Bank of Melbourne Home Loan Review 2026

Bank of Melbourne is part of Westpac, alongside St George and BankSA. It’s the Victorian brand in that group, so a lot of the home-loan features and lending rules will look familiar if you’ve read our St George review.

That doesn’t mean the three brands will quote the same rate or run the same offer. I’d compare the actual deal for your loan, then check that the property and income fit. Westpac’s own home loans also need a separate comparison: see our Westpac review.

Your job could let you buy with a smaller deposit without paying lenders mortgage insurance. The useful part is keeping more cash available for buying costs or a buffer after settlement. Here’s how much deposit you may need for your job.

LVR is the loan as a share of the bank’s property valuation. Buying costs sit on top of the deposit figures above. Our LMI waiver guide explains how the different lender offers compare.

For the rules that apply to your job, see our home loans for nurses, doctor home loans and home loans for accountants guides.

The 90% medical list includes audiologists, chiropractors, midwives, occupational therapists, optometrists, osteopaths, pharmacists, physiotherapists, podiatrists, psychologists, radiographers, registered nurses, sonographers, speech pathologists and vets.

For doctors and dentists, the maximum loan under the waiver is $5m, with a $7.5m total lending limit under the concession. The accounting and finance concession has a $4m group lending limit. Already have a loan with Westpac, St George or BankSA? Tell us when we check your waiver, as those loans can count towards the total limit.

I’d check the exact occupation before building your budget around a waiver. For example, an IT professional or engineer doesn’t qualify for these Bank of Melbourne concessions just because their income is high. Another lender may have a better option.

Bank of Melbourne participates in the Australian Government 5% Deposit Scheme. Eligible first home buyers, including some people who haven’t owned a home in the last 10 years, can buy with a 5% deposit and no LMI. Eligible single parents and single legal guardians may qualify with 2%.

You need to live in the property, meet the scheme rules and buy within the local price cap. Repayments are principal and interest, with an exception during an eligible construction period.

If you qualify for both options, here’s how the deposit and loan amounts compare:

Buying costs are extra in both cases. This assumes the bank values the home at $800k and you qualify for the full loan amount. The Scheme lets you buy with $40k less upfront, but you’ll owe $40k more. At the same rate and loan term, that means higher repayments.

Yes. Bank of Melbourne calls its family guarantee Family Pledge. An eligible family member uses equity in their property to support part of your loan. That can reduce the deposit you need and help avoid LMI.

Your parent, child or sibling may be able to help. The bank can also consider step-family members and legal guardians, but this option doesn’t include grandparents, aunts or uncles. You don’t have to be a first home buyer; the rules below depend on whether you already own property.

If you’re buying a home to live in, you and anyone applying with you can own no more than 1 other property between you. If you’re buying an investment, neither of you can already own another property.

Bank of Melbourne’s Relocation Loan can help you buy your next home before selling the current one. The bridging period can run for up to 12 months, subject to approval.

I’d start with a realistic sale price and the loan you’ll have left after the sale. Then allow for interest and the possibility that selling takes longer than expected. For an eligible loan, the bank can check affordability using the loan you’ll have left after selling your old home.

Read our bridging loan guide before committing to the next purchase. The numbers need to work if the sale doesn’t go exactly to plan.

In this illustrative example, the $1.2 million debt includes interest and costs added up to the sale. The $700,000 sale proceeds are after selling costs. A later sale or lower sale price can leave more debt to repay. Lending criteria apply.

You can link up to 10 offset accounts to an eligible variable home loan. That’s handy if you like keeping bills, savings and your emergency fund separate. The bank adds the eligible balances together, so money across those accounts can reduce the interest you pay.

The offsets don’t reduce interest on a fixed loan or the fixed part of a split. If you’re building, our construction loan guide explains why the loan works differently while funds are being drawn down.

The rate you get depends on the loan, deposit, repayment type and whether you’re buying a home or an investment. Check Bank of Melbourne’s current rates, then compare a quote for your own situation.

I wouldn’t choose the loan because of a large advertised discount. What matters is the rate you actually pay, the fees and whether you’ll use the features. The $395 package fee needs to be part of that comparison.

Fees checked on 8 September 2026 against Bank of Melbourne’s current home loan fee schedule (dated 22 April 2025). Check your quote for any extra fees, including an optional fixed-rate lock.

Use our mortgage calculator to compare repayments and our deposit calculator to work out the cash you’ll need. If you already have a Bank of Melbourne loan, it’s worth asking us to check your rate against current options.

There are several ways to show business income. Fast Track can use 2 years of personal ATO notices of assessment for eligible borrowers. Other applications may use a 1-year assessment or a standard review of business financials.

Those options have different trading-history and deposit requirements. Providing 1 year of figures doesn’t necessarily mean you can apply after only 1 year in business. Some eligible self-employed medical professionals have a separate concession after 1 full financial year.

We’ll check which option you can use before asking your accountant for documents. If you’re using the shorter business-history option for medical professionals or the 90% allied-health waiver, you can’t simply add Fast Track to it; each has its own document rules. See our self-employed home loan guide for how lenders look at business income.

For eligible healthcare, frontline emergency services and trade employees, Bank of Melbourne can count 100% of qualifying overtime and allowances. Usually it wants evidence with the same employer over at least 6 months; shorter histories need individual consideration.

Your regular overtime could help you borrow more. The bank needs to accept that income, and this option doesn’t cover self-employed contractors or office-based emergency services staff.

We’ll also include your rent, debts, living costs and credit-card limits when comparing how much you could borrow.

Bank of Melbourne lends for investment purchases, but the repayment choice changes the maximum loan size. Bank of Melbourne may lend up to 95% including LMI for principal-and-interest investment loans, or up to 90% for interest-only loans.

A refinance has its own limits, so don’t assume a 95% purchase option also applies when switching your existing loan.

If you want interest only, I’d compare the repayment during that period and after it ends. The loan still has to be paid off over the remaining term.

Before you agree to a finance deadline, we’ll check how long the bank is taking and what it needs from you. Allow extra time if you’re self-employed, using a guarantor or building.

A pre-approval is useful when you’re shopping, but the bank still needs to accept the property and any remaining conditions. Check the expiry date on your letter and ask what needs updating if your search takes longer.

Once you have full approval, the loan documents, any discharge from your old lender and your conveyancer’s settlement work still need to be completed.

Bank of Melbourne offers everyday accounts, internet banking and mobile banking alongside the loan. Its Complete Freedom account can work as an offset when linked to an eligible variable loan, with debit-card access and Apple Pay and Google Pay.

That’s useful if you want to keep your banking together. I’d still choose the home loan on its own merits. A bundled credit card or other extra isn’t a saving if you wouldn’t otherwise use it.

There’s a lot of overlap because they’re both part of the same banking group. I’d expect the same main conversations about profession waivers, income and loan features. I wouldn’t treat two quotes from these brands as a comparison of the whole market.

Read our St George home loan review for the closest comparison, and our Westpac review for the parent bank’s separate range.

I’d also compare a lender outside the group. Our NAB, Macquarie, ubank and ME Bank reviews cover other options. You can browse all our lender reviews too.

If you don’t need those features, I’d check whether a simpler loan costs less. If your income or property doesn’t fit, we’ll compare lenders with different requirements.

Our mortgage brokers can work through those options with you. Meet the team or get in touch if you’d like help comparing loans.