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

Bank of Melbourne Home Loans

Loan amount

$

Minimum deposit

Loan type & Term

Sort by

Default
Compare

All filters

Loan purpose
Loan amount
$
Deposit
Loan type and term
Repayment type
Features
Specials
Fees
States
Providers

Type of lender

Include all products?

Yes

We provide links to some financial institutions. If you click through to a financial institution, you can get more product information, apply for or purchase the product and RateCity may earn a fee for referring you. This is one of the ways RateCity makes money and how we can offer our comparison service to you for free. See how we make money for more.

Provider
Compare

Australian Credit Licence 233714Fees & charges apply

6.59%

6.60%

$2,383

  • Owner Occupied
  • Variable
  • 5% min deposit
  • P&I
Enquire

Australian Credit Licence 233714Fees & charges apply

Australian Credit Licence 233714Fees & charges apply

9.67%

9.81%

$3,099

Standard Variable Rate Home Loan
  • Investor
  • Variable
  • 5% min deposit
  • P&I

Australian Credit Licence 233714Fees & charges apply

Australian Credit Licence 233714Fees & charges apply

7.98%

8.31%

$2,328

Advantage Package
  • Owner Occupied
  • Variable
  • 30% min deposit
  • Interest Only

Australian Credit Licence 233714Fees & charges apply

Australian Credit Licence 233714Fees & charges apply

7.39%

7.40%

$2,155

Basic Home Loan
  • Owner Occupied
  • Variable
  • 20% min deposit
  • Interest Only

Australian Credit Licence 233714Fees & charges apply

Australian Credit Licence 233714Fees & charges apply

6.19%

6.20%

$2,296

Basic Home Loan
  • Owner Occupied
  • Variable
  • 30% min deposit
  • P&I

Australian Credit Licence 233714Fees & charges apply

Home Loans calculator

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

$
130
25 years

Your estimated mortgage repayments

at interest rate 6.19%

Total interest payable

$0

Total loan repayments

$0

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.

Alisa Keattichaidumrong

VIC, 3978

Customer Representative Number: 542499

SYLVIA CARTMILL

QLD, 4000

Customer Representative Number: 479649

Jenny Bandara

VIC, 3029

Customer Representative Number: 545931

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.

About our expert

Did you find this page helpful?

^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.