Bank of MelbourneBasic Variable Home Loan
Our no-frills variable home loan rate, with redraw and no establishment or ongoing monthly fees.
Home loansBank updated 28 Oct 2026
At a glance
- Variable (owner occ. P&I)
- 6.54%6.55% comparison
- Variable (investor P&I)
- 6.79%
- Max LVR
- 95%
- Features
- redraw, extra repayments
How it compares
This home loan in ink, against the best that every other institution publishes for anyone to apply for. Each figure is counted the same way for all of them.
| Rate | This home loan | Best anywhere | Typical institution | Where it sits |
|---|---|---|---|---|
| Variable home loanOwner occupier, principal & interest, 80% LVR | 6.64% | 5.93%SCCU's BROKER HOME LOAN | 6.38%of 104 institutions | 77th lowest of 104, level with 4 others |
| Investor variable home loanInvestment, principal & interest, 80% LVR | 6.89% | 5.94%AAA Financial Corporation's Portfolio Loan | 6.59%of 104 institutions | 76th lowest of 104, level with 3 others |
Rates
Every rate Bank of Melbourne publishes for this home loan, 11 in all.
Variable rate by LVR
Owner occupier, principal and interest, the lowest rate published for each band of the loan's share of the property's value
- ≤70%6.54%
- 70–80%6.64%
- 80–95%6.94%
| Type | Applies to | Term | Band | Rate | Comparison | Conditions |
|---|---|---|---|---|---|---|
| VariableSpecial offer discount of 2.09% p.a. off the Basic Home Loan rate is included in the below rates. The rates include our 0.10% p.a. discount for LVRs+ up to 70%. | Investment, Interest only | - | ≤70% LVR | 7.14% | 6.95% | - |
| VariableSpecial offer discount of 2.09% p.a. off the Basic Home Loan rate is included in the below rates. Our standard interest rate applies if you're borrowing above 70% and up to 80% of our property valuat… | Investment, Interest only | - | 70–80% LVR | 7.24% | 7.05% | - |
| VariableSpecial offer discount of 2.09% p.a. off the Basic Home Loan rate is included in the below rates. An extra 0.30% p.a. will be applied on top of our standard interest rate if you're borrowing above 80… | Investment, Interest only | - | 80–90% LVR | 7.54% | 7.36% | - |
| VariableSpecial offer discount of 2.15% p.a. off the Basic Home Loan rate is included in the below rates. The rates include our 0.10% p.a. discount for LVRs+ up to 70%. | Investment, P&I | - | ≤70% LVR | 6.79% | 6.80% | - |
| VariableSpecial offer discount of 2.15% p.a. off the Basic Home Loan rate is included in the below rates. Our standard interest rate applies if you're borrowing above 70% and up to 80% of our property valuat… | Investment, P&I | - | 70–80% LVR | 6.89% | 6.90% | - |
| VariableSpecial offer discount of 2.15% p.a. off the Basic Home Loan rate is included in the below rates. An extra 0.30% p.a. will be applied on top of our standard interest rate if you're borrowing above 80… | Investment, P&I | - | 80–95% LVR | 7.19% | 7.20% | - |
| VariableSpecial offer discount of 1.41% p.a. off the Basic Home Loan rate is included in the below rates. The rates include our 0.10% p.a. discount for LVRs+ up to 70%. | Owner occupied, Interest only | - | ≤70% LVR | 7.54% | 6.99% | - |
| VariableSpecial offer discount of 1.41% p.a. off the Basic Home Loan rate is included in the below rates. Our standard interest rate applies if you're borrowing above 70% and up to 80% of our property valuat… | Owner occupied, Interest only | - | 70–80% LVR | 7.64% | 7.09% | - |
| VariableSpecial offer discount of 1.82% p.a. off the Basic Home Loan rate is included in the below rates. The rates include our 0.10% p.a. discount for LVRs+ up to 70%. For Government's home guarantee scheme… | Owner occupied, P&I | - | ≤70% LVR | 6.54% | 6.55% | - |
| VariableSpecial offer discount of 1.82% p.a. off the Basic Home Loan rate is included in the below rates. Our standard interest rate applies if you're borrowing above 70% and up to 80% of our property valuat… | Owner occupied, P&I | - | 70–80% LVR | 6.64% | 6.65% | - |
| VariableSpecial offer discount of 1.82% p.a. off the Basic Home Loan rate is included in the below rates. An extra 0.30% p.a. will be applied on top of our standard interest rate if you're borrowing above 80… | Owner occupied, P&I | - | 80–95% LVR | 6.94% | 6.95% | - |
Rate changes
11 changes logged, newest first.
