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'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.59 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

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

2.59%

Variable

$264

2.61%

$0
Bank of Melbourne
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2.64%

Variable

$264

2.66%

$0
Bank of Melbourne
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2.69%

Variable

$264

2.71%

$0
Bank of Melbourne
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3.04%

Variable

$264

3.06%

$0
Bank of Melbourne
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3.09%

Variable

$264

3.11%

$0
Bank of Melbourne
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3.14%

Variable

$264

3.16%

$0
Bank of Melbourne
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3.24%

Variable

$764

3.26%

$0
Bank of Melbourne
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3.29%

Variable

$764

3.31%

$0
Bank of Melbourne
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2.19%

Fixed - 3 years

$377

3.33%

$395 annually
Bank of Melbourne
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2.24%

Fixed - 3 years

$377

3.38%

$395 annually
Bank of Melbourne
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2.69%

Fixed - 5 years

$377

3.39%

$395 annually
Bank of Melbourne
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2.19%

Fixed - 2 years

$377

3.41%

$395 annually
Bank of Melbourne
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2.69%

Fixed - 4 years

$377

3.42%

$395 annually
Bank of Melbourne
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2.29%

Fixed - 3 years

$377

3.43%

$395 annually
Bank of Melbourne
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2.74%

Fixed - 5 years

$377

3.44%

$395 annually
Bank of Melbourne
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2.24%

Fixed - 2 years

$377

3.45%

$395 annually
Bank of Melbourne
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2.74%

Fixed - 4 years

$377

3.47%

$395 annually
Bank of Melbourne
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2.19%

Fixed - 1 year

$377

3.48%

$395 annually
Bank of Melbourne
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2.79%

Fixed - 5 years

$377

3.49%

$395 annually
Bank of Melbourne
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2.29%

Fixed - 2 years

$377

3.50%

$395 annually
Bank of Melbourne
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2.79%

Fixed - 4 years

$377

3.52%

$395 annually
Bank of Melbourne
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2.24%

Fixed - 1 year

$377

3.53%

$395 annually
Bank of Melbourne
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3.14%

Variable

$0

3.57%

$395 annually
Bank of Melbourne
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2.29%

Fixed - 1 year

$377

3.58%

$395 annually
Bank of Melbourne
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3.19%

Variable

$0

3.62%

$395 annually
Bank of Melbourne
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3.24%

Variable

$0

3.67%

$395 annually
Bank of Melbourne
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2.59%

Fixed - 3 years

$0

3.85%

$395 annually
Bank of Melbourne
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3.09%

Fixed - 5 years

$0

3.88%

$395 annually
Bank of Melbourne
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2.64%

Fixed - 3 years

$0

3.90%

$395 annually
Bank of Melbourne
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3.09%

Fixed - 4 years

$0

3.93%

$395 annually
Bank of Melbourne
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3.14%

Fixed - 5 years

$0

3.93%

$395 annually
Bank of Melbourne
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2.59%

Fixed - 2 years

$0

3.94%

$395 annually
Bank of Melbourne
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2.69%

Fixed - 3 years

$0

3.94%

$395 annually
Bank of Melbourne
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3.94%

Variable

$764

3.95%

$0
Bank of Melbourne
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2.84%

Fixed - 5 years

$1241

3.97%

$10 monthly
Bank of Melbourne
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2.64%

Fixed - 2 years

$0

3.98%

$395 annually
Bank of Melbourne
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3.14%

Fixed - 4 years

$0

3.98%

$395 annually
Bank of Melbourne
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3.19%

Fixed - 5 years

$0

3.98%

$395 annually
Bank of Melbourne
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3.99%

Variable

$764

4.00%

$0
Bank of Melbourne
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2.89%

Fixed - 5 years

$1241

4.01%

$10 monthly
Bank of Melbourne
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3.19%

Fixed - 4 years

$0

4.02%

$395 annually
Bank of Melbourne
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2.69%

Fixed - 2 years

$0

4.03%

$395 annually
Bank of Melbourne
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2.79%

Fixed - 1 year

$0

4.05%

$395 annually
Bank of Melbourne
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2.94%

Fixed - 5 years

$1241

4.06%

$10 monthly
Bank of Melbourne
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2.34%

Fixed - 3 years

$1241

4.07%

$10 monthly
Bank of Melbourne
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2.84%

Fixed - 4 years

$1241

4.07%

$10 monthly
Bank of Melbourne
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2.79%

Fixed - 3 years

$0

4.10%

$395 annually
Bank of Melbourne
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2.84%

Fixed - 5 years

$0

4.10%

$395 annually
Bank of Melbourne
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2.39%

Fixed - 3 years

$1241

4.11%

$10 monthly
Bank of Melbourne
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3.59%

Fixed - 3 years

$0

4.11%

$395 annually
Bank of Melbourne
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2.89%

Fixed - 4 years

$1241

4.12%

$10 monthly
Bank of Melbourne
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3.59%

