Bank of Melbourne Fixed Rate Home Loan
Fixed rateRedraw
Lock in a little certainty with a fixed interest rate for 1-5 years.
- Interest rate a year, from
- 6.74%
- Comparison rate
- 7.02%
- Upfront fees
- $600
- Annual fee
- $395
- Monthly fee
- $8
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.74% (1 year fixed, live in, principal and interest), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,896
- Total repayments
- $1,402,416
- Interest and monthly fees
- $802,416
Rates
Every rate Bank of Melbourne publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| 1 year fixed | Live in | Principal and interest | Up to 70% | 6.74% | 7.02% |
| 1 year fixed | Live in | Principal and interest | Up to 70% | 6.94% | 8.85% |
| 1 year fixed | Live in | Principal and interest | 70% to 80% | 6.84% | 7.12% |
| 1 year fixed | Live in | Principal and interest | 70% to 80% | 7.04% | 8.95% |
| 1 year fixed | Live in | Principal and interest | 80% to 95% | 7.14% | 7.42% |
| 1 year fixed | Live in | Principal and interest | 80% to 95% | 7.34% | 9.24% |
| 1 year fixed | Live in | Interest only | Up to 70% | 7.04% | 7.05% |
| 1 year fixed | Live in | Interest only | Up to 70% | 7.24% | 8.88% |
| 1 year fixed | Live in | Interest only | 70% to 80% | 7.14% | 7.15% |
| 1 year fixed | Live in | Interest only | 70% to 80% | 7.34% | 8.98% |
| 1 year fixed | Investment | Principal and interest | Up to 70% | 6.84% | 7.21% |
| 1 year fixed | Investment | Principal and interest | Up to 70% | 7.04% | 9.37% |
| 1 year fixed | Investment | Principal and interest | 70% to 80% | 6.94% | 7.31% |
| 1 year fixed | Investment | Principal and interest | 70% to 80% | 7.14% | 9.46% |
| 1 year fixed | Investment | Principal and interest | 80% to 95% | 7.24% | 7.60% |
| 1 year fixed | Investment | Principal and interest | 80% to 95% | 7.44% | 9.76% |
| 1 year fixed | Investment | Interest only | Up to 70% | 6.94% | 7.21% |
| 1 year fixed | Investment | Interest only | Up to 70% | 7.14% | 9.38% |
| 1 year fixed | Investment | Interest only | 70% to 80% | 7.04% | 7.31% |
| 1 year fixed | Investment | Interest only | 70% to 80% | 7.24% | 9.48% |
| 1 year fixed | Investment | Interest only | 80% to 90% | 7.34% | 7.61% |
| 1 year fixed | Investment | Interest only | 80% to 90% | 7.54% | 9.77% |
| 2 year fixed | Live in | Principal and interest | Up to 70% | 6.74% | 7.03% |
| 2 year fixed | Live in | Principal and interest | Up to 70% | 6.94% | 8.64% |
| 2 year fixed | Live in | Principal and interest | 70% to 80% | 6.84% | 7.13% |
| 2 year fixed | Live in | Principal and interest | 70% to 80% | 7.04% | 8.74% |
| 2 year fixed | Live in | Principal and interest | 80% to 95% | 7.14% | 7.43% |
| 2 year fixed | Live in | Principal and interest | 80% to 95% | 7.34% | 9.04% |
| 2 year fixed | Live in | Interest only | Up to 70% | 7.04% | 7.08% |
| 2 year fixed | Live in | Interest only | Up to 70% | 7.24% | 8.71% |
| 2 year fixed | Live in | Interest only | 70% to 80% | 7.14% | 7.18% |
| 2 year fixed | Live in | Interest only | 70% to 80% | 7.34% | 8.81% |
| 2 year fixed | Investment | Principal and interest | Up to 70% | 6.84% | 7.21% |
| 2 year fixed | Investment | Principal and interest | Up to 70% | 7.04% | 9.11% |
| 2 year fixed | Investment | Principal and interest | 70% to 80% | 6.94% | 7.31% |
| 2 year fixed | Investment | Principal and interest | 70% to 80% | 7.14% | 9.21% |
