Variable home loan with offset
Our full-featured variable rate loan, with an offset account and redraw.
Why choose a Standard Variable Rate Home Loan?
Redraw freedom
Make unlimited additional repayments to pay off your loan sooner, then redraw the funds if you ever need to1.
Offset account
Full interest offset facility to help you save on interest on your home.
Option to split your loan
Make part of your loan a fixed interest rate and part a variable interest rate.
Family Pledge
You could use the equity in a family member's home to guarantee part of your home loan. Learn more
Take a break from repayments
You may be able to pause or reduce your repayments for a set period (keep in mind after the break your repayments may be higher for the rest of your loan term).
Bundle & save
Get a 1.30% p.a. packaged home loan rate discount and no annual credit card fee, for an all-in-one $395 annual package fee#.
New Owner Occupier Loans
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7.39% p.a
With LVR up to 70%
Standard Variable Rate with package#. Rate includes 0.10% p.a. discount for LVR+ up to 70% (your deposit is min 30% of the property value). New loans on Principal & Interest repayments3. T&Cs apply.
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7.73% p.a
Comparison rate*
New Residential Investment Loans
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7.97% p.a
With LVR up to 70%
Standard Variable Rate with package#. Rate includes 0.10% p.a. discount for LVR+ up to 70% (your deposit is min 30% of the property value). New loans on Principal & Interest repayments3. T&Cs apply.
-
8.30% p.a
Comparison rate*
Fees
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$600 Lending establishment fee2
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$8 Monthly loan account fee
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OR
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$0 with Advantage Package#
It's easy to get started
Save time, apply online
Apply online for a home loan, conditional approval or to switch to us.
- You could get approval in 1 business day
- Dedicated lender will support you from application to settlement.
Book an appointment
A member of our team will be in touch at a time that suits you.
- They’ll answer your questions and guide you through your next steps.
- A lender can start your application for you.
Compare our home loans
See at a glance how features differ by product.
Home loan interest rates
View our latest interest rates for a range of Bank of Melbourne home loans to suit your needs. Compare our variable and fixed interest rates for owner occupiers and investors and options for principal and interest or interest only repayments.
Not right? Try these
Our home loans
The Detail
Conditions, credit criteria, fees and charges apply. Based on Bank of Melbourne’s credit criteria, residential lending is not available for Non-Australian resident borrowers. Interest rates subject to change. Before making a decision, it’s best to read the terms and conditions.
Loan Accounts – Charges for specific services and accounts (PDF 33KB)
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Taxation considerations in this publication should not be interpreted or used as tax advice or a tax guide.
*Comparison Rate: The comparison rate is based on a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
**Available for Owner Occupier and Investment Property Loans with Principal & Interest and Interest only repayments.
+LVR stands for the initial loan to value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won’t change during the life of the loan as the LVR changes.
#Advantage Package: Terms & Conditions (PDF 277KB) apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. Before deciding to acquire a Bank of Melbourne transaction account, read the terms & conditions, and consider if the product is right for you.
^^ FASTRefi®: Only available: on eligible new Bank of Melbourne home loans; on eligible home loans with your current lender; if your other lender is on the FASTRefi® process list of eligible financial institutions. Your other lender may charge you an additional settlement agent fee, as well as fixed rate home loan break costs. Loan suitability for the FASTRefi® product is determined by Bank of Melbourne in conjunction with the insurance product guidelines. FASTRefi® is provided by First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908 Australian Financial Services Licence 263876, trading as First Title, an Australian general insurance company authorised by the Australian Prudential Regulation Authority. Conditions, fees and charges apply. Lending criteria apply to approval of credit products. This info doesn’t take your personal objectives, circumstances or needs into account, so please consider FASTRefi’s® appropriateness and read the disclosure documents for your selected loan, including the Terms and Conditions, before deciding.
^^^Basic Home Promotional Rates:
Basic Home Loan Promotional Principal and Interest Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments received from 24/11/2023. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.
Residential Investment Basic Principal and Interest Promotional Rate: This offer is only available for new Residential Investment Basic Home Loan applications with Principal and Interest repayments received from 24/11/2023. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.
Basic Home Loan Promotional Interest Only Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Interest Only repayments received from 26/10/2020. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.
Residential Investment Basic Interest Only Promotional Rate: This offer is only available for new Residential Investment Basic Home Loan applications with Interest Only repayments received from 24/11/2023. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.
- Redraw and repayment reduction are subject to bank approval.
- Other upfront fees and costs may apply
- Rate includes 1.30% p.a. standard Advantage Package discount, applicable for loans with total borrowing amounts above $100,000.
Rate Lock: Bank of Melbourne will apply the fixed rate available at the loan settlement date or the date the fixed rate term commences, unless you lock a fixed rate in on your loan using our Rate Lock feature. The fixed rate lock-in fee is 0.15% of your loan amount or $500, whichever is higher, capped at $1000 for loans up to $2M. For loans above $2M, the fixed rate lock-in fee is 0.15% of your loan amount. At the end of your fixed rate term, the interest rate will convert to our standard variable interest rate, unless a new fixed rate term’s selected and then the fixed rate is determined on the day the fixed term ends.