Fixed - 2 years

$0

4.12%

$395 annually
Bank of Melbourne
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3.29%

Fixed - 5 years

$0

4.13%

$395 annually
Bank of Melbourne
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3.59%

Fixed - 1 year

$0

4.13%

$395 annually
Bank of Melbourne
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3.72%

Variable

$0

4.13%

$395 annually
Bank of Melbourne
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3.73%

Variable

$0

4.14%

$395 annually
Bank of Melbourne
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2.89%

Fixed - 1 year

$0

4.15%

$395 annually
Bank of Melbourne
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2.44%

Fixed - 3 years

$1241

4.16%

$10 monthly
Bank of Melbourne
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3.64%

Fixed - 3 years

$0

4.16%

$395 annually
Bank of Melbourne
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2.94%

Fixed - 4 years

$1241

4.17%

$10 monthly
Bank of Melbourne
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3.64%

Fixed - 2 years

$0

4.17%

$395 annually
Bank of Melbourne
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3.29%

Fixed - 4 years

$0

4.18%

$395 annually
Bank of Melbourne
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3.34%

Fixed - 5 years

$0

4.18%

$395 annually
Bank of Melbourne
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3.64%

Fixed - 1 year

$0

4.18%

$395 annually
Bank of Melbourne
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3.77%

Variable

$0

4.18%

$395 annually
Bank of Melbourne
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3.78%

Variable

$0

4.19%

$395 annually
Bank of Melbourne
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2.79%

Fixed - 2 years

$0

4.20%

$395 annually
Bank of Melbourne
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3.69%

Fixed - 3 years

$0

4.21%

$395 annually
Bank of Melbourne
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3.69%

Fixed - 2 years

$0

4.22%

$395 annually
Bank of Melbourne
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2.34%

Fixed - 2 years

$1241

4.23%

$10 monthly
Bank of Melbourne
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3.34%

Fixed - 4 years

$0

4.23%

$395 annually
Bank of Melbourne
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3.69%

Fixed - 1 year

$0

4.23%

$395 annually
Bank of Melbourne
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3.82%

Variable

$0

4.23%

$395 annually
Bank of Melbourne
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3.83%

Variable

$0

4.24%

$395 annually
Bank of Melbourne
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2.84%

Fixed - 2 years

$0

4.25%

$395 annually
Bank of Melbourne
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2.84%

Fixed - 3 years

$0

4.25%

$395 annually
Bank of Melbourne
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4.04%

Fixed - 4 years

$0

4.25%

$395 annually
Bank of Melbourne
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4.04%

Fixed - 5 years

$0

4.27%

$395 annually
Bank of Melbourne
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2.39%

Fixed - 2 years

$1241

4.28%

$10 monthly
Bank of Melbourne
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4.09%

Fixed - 4 years

$0

4.30%

$395 annually
Bank of Melbourne
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2.99%

Fixed - 1 year

$0

4.32%

$395 annually
Bank of Melbourne
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4.09%

Fixed - 5 years

$0

4.32%

$395 annually
Bank of Melbourne
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2.44%

Fixed - 2 years

$1241

4.33%

$10 monthly
Bank of Melbourne
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4.14%

Fixed - 4 years

$0

4.35%

$395 annually
Bank of Melbourne
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3.04%

Fixed - 1 year

$0

4.37%

$395 annually
Bank of Melbourne
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4.14%

Fixed - 5 years

$0

4.37%

$395 annually
Bank of Melbourne
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2.34%

Fixed - 1 year

$1241

4.41%

$10 monthly
Bank of Melbourne
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4.01%

Variable

$0

4.42%

$395 annually
Bank of Melbourne
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2.39%

Fixed - 1 year

$1241

4.46%

$10 monthly
Bank of Melbourne
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3.24%

Fixed - 5 years

$864

4.46%

$10 monthly
Bank of Melbourne
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4.06%

Variable

$0

4.47%

$395 annually
Bank of Melbourne
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2.44%

Fixed - 1 year

$1241

4.51%

$10 monthly
Bank of Melbourne
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3.29%

Fixed - 5 years

$864

4.51%

$10 monthly
Bank of Melbourne
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4.11%

Variable

$0

4.52%

$395 annually
Bank of Melbourne
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3.34%

Fixed - 5 years

$864

4.55%

$10 monthly
Bank of Melbourne
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2.74%

Fixed - 3 years

$864

4.58%

$10 monthly
Bank of Melbourne
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3.24%

Fixed - 4 years

$864

4.58%

$10 monthly
Bank of Melbourne
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3.39%

Fixed - 5 years

$700

4.60%

$395 annually
Bank of Melbourne
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4.44%

Variable

$1241

4.61%

$10 monthly
Bank of Melbourne
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2.79%

Fixed - 3 years

$864

4.63%

$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

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

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.

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.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

What is the difference between fixed, variable and split rates?

Fixed rate

A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repay