| 2 year fixed | Investment | Principal and interest | 80% to 95% | 7.24% | 7.60% |
| 2 year fixed | Investment | Principal and interest | 80% to 95% | 7.44% | 9.50% |
| 2 year fixed | Investment | Interest only | Up to 70% | 6.94% | 7.22% |
| 2 year fixed | Investment | Interest only | Up to 70% | 7.14% | 9.13% |
| 2 year fixed | Investment | Interest only | 70% to 80% | 7.04% | 7.32% |
| 2 year fixed | Investment | Interest only | 70% to 80% | 7.24% | 9.23% |
| 2 year fixed | Investment | Interest only | 80% to 90% | 7.34% | 7.61% |
| 2 year fixed | Investment | Interest only | 80% to 90% | 7.54% | 9.52% |
| 3 year fixed | Live in | Principal and interest | Up to 70% | 6.94% | 7.10% |
| 3 year fixed | Live in | Principal and interest | Up to 70% | 7.14% | 8.52% |
| 3 year fixed | Live in | Principal and interest | 70% to 80% | 7.04% | 7.20% |
| 3 year fixed | Live in | Principal and interest | 70% to 80% | 7.24% | 8.62% |
| 3 year fixed | Live in | Principal and interest | 80% to 95% | 7.34% | 7.50% |
| 3 year fixed | Live in | Principal and interest | 80% to 95% | 7.54% | 8.91% |
| 3 year fixed | Live in | Interest only | Up to 70% | 7.29% | 7.18% |
| 3 year fixed | Live in | Interest only | Up to 70% | 7.49% | 8.63% |
| 3 year fixed | Live in | Interest only | 70% to 80% | 7.39% | 7.28% |
| 3 year fixed | Live in | Interest only | 70% to 80% | 7.59% | 8.73% |
| 3 year fixed | Investment | Principal and interest | Up to 70% | 7.09% | 7.28% |
| 3 year fixed | Investment | Principal and interest | Up to 70% | 7.29% | 8.96% |
| 3 year fixed | Investment | Principal and interest | 70% to 80% | 7.19% | 7.38% |
| 3 year fixed | Investment | Principal and interest | 70% to 80% | 7.39% | 9.05% |
| 3 year fixed | Investment | Principal and interest | 80% to 95% | 7.49% | 7.68% |
| 3 year fixed | Investment | Principal and interest | 80% to 95% | 7.69% | 9.35% |
| 3 year fixed | Investment | Interest only | Up to 70% | 7.19% | 7.30% |
| 3 year fixed | Investment | Interest only | Up to 70% | 7.39% | 8.99% |
| 3 year fixed | Investment | Interest only | 70% to 80% | 7.29% | 7.39% |
| 3 year fixed | Investment | Interest only | 70% to 80% | 7.49% | 9.09% |
| 3 year fixed | Investment | Interest only | 80% to 90% | 7.59% | 7.69% |
| 3 year fixed | Investment | Interest only | 80% to 90% | 7.79% | 9.38% |
| 4 year fixed | Live in | Principal and interest | Up to 70% | 7.09% | 7.18% |
| 4 year fixed | Live in | Principal and interest | Up to 70% | 7.29% | 8.43% |
| 4 year fixed | Live in | Principal and interest | 70% to 80% | 7.19% | 7.28% |
| 4 year fixed | Live in | Principal and interest | 70% to 80% | 7.39% | 8.53% |
| 4 year fixed | Live in | Principal and interest | 80% to 95% | 7.49% | 7.58% |
| 4 year fixed | Live in | Principal and interest | 80% to 95% | 7.69% | 8.82% |
| 4 year fixed | Live in | Interest only | Up to 70% | 7.49% | 7.31% |
| 4 year fixed | Live in | Interest only | Up to 70% | 7.69% | 8.59% |
| 4 year fixed | Live in | Interest only | 70% to 80% | 7.59% | 7.41% |
| 4 year fixed | Live in | Interest only | 70% to 80% | 7.79% | 8.69% |
| 4 year fixed | Investment | Principal and interest | Up to 70% | 7.34% | 7.40% |
| 4 year fixed | Investment | Principal and interest | Up to 70% | 7.54% | 8.87% |
| 4 year fixed | Investment | Principal and interest | 70% to 80% | 7.44% | 7.50% |
| 4 year fixed | Investment | Principal and interest | 70% to 80% | 7.64% | 8.97% |
