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Bank of Melbourne fixed rate home loan rates
Fixed Rate Home Loan
| COMPANY | TYPE | TERM | INITIAL RATE | THE OVERALL COST FOR COMPARISON IS | PRODUCT FEE | LOAN TO VALUE (LTV) |
|---|---|---|---|---|---|---|
| BANK OF MELBOURNE | 2 year Offset Tracker at BEBR + 1.22% for 2 years Residential Purchase Offset | 2 years | 5.97% | 6.9 APRC | £1749.00 | 75% |
| BANK OF MELBOURNE | Residential Remortgage Tracker at BEBR + 0.60% | 5 years | 5.35% | 6.4 APRC | £999.00 | 60% |
| BANK OF MELBOURNE | Residential Remortgage Tracker at BEBR + 1.00% | 5 years | 5.75% | 6.6 APRC | £999.00 | 85% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Tracker | 2 years | 4.89% | 6.6 APRC | £999.00 | 60% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Tracker | 2 years | 5.24% | 6.6 APRC | £0.00 | 60% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Tracker | 2 years | 5.11% | 6.7 APRC | £999.00 | 75% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Tracker | 2 years | 5.25% | 6.6 APRC | £0.00 | 75% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Tracker | 2 years | 5.61% | 6.7 APRC | £99.00 | 80% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Tracker | 2 years | 5.21% | 6.7 APRC | £999.00 | 90% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Tracker | 2 years | 5.95% | 6.8 APRC | £0.00 | 90% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Tracker | 5 years | 5.35% | 6.3 APRC | £999.00 | 60% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Tracker | 5 years | 5.75% | 6.5 APRC | £999.00 | 85% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Offset Tracker | 2 years | 5.97% | 6.9 APRC | £1749.00 | 80% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Offset Tracker | 5 years | 6.00% | 6.7 APRC | £1749.00 | 80% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Tracker | 2 years | 5.10% | 6.6 APRC | £1999.00 | 70% |
| BANK OF MELBOURNE | Existing Residential Mortgage Customers Reward Offset Tracker | 2 years | 6.65% | 7.0 APRC | £1999.00 | 70% |
| BANK OF MELBOURNE | Existing Mortgage Customers Reward Buy-to-Let Tracker | 2 years | 5.69% | 8.8 APRC | £1795.00 | 65% |
| BANK OF MELBOURNE | Existing Mortgage Customers Reward Buy-to-Let Tracker | 2 years | 5.77% | 8.9 APRC | £1795.00 | 75% |
| BANK OF MELBOURNE | Existing Mortgage Customers Reward Buy-to-Let Tracker | 2 years | 6.30% | 8.9 APRC | £0.00 | 75% |
| BANK OF MELBOURNE | Existing Mortgage Customers Reward Buy-to-Let Tracker | 2 years | 5.90% | 8.8 APRC | £1795.00 | 60% |
Bank of Melbourne fixed home loan rates FAQs
Should I fix for 5 years or 2?
Both fixed mortgages provide a form of stable payments, unaffected by changes in the Reserve Bank of Australia's cash rate. But they may have higher interest rates and less flexibility.
5-year fixed rate
If you are choosing a 5-year home loan rate, understand that it offers long-term security and predictable payments, with other considerations:
Pros of a 5-year fixed rate
- stable monthly payments for 5 years
- avoids frequent remortgaging costs
- beneficial for long-term financial planning
Cons of a 5-year fixed rate
- higher interest rates and larger monthly repayments
- limited flexibility and higher early repayment charges
- less advantageous if interest rates drop
2-year fixed rate
If you pick a 2-year home loan rate, remember that it provides short-term stability and flexibility, along with other factors:
Pros of a 2-year fixed rate
- lower interest rates and smaller monthly repayments
- opportunity to switch to a better deal sooner
- lower early repayment charges
Cons of a 2-year fixed rate
- exposure to interest rate increases after 2 years
- uncertainty in monthly payments post-term
- frequent remortgaging may be necessary
Customer insights
Understanding customer experiences can help you decide which term to choose.
- consider future plans: major upcoming changes can influence your mortgage decision
- comfortable payments: if monthly payments are manageable, rates matter less until remortgaging
When deciding between a 2-year or 5-year fixed home loan, consider your priorities, financial plans, preferences, and ability to pay.
