Election promises roll out & major banks slash home loan rates
This week brought a raft of mortgage-related policy announcements from both major politica...
17 Apr, 2025
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.24% p.a. | 5.99% p.a. | $2,758 | Principal & Interest | Fixed | $395 | $100 | 70% | |||||||||||||
5.24% p.a. | 5.95% p.a. | $2,758 | Principal & Interest | Fixed | $395 | $100 | 70% | |||||||||||||
5.34% p.a. | 6.08% p.a. | $2,789 | Principal & Interest | Fixed | $395 | $100 | 80% | |||||||||||||
5.34% p.a. | 6.05% p.a. | $2,789 | Principal & Interest | Fixed | $395 | $100 | 80% | |||||||||||||
5.39% p.a. | 5.96% p.a. | $2,805 | Principal & Interest | Fixed | $395 | $100 | 70% | |||||||||||||
5.44% p.a. | 7.80% p.a. | $2,820 | Principal & Interest | Fixed | $8 | $700 | 70% | |||||||||||||
5.44% p.a. | 7.56% p.a. | $2,820 | Principal & Interest | Fixed | $8 | $700 | 70% | |||||||||||||
5.44% p.a. | 6.18% p.a. | $2,820 | Principal & Interest | Fixed | $395 | $100 | 70% |
Bank of Melbourne has been around since 1989 when the RESI Statewide Building Society was granted a banking licence. It was acquired by Westpac in 1997, which retired and replaced the brand in 2004 but later revived it after the big four bank's merger with St George.
You might find Bank of Melbourne a good fit for your home loan needs if you:
Prefer in-person banking in Victoria
Bank of Melbourne has multiple branches around Melbourne and one in Ballarat.
Are seeking core loan product options
The major home loan products at Bank of Melbourne for both owner occupiers and investors include:
Basic Variable
Low rate, unlimited extra repayments, no ongoing fees
Variable with offset
Includes a single optional offset account
Fixed home loan
Are interested in package benefits
Bank of Melbourne offers a Home Loan package for a $395 annual fee. Benefits include discounted rates, waived fees, and flexibility to make changes to your home loan, like adding extra features.
Are eligible for the 5% Deposit Scheme
Bank of Melbourne is one of 33 lenders currently participating in the 5% Deposit Scheme. If you're eligible, you could buy a home with a deposit of less than 20% without Lenders Mortgage Insurance (LMI).
Looking for a specific Home Loan Provider? Explore the brands we compare to see a list of their products, rates and features.

Not sure which type of loan is best for your needs?
Your Mortgage can help you find out.