| 4 year fixed | Investment | Principal and interest | 80% to 95% | 7.74% | 7.80% |
| 4 year fixed | Investment | Principal and interest | 80% to 95% | 7.94% | 9.26% |
| 4 year fixed | Investment | Interest only | Up to 70% | 7.39% | 7.39% |
| 4 year fixed | Investment | Interest only | Up to 70% | 7.59% | 8.90% |
| 4 year fixed | Investment | Interest only | 70% to 80% | 7.49% | 7.49% |
| 4 year fixed | Investment | Interest only | 70% to 80% | 7.69% | 9.00% |
| 4 year fixed | Investment | Interest only | 80% to 90% | 7.79% | 7.79% |
| 4 year fixed | Investment | Interest only | 80% to 90% | 7.99% | 9.29% |
| 5 year fixed | Live in | Principal and interest | Up to 70% | 7.14% | 7.24% |
| 5 year fixed | Live in | Principal and interest | Up to 70% | 7.34% | 8.33% |
| 5 year fixed | Live in | Principal and interest | 70% to 80% | 7.24% | 7.34% |
| 5 year fixed | Live in | Principal and interest | 70% to 80% | 7.44% | 8.43% |
| 5 year fixed | Live in | Principal and interest | 80% to 95% | 7.54% | 7.63% |
| 5 year fixed | Live in | Principal and interest | 80% to 95% | 7.74% | 8.72% |
| 5 year fixed | Live in | Interest only | Up to 70% | 7.49% | 7.36% |
| 5 year fixed | Live in | Interest only | Up to 70% | 7.69% | 8.50% |
| 5 year fixed | Live in | Interest only | 70% to 80% | 7.59% | 7.46% |
| 5 year fixed | Live in | Interest only | 70% to 80% | 7.79% | 8.60% |
| 5 year fixed | Investment | Principal and interest | Up to 70% | 7.34% | 7.43% |
| 5 year fixed | Investment | Principal and interest | Up to 70% | 7.54% | 8.72% |
| 5 year fixed | Investment | Principal and interest | 70% to 80% | 7.44% | 7.53% |
| 5 year fixed | Investment | Principal and interest | 70% to 80% | 7.64% | 8.82% |
| 5 year fixed | Investment | Principal and interest | 80% to 95% | 7.74% | 7.83% |
| 5 year fixed | Investment | Principal and interest | 80% to 95% | 7.94% | 9.11% |
| 5 year fixed | Investment | Interest only | Up to 70% | 7.39% | 7.43% |
| 5 year fixed | Investment | Interest only | Up to 70% | 7.59% | 8.76% |
| 5 year fixed | Investment | Interest only | 70% to 80% | 7.49% | 7.53% |
| 5 year fixed | Investment | Interest only | 70% to 80% | 7.69% | 8.86% |
| 5 year fixed | Investment | Interest only | 80% to 90% | 7.79% | 7.83% |
| 5 year fixed | Investment | Interest only | 80% to 90% | 7.99% | 9.15% |
Comparison rates are for an example loan of $150,000 over 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.
Fees and features
Fees
- Upfront fees
- $600
- Annual fee
- $395
- Monthly fee
- $8
Features
- Offset account
- No
- Redraw
- Yes
- Highest LVR
- 95%
- Loan amount
- From $10,000 up to $2,000,000
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Upfront fees
$600
Typical upfront fees are $600.
Annual fee
$395
A typical annual fee is $350.
Smallest deposit
5%
Most loans need at least 10% of the price.
Pros and cons
Pros
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- Redraw. You can take back extra repayments later if you need the money.
- Fixed rates on offer. You can fix for 1 to 5 years if you'd like repayments that don't change for a while.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
- No offset account. Your savings can't reduce the interest unless you pay them into the loan.
- An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
- A $15 late payment fee. Setting up automatic repayments avoids it.