Bank of Melbourne provides both
Bank of Melbourne fixed home loan rates have a variety of loan periods you can choose from. They cater to both short-term flexibility and long-term security. Assess your priorities and consult with a financial adviser.
How to get the lowest fixed mortgage rate
To secure the lowest Bank of Melbourne fixed home loan rates, you can improve your credit score, make a larger down payment, and compare various lenders. Below is the detailed guide:
Improve your credit score
A higher credit score can lower your mortgage rate. Steps to improve:
- pay bills on time
- reduce outstanding debt
- check credit reports for errors
Larger down payment
If you make a larger down payment, it reduces the loan amount, leading to lower interest rates. Benefits include:
- lower monthly payments
- reduced overall interest
Compare lenders
Bank of Melbourne fixed home loan interest rates might be a good choice, but it's wise to compare other offers. Get multiple quotes and check lender reviews.
Government programs for first-time homebuyers
Several government initiatives, like the Home Guarantee Scheme (HGS), can help first-time homebuyers in a different way. Programs under the HGS include:
- First Home Guarantee (FHBG): supports first-time buyers with a deposit as low as 5%, with many places available yearly
- Regional First Home Buyer Guarantee (RFHBG): aids regional buyers with a 5% deposit, offering thousands of places annually
- Family Home Guarantee (FHG): helps single parents with a 2% deposit, with thousands of places available yearly
The HGS helps eligible Australian buyers purchase a home with a smaller deposit, potentially speeding up the home buying process. However, it doesn’t directly influence mortgage rates, which are determined by various factors including lender’s policies and the borrower’s credit score.
The HGS can indirectly affect loan conditions by enabling buyers to enter the market sooner. For more information, check out our guide on being a first-time homebuyer in Australia.
Finding your best rate
Securing the lowest rates involves improving your financial profile, making strategic financial decisions, and leveraging government programs. Make use of the Bank of Melbourne fixed home loan rates calculator to find out your borrowing capacity.
Can you negotiate Bank of Melbourne fixed home loan rates?
Yes, you can negotiate their fixed-rate mortgage. With the right approach and understanding of Bank of Melbourne fixed home loan rates, borrowers can secure better terms.
Tips for negotiating a fixed-rate mortgage
Negotiating involves understanding what factors influence the rates and knowing your financial standing.
- strong credit profile: a high credit score often leads to better rates
- sizeable down payment: larger down payments can result in lower interest rates
- comparing lenders: get quotes from multiple lenders to find the best rate
Factors to consider
When negotiating, keep in mind:
- total borrowing costs: look beyond the interest rate. Consider fees and other charges
- break fees: for fixed-rate mortgages, breaking the term early might involve fees
- refinancing options: if negotiation fails, refinancing could be an option
To maximise your chances of getting lower Bank of Melbourne fixed home loan rates, research market rates and consider a broker to negotiate the best deal.
Understanding your position
Lenders are more likely to negotiate if:
- you have improved financial status: better financial health since taking out the loan can work in your favour
- market rates have dropped: if general rates have decreased, lenders may be more willing to adjust
Knowing how to negotiate Bank of Melbourne fixed home loan rates can lead to significant savings. By being informed and strategic, you can secure more favourable terms for your mortgage.
Should I go with a fixed or variable rate?
Deciding on a fixed or variable rate hinges on your financial aspirations and your comfort with risk. Below are the benefits for Bank of Melbourne’s two types of home loan rates:
Bank of Melbourne fixed home loan rates
These rates include benefits, such as:
- flexible repayments: weekly, fortnightly, or monthly
- lock-in rates: protect against rising rates (fees apply)
- interest in advance: discount on investment loans
Bank of Melbourne fixed home loan rates include the option to re-fix or switch to variable after the term ends. These provide certainty for 1 to 5 years.
Bank of Melbourne variable home loan rates
The bank’s variable rates include features like:
- redraw freedom: extra repayments and redraw funds
- offset account: save on interest
- loan split: combine fixed and variable rates
They also include the ability to pause or reduce repayments. Their variable rates offer flexibility and potential savings.
Your preferences matter
Consider your financial standing and comfort with risk to determine the best choice for you. Fixed rates offer a sense of security, while variable rates bring adaptability and possible cost reductions.
