Compare Home loans in Melbourne

Find home loans from a wide range of Australian lenders that best suit your needs, whether you're investing, refinancing or looking to buy your first home. Compare interest rates, mortgage repayments, fees and more. - Data last updated on 23 Jul 2018

Compare Home loans in Melbourne

Promoted
Discount Offer Variable Home Loan ($200k-$700k)RewardsGet $1,000 cash into a USaver account when you apply for a loan of $200,000 or more (new or refinance). T&Cs apply.
Advertised rate
3.59%
Variable
Comparison rate*
3.59%
Monthly repayment
$1,135
Real Time Rating™

4.35 / 5

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Promoted
Discount Variable Investment Loan (Principal and Interest) (LVR<80%)
Advertised rate
4.44%
Variable
Comparison rate*
4.49%
Monthly repayment
$1,258
Real Time Rating™

3.43 / 5

Compare
Variable Rate Home Loan (Principal and Interest) (Amounts < $750k, LVR 70%-80%)Cashback$900 cashback after your settlement
Advertised rate
3.54%
Variable
Comparison rate*
3.58%
Monthly repayment
$1,128
Real Time Rating™

4.69 / 5

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Basic Home Loan Special (LVR < 80%)SpecialEstablishment fee waived for Variable Basic Home Loans until 30 September 2018
Advertised rate
3.65%
Variable
Comparison rate*
3.66%
Monthly repayment
$1,144
Real Time Rating™

4.42 / 5

Compare
Select Basic Home Loan (Principal and Interest) (Amounts < $500k, LVR < 80%)
Advertised rate
3.69%
Variable
Comparison rate*
3.70%
Monthly repayment
$1,149
Real Time Rating™

4.29 / 5

Compare
Premier Standard Variable Home LoanSpecialAvailable on new Premier home loan borrowings from $50,000 when applying by 31 July 2018
Advertised rate
3.69%
Variable
Comparison rate*
3.70%
Monthly repayment
$1,149
Real Time Rating™

4.43 / 5

Compare
IQ Basic Home Loan (Principal and Interest) (LVR < 70%)
Advertised rate
3.75%
Variable
Comparison rate*
3.76%
Monthly repayment
$1,158
Real Time Rating™

4.3 / 5

Compare
Special Low Variable Rate Home Loan (LVR < 80%)
Advertised rate
3.79%
Variable
Comparison rate*
3.79%
Monthly repayment
$1,163
Real Time Rating™

4.29 / 5

Compare
Basic Variable Rate Home Loan
Advertised rate
3.77%
Variable
Comparison rate*
3.81%
Monthly repayment
$1,161
Real Time Rating™

4.19 / 5

Compare
First Home Buyer Loan - 40 Year Term
Advertised rate
3.77%
Variable
Comparison rate*
3.81%
Monthly repayment
$1,161
Real Time Rating™

4.19 / 5

Compare
OMG Home Loan (Principal and Interest)
Advertised rate
3.79%
Variable
Comparison rate*
3.83%
Monthly repayment
$1,163
Real Time Rating™

4.09 / 5

Compare
Rate Buster High Lend 100% Offset Variable Investment Loan (Principal and Interest)CashbackReceive $750 cash back on loans between $250,000 and $749,999 and $1500 cash back on loans over $750,000
Advertised rate
3.89%
Variable
Comparison rate*
3.89%
Monthly repayment
$1,178
Real Time Rating™

4.34 / 5

Compare
IQ Basic Investment Loan (Principal and Interest) (LVR < 70%)
Advertised rate
3.99%
Variable
Comparison rate*
4.00%
Monthly repayment
$1,192
Real Time Rating™

3.99 / 5

Compare
UHomeLoan Fixed (Principal and Interest) 3 Years
Advertised rate
3.74%
Fixed - 3 years
Comparison rate*
4.01%
Monthly repayment
$1,156
Real Time Rating™

3.51 / 5

Compare
Premium Plus Package Variable Rate Home Loan Special (Principal and Interest) (LVR < 90%)SpecialIncludes a discounted rate off the Premium Plus Package Variable Rate Tier 4 home loan when meeting certain eligibility requirements.
Advertised rate
3.64%
Variable
Comparison rate*
4.03%
Monthly repayment
$1,142
Real Time Rating™

4.59 / 5

Compare
My Life Fixed Rate Package 2 Years
Advertised rate
3.69%
Fixed - 2 years
Comparison rate*
4.04%
Monthly repayment
$1,149
Real Time Rating™

3.9 / 5

Compare
My Life Fixed Rate Package 3 Years
Advertised rate
3.85%
Fixed - 3 years
Comparison rate*
4.05%
Monthly repayment
$1,172
Real Time Rating™

3.88 / 5

Compare
Essential Home Loan ($100k+)SpecialStandard Establishment fee of $350 and Settlement fee of $250 waived
Advertised rate
4.04%
Variable
Comparison rate*
4.07%
Monthly repayment
$1,199
Real Time Rating™

3.91 / 5

Compare
OMG Investment Loan (Principal and Interest)
Advertised rate
4.04%
Variable
Comparison rate*
4.08%
Monthly repayment
$1,199
Real Time Rating™

3.77 / 5

Compare
Inv UHomeLoan Fixed 3 Years
Advertised rate
3.99%
Fixed - 3 years
Comparison rate*
4.44%
Monthly repayment
$1,192
Real Time Rating™

3.16 / 5

Compare
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Home loans in Melbourne

Comparable only to Sydney, Melbourne is one of the most in demand and popular cities in Australia. The city CBD is a hub of culture, business and industry, with many national and international organisations and companies based there. The property market can be daunting, with increasing property prices and a minimal amount of properties on offer. 

What do I need to know about Melbourne?

The CBD of Melbourne - which naturally has the highest demand for properties in the city - is located around the natural bay of Port Phillip. The city is one of the country’s cultural capitals with contemporary art, dance, theatre, film and television industries being based there. The city is also well known for its changeable weather conditions, with strong winds, heavy rain and hail events. Melbourne is regarded as a highly liveable city with a well-designed attractive centre.  

What is the property market like in Melbourne?

Properties are always in high demand in Melbourne. Prices for properties are growing, with affordability and shortage of supply a problem for people wanting to live in the city. The affordability issues increase the closer you move to the Melbourne CBD.

Due to the city’s location on a natural bay, there is also a shortage of land for large developments and residential housing. There are also a larger proportion of units, apartments and townhouses in the city, with these types of properties being more affordable that detached houses. Rental properties are in high demand with steadily increasing rents.  

What is the difference between home loans in Melbourne and other major cities in Australia?

 The property market and home loan sector is regulated by the Australian Government on a national basis, therefore the process is similar when getting a home loan in Melbourne as in the other state capitals and major metropolitan centres. It is perhaps easier to access a wide variety of home loan providers in Melbourne than in some other smaller Australian towns and cities. Because of the high demand for property you will need to organise your home loan quickly, otherwise a property you want to purchase could be snapped up by another buyer.

What do I need to know about getting a home loan in Melbourne?

The home loan process in Melbourne is similar to other states with the usual stamp duty and land taxes charged by the Victorian state government. If you are looking to purchase land or to make major renovations to a property these areas are governed by the Melbourne City Council. There are many building codes, restrictions and regulations that apply when building or renovating a property in this city. In addition, application fees are also charged and should be budgeted for when applying for a home loan. It can often be beneficial to employ an agent or advisor when considering purchasing a property or making major renovations to a property as this could decrease costs and avoid legal issues. 

FAQs

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

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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, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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