| Date | Rate | Was | Now | Change |
|---|---|---|---|---|
| 9 Oct 2026 | Variable, Investment, Interest only, ≤70% LVR | 6.89% | 7.14% | up 0.25 |
| 9 Oct 2026 | Variable, Investment, Interest only, 70–80% LVR | 6.99% | 7.24% | up 0.25 |
| 9 Oct 2026 | Variable, Investment, Interest only, 80–90% LVR | 7.29% | 7.54% | up 0.25 |
| 9 Oct 2026 | Variable, Investment, P&I, ≤70% LVR | 6.54% | 6.79% | up 0.25 |
| 9 Oct 2026 | Variable, Investment, P&I, 70–80% LVR | 6.64% | 6.89% | up 0.25 |
| 9 Oct 2026 | Variable, Investment, P&I, 80–95% LVR | 6.94% | 7.19% | up 0.25 |
| 9 Oct 2026 | Variable, Owner occupied, Interest only, ≤70% LVR | 7.29% | 7.54% | up 0.25 |
| 9 Oct 2026 | Variable, Owner occupied, Interest only, 70–80% LVR | 7.39% | 7.64% | up 0.25 |
| 9 Oct 2026 | Variable, Owner occupied, P&I, ≤70% LVR | 6.29% | 6.54% | up 0.25 |
| 9 Oct 2026 | Variable, Owner occupied, P&I, 70–80% LVR | 6.39% | 6.64% | up 0.25 |
| 9 Oct 2026 | Variable, Owner occupied, P&I, 80–95% LVR | 6.69% | 6.94% | up 0.25 |
Each change is logged the night it appears in the rates Bank of Melbourne publishes. See how every lender answered the RBA on the rate tracker.
Fees
7 fees published, grouped by when they're charged.
- When you take it outVaries2 fees, each listed below
- While you hold itNo feeLoan Account Fee
- When you close it or pay it off$350Loan Discharge Fee
When you take it out2
- Lenders Mortgage Insurance Premium
If your deposit is less than 20% then Lenders Mortgage Insurance is usually required. There may be other circumstances where Lenders Mortgage Insurance is also required. As Lenders Mortgage Insurance…
Varies - Lending Establishment FeeNo fee
While you hold it1
- Loan Account FeeNo fee
If a payment is late or fails1
- Missed Payment Fee
Fee payable when we send customer an arrears letter relating to an overdue amount
$15 30 days after it's due
When particular things happen2
- Document Processing Fee
The Settlement Processing Fee, is a fee charged as apart of the fees for Loan Establishment. It is the fee charged for the processing of settlement services. These can include document validation, va…
$100 - Property Valuer Fee
Fee may be payable if a valuation is needed. The amount is dependent on property location and value.
Varies
When you close it or pay it off1
- Loan Discharge Fee
Per Mortgage
$350
Features
RedrawExtra repaymentsGuarantor optionDigital bankingFraud protectionRelationship manager
- Flexible repayments: Choose to make your repayments weekly, fortnightly or monthly
- No application fee: A no-frills home loan with $0 lending establishment fee.
- No ongoing monthly fees: $0 monthly account-keeping fee. Other fees may apply
- Limitless extra repayments: With no extra repayment fee or limits, you're free to pay off your loan as fast as you like.
- Option to Loan Split/Subsequent Loan Sequence
- The product includes a combination loan feature.
- The product provides options which includes reduced repayment, repayment holiday, portability and loan increase (top up) features
- The product includes a Relocation Loan End Debt feature
- The product includes Switching (from another product) feature
- Loan Payment Method - Direct Credit, Direct Debit (preferred), Branch Payment, Internet or Phone Banking
- Substituting a security: You may ask us to accept a new mortgage over other land as a substitute for any mortgage which is security for your loan. We may agree to this if you satisfy any reasonable r…
- Statements of account: We will send you a statement of your loan account at least every six months or more frequently if you request
Eligibility and limits
- Minimum age 18
- Residency: Should be an Australian or New Zealand citizen(s) or permanent resident(s)
- Amount $30,000 to $5,000,000
- Maximum LVR 95%
- Individuals Only
- Maximum repayment term 30 years
- Owner occupier - Loan maximum interest only period 5 years
- Investment - Loan maximum interest only period 10 years
Compare it with others
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Published by Bank of Melbourne under the Consumer Data Right, last changed by them on 28 Oct 2026. Figures are shown as the institution publishes them and can change without notice; confirm on their site before applying. The Finance Algorithm earns nothing from any product listed here.