Bank of Melbourne
Basic Variable Home Loan
Our no-frills variable home loan rate, with redraw and no establishment or ongoing monthly fees.
Home loansBank updated 13 Aug 2026
At a glance
- Variable (owner occ. P&I)
- 6.29% · 6.30% comparison
- Variable (investor P&I)
- 6.54%
- Max LVR
- 95%
- Features
- redraw, extra repayments
§ 01 — Rates · 11
| 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 | 6.89% | 6.70% | — |
| 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 | 6.99% | 6.80% | — |
| 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 | 7.29% | 7.10% | — |
| 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 | 6.54% | 6.55% | — |
| 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 | 6.64% | 6.65% | — |
| 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 | 6.94% | 6.95% | — |
| 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 | 7.29% | 6.73% | — |
| 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 | 7.39% | 6.84% | — |
| 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 | 6.29% | 6.30% | — |
| 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 | 6.39% | 6.40% | — |
| 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 | 6.69% | 6.70% | — |
§ 02 — Fees · 7
| Fee | Type | Amount | When | Notes |
|---|---|---|---|---|
| Document Processing Fee | Event | $100 | — | 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… |
| Property Valuer Fee | Event | Varies | — | Fee may be payable if a valuation is needed. The amount is dependent on property location and value. |
| Loan Discharge Fee | Exit | $350 | — | Per Mortgage |
| Missed Payment Fee | Late payment | $15 | — | Fee payable when we send customer an arrears letter relating to an overdue amount |
| Loan Account Fee | Periodic | No fee | Every 1 mo | — |
| Lenders Mortgage Insurance Premium | Upfront | Varies | — | 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… |
| Lending Establishment Fee | Upfront | No fee | — | — |
§ 03 — 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…
- · Statements of account : We will send you a statement of your loan account at least every six months or more frequently if you request
§ 04 — Eligibility & 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
§ 05 — Compare
§ 06 — Run the numbers
Put this product through a calculator
Published by Bank of Melbourne under the Consumer Data Right, last changed by them on 13 Aug 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.