Home loan · Variable
Basic Variable Home Loan
6.65%comparison rate p.a. · 6.64% advertised
Variable · P&I · Owner-occupier · 70–80% LVR
64th of 93 variable owner-occupier P&I loans
Comparison rates are based on a secured 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.
- Offset account
- No
- Redraw
- Yes
- Extra repayments
- No
- Application fee
- None
- Ongoing fee
- None
- Discharge fee
- $350
- Variable · P&I · Owner-occupier · ≤70% LVR
- 6.55% comparison · 6.54% advertised
- Variable · P&I · Owner-occupier · 70–80% LVR
- 6.65% comparison · 6.64% advertised
- Variable · P&I · Owner-occupier · 80–95% LVR
- 6.95% comparison · 6.94% advertised
- Variable · Interest Only · Owner-occupier · ≤70% LVR
- 6.99% comparison · 7.54% advertised
- Variable · Interest Only · Owner-occupier · 70–80% LVR
- 7.09% comparison · 7.64% advertised
- Variable · P&I · Investor · ≤70% LVR
- 6.80% comparison · 6.79% advertised
- Variable · P&I · Investor · 70–80% LVR
- 6.90% comparison · 6.89% advertised
- Variable · P&I · Investor · 80–95% LVR
- 7.20% comparison · 7.19% advertised
- Variable · Interest Only · Investor · ≤70% LVR
- 6.95% comparison · 7.14% advertised
- Variable · Interest Only · Investor · 70–80% LVR
- 7.05% comparison · 7.24% advertised
- Variable · Interest Only · Investor · 80–90% LVR
- 7.36% comparison · 7.54% advertised
- Application fee
- None
- Ongoing fee
- None
- Discharge fee
- $350
- Redraw fee
- None
- Offset account
- No
- Redraw
- Yes
- Extra repayments
- No
- Portable
- Yes
- Repayment holiday
- Yes
- Minimum loan
- $30,000
- Maximum loan
- $5,000,000
- Basic Variable Home Loan · Variable · P&I · Owner-occupier
- RBA cash rate
- Market average
October 20261 change
- 10Sat
- 11 variants up 0.25 to 0.2610 days after the RBA rise to 4.60%+0.25 to +0.26All Variable
P&I · Owner-occupier · ≤70% LVR 6.30 6.55 +0.25 P&I · Owner-occupier · 70–80% LVR 6.40 6.65 +0.25 P&I · Owner-occupier · 80–95% LVR 6.70 6.95 +0.25 Interest Only · Owner-occupier · ≤70% LVR 6.73 6.99 +0.26 Interest Only · Owner-occupier · 70–80% LVR 6.84 7.09 +0.25 P&I · Investor · ≤70% LVR 6.55 6.80 +0.25 P&I · Investor · 70–80% LVR 6.65 6.90 +0.25 P&I · Investor · 80–95% LVR 6.95 7.20 +0.25 Interest Only · Investor · ≤70% LVR 6.70 6.95 +0.25 Interest Only · Investor · 70–80% LVR 6.80 7.05 +0.25 Interest Only · Investor · 80–90% LVR 7.10 7.36 +0.26
Our no-frills variable home loan rate, with redraw and no establishment or ongoing monthly fees.
Also from Bank of Melbourne: Fixed Rate Home Loan 7.02% · Variable Home Loan with Offset 7.11%
As of 2 November 2026, the Bank of Melbourne Basic Variable Home Loan's variable owner-occupier P&I variant has a comparison rate of 6.65% (6.64% advertised), ranking 64th of 93 variable owner-occupier P&I loans and sitting 0.07 points above the market average of 6.58%. The product comes in 11 variants; the others are investor, interest-only and other LVR bands. Its rate last moved on 10 October 2026, 10 days after the RBA rise to 4.60%. From the provider's Consumer Data Right feed, refreshed nightly.