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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.69% p.a. | 6.25% p.a. | $2,899 | Principal & Interest | Fixed | $395 | $100 | 95% | |||||||||||||
5.79% p.a. | 6.35% p.a. | $2,931 | Principal & Interest | Fixed | $395 | $100 | 95% | |||||||||||||
5.79% p.a. | 5.80% p.a. | $2,931 | Principal & Interest | Variable | $0 | $100 | 95% | |||||||||||||
5.79% p.a. | 6.25% p.a. | $2,931 | Principal & Interest | Fixed | $395 | $100 | 95% | |||||||||||||
5.89% p.a. | 6.45% p.a. | $2,962 | Principal & Interest | Fixed | $395 | $100 | 90% | |||||||||||||
5.89% p.a. | 6.27% p.a. | $2,962 | Principal & Interest | Fixed | $395 | $100 | 95% | |||||||||||||
5.89% p.a. | 5.90% p.a. | $2,962 | Principal & Interest | Variable | $0 | $100 | 95% | |||||||||||||
5.89% p.a. | 6.27% p.a. | $2,962 | Principal & Interest | Variable | $395 | $100 | 95% |
Important Information and Comparison Rate Warning
The down low on Bank of Melbourne home loans
Bank of Melbourne is a subsidiary of Westpac operating out of Victoria. It's been around since 1989 since the RESI Statewide Building Society was granted a banking licence and was acquired by Westpac in 1997. The brand name was retired and replaced with Westpac in 2004, but it eventually returned after the big four bank merged with St George.
You might find Bank of Melbourne a good fit for your home loan needs if you:
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Want linked but distinct rates within a large banking group: Bank of Melbourne has the same product range as St George and BankSA - Westpac's other subsidiaries. You'll notice all these banks tend to move rates at the same time. However, there are still sometimes differences in advertised rates between institutions.
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Prefer in-person banking in Victoria: At the time of writing, Bank of Melbourne has six branches around Melbourne and one in Ballarat. It's branches throughout the rest of Victoria still use the St George brand.
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Are seeking core loan product options: As of June 2025, these are the major home loan products at Bank of Melbourne for both owner occupiers and investors:
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Basic Variable: Low rate, unlimited extra repayments, no ongoing fees
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Variable with offset: Includes a single optional offset account
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Fixed home loan
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Are comparing fees and package benefits: Bank of Melbourne home loans may incur account keeping, establishment fees, charges for late payments among other fees. It also offers a Home Loan package for $395 per year as of 2025. Benefits include discounted rates, waived fees and flexibility with changing your home loan including adding extra features.
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Are eligible for the Home Guarantee Scheme: Bank of Melbourne is one of 33 lenders currently participating in the Home Guarantee Scheme. If you're eligible, you could borrow up to 95% of the property value (98% for the Family Home Guarantee) without Lenders Mortgage Insurance (LMI).
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