - 5 years

$864

4.54%

$10 monthly
Bank of Melbourne
More details

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.

Learn more about Bank of Melbourne

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

Why should you trust Real Time Ratings?

Real Time Ratings™ was conceived by a team of data experts who have been analysing trends and behaviour in the home loan market for more than a decade. It was designed purely to meet the evolving needs of home loan customers who wish to merge low cost with flexible features quickly. We believe it fills a glaring gap in the market by frequently re-rating loan products based on the changes lenders make daily.

Real Time Ratings™ is a new idea and will change over time to match the frequently-evolving demands of the market. Some things won’t change though – it will always rate all relevent products in our database and will not be influenced by advertising.

If you have any feedback about Real Time Ratings™, please get in touch.

What is the average annual percentage rate?

Also known as the comparison rate, or sometimes the ‘true rate’ of a loan, the average annual percentage rate (AAPR) is used to indicate the overall cost of a loan after considering all the fees, charges and other factors, such as introductory offers and honeymoon rates.

The AAPR is calculated based on a standardised loan amount and loan term, and doesn’t include any extra non-standard charges.

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

How much information is required to get a rating?

You don’t need to input any information to see the default ratings. But the more you tell us, the more relevant the ratings will become to you. We take your personal privacy seriously. If you are concerned about inputting your information, please read our privacy policy.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

What is a redraw fee?

Redraw fees are charged by your lender when you want to take money you have already paid into your mortgage back out. Typically, banks will only allow you to take money out of your loan if you have a redraw facility attached to your loan, and the money you are taking out is part of any additional repayments you’ve made. The average redraw fee is around $19 however there are plenty of lenders who include a number of fee-free redraws a year. Tip: Negative-gearers beware – any money redrawn is often treated as new borrowing for tax purposes, so there may be limits on how you can use it if you want to maximise your tax deduction.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.

Mortgage Calculator, Interest Rate

The percentage of the loan amount you will be charged by your lender to borrow. 

What is the amortisation period?

Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.