Bank of Melbourne - from 1.89% Pa OO P&I 4 Years Fixed (<60% LVR) + from $4k Cashback


Bank of Melbourne has just announced they are cutting their fixed rates as follows:

Owner Occupied @ 60% LVR
  • 4 Year Fixed - 1.89% P&I - (3.90% comparison)
  • 1 Year Fixed - 1.99% P&I - (3.96% comparison)
  • 2 Year Fixed - 1.99% P&I - (3.82% comparison)
  • 3 Year Fixed - 1.99% P&I - (3.68% comparison)
Owner Occupied @ 80% LVR
  • 4 Year Fixed - 1.94% P&I - (3.90% comparison)
  • 1 Year Fixed - 2.04% P&I - (3.96% comparison)
  • 2 Year Fixed - 2.04% P&I - (3.82% comparison)
  • 3 Year Fixed - 2.04% P&I - (3.68% comparison)

The deal is not yet up on BOM's website, but has been announced.

Note that we can also offer 1.99% 2 Year Fixed OO P&I (2.92% Comparison) through Citibank, up to 80% LVR with a $4k cashback for refinances or purchases.

Due to unprecedented interest and to be fair to the clients already in queue for application lodgement, we are generally only able to assist clients with lending larger than $500k excluding offset and redraw. Feel free to PM me if you fall below this threshold as we may be able to assist on an exception basis.

Product fees:

  • $100 settlement fee
  • $395 annual fee


  • $4,000 for the first property
  • $2,000 per additional property
  • $250k minimum lend per property
  • Refinances ONLY - however, we can do $4k cashback with Citibank at similar pricing
  • Unfortunately if you are refinancing from within Westpac group, you are not eligible for this cashback - however, we can assist with $4k+ cashbacks from Citibank at similar pricing


In addition to the Bank of Melbourne rate, we are offering a $1k upfront cashback for utilised lending larger than $750k (excluding offset and redraw) for any fixed term loan of 2 years or more.


You can go direct to Bank of Melbourne, but they'll probably be swamped.

Alternatively, as a premium online broker, we offer a completely free service and advice. Please reach out to one of our below senior brokers to discuss the above deal and other offers we may have available.

Leo Gonzales

E: [email protected]
Book time into their calendar:

Andrew Loucas

E: [email protected]
Book time into their calendar:

Our Online Platform

Alternatively, you can register on our platform to review your options or to chat online with our team - - note that SMS verification will be required.

The landing page linked above will not mention the $1k additional Loan Base cashback, please mention the OzBargain coupon code when speaking with our brokers to qualify.

About Us

We're one of Australia's leading online brokerages, having recently won numerous industry accolades including 2020 Finalist status from the Australian Broking Awards, and 2 Excellence awards from the AMA's for Digital Strategy and Young Gun of the Year. Our premium online platform streamlines the entire mortgage process from start to finish, and our focus on customer service ensures you receive outstanding support from our team of brokers.

Qualifying criteria for the Loan Base Cashback
  • Cashback only applies for fixed term loans of 2 years or more
  • You must mention this Oz Bargain offer to qualify for this cashback.
  • If you proceed with an application for one of the above products and successfully settle total utilised lending (net of offset or redraw) of more than $750k, we will provide you with a $1,000 cashback after settlement.
  • This cashback offer is only available for applications submitted onwards from November 4th 2020.
  • Maximum of 1 cashback per household (e.g. per couple)

Comparison Rates

Any quoted comparison rate is only true for the example given and may not include all fees and charges. Different terms, loan amounts or fees may result in a different comparison rate. Comparison rates are based on a loan amount of $150,000 over a loan term of 25 years.

Note that comparison rates can be misleading depending on your loan size, as the assumed $150k loan size means that fees have an outsized impact on the comparison rate calculation. This is why we include a "true rate" in the solution proposal we provide you with, as this factors in your actual total lending instead of the arbitrary $150k. Comparison rates also assume that the revert rate (in the case of fixed loans) will be the actual rate you remain on upon fixed expiry, where usually we would negotiate a new fixed term or variable rate discount with your lender on your behalf.

Company Details

Loan Base Pty Ltd (ABN 95 162 141 915) · Australian Credit Licence Number 508 308
Head Office: Level 1, 1-5 Link Road, Zetland, NSW, 2017. Phone: 1300 512 377.

Mod: Removed duplicate from title.

Related Stores

Bank of Melbourne
Bank of Melbourne


  • +7 votes

    Tempted by low interest rates? Do your calculations first. At low rates the annual and application fees can end up being more expensive than a product with a higher interest rate but lower fees.

    • Hi infy, you're totally right. This is why we prepare tailored proposals for our clients outlining all of the applicable fees and quantifying net savings over time. In this case, the upfront fee is only $100, but the annual fee of $395 can make an impact on smaller loan balances. For larger loans, an interest saving of this magnitude generally eclipses any annual fee.

      • Again all fees could be negotiated case by case.
        $395 package fee might be waived for first year.

  • what is the interest rate for OO variable offset <60% LVR with BOM?

    • Hi ykwon, we would have to do a pricing request with them to confirm. However, we don't believe they have cut variable rates, and as of a couple of weeks ago were offering 2.59%.

  • Hi anyone has experiences about going to brokers or dealing with the bank directly which one is faster ? I am tempting to refinance with interested cut and the cash back.

    • Brokers are faster in my experience. When I was buying my first home, I tried talking to a few banks to get loan but then got denied or they wouldn't lend me the desired amount. I got referred to a mortgage broker from my sister. He was very helpful and made the process so much easier for someone with no experience in buying a property like me. He helped taking care of all the paperworks. I remember that he got my credit checks and pre approval from the bank in 4 hours. I wouldn't know how long it would take if I went with a bank

      Edit: I think my reply is off-topic. Refinance would work differently than initial loan. Sorry, should have read your comment carefully ._.

      • It's faster if you go through the bank directly - but brokers are aware of which banks at any given time have longer processing times (which can fluctuate) so if approval time is a major factor, brokers are a good idea.

    • Going to same bank. Banker is faster generally speaking. But again depends on who you get.

    • We went to a broker and he was (profanity) awesome. Broken it down simple and is always looking out for better deals for us.
      they don't always work with all lenders but in our case we are ok with that.
      There are good and bad points and brokers, I'm sure. But we have ended up with bom thru our broker and are very happy with both of their service

  • And this offer excludes to Westpac group FYI.

  • Any service charge if my net loan amount is less than $500k

    The other broker from OZB told me that I need to transfer our my offset account money to waive his fee.

    • Hi xiaozaocha, we do not charge a service fee. That said, our client minimum is $350,000 utilised lending (i.e. excluding offset / redraw), otherwise we do not cover our overheads. Please feel free to PM me with your details if you'd like one of our brokers to get in touch.

  • @Op: How much is the fix rate for investment with your offer?

    • I would need to confirm they can still price match ANZ, but if so:

      • 2.49% for 2 years P&I
      • 2.69% for 2 years IO

      We can also do those rates (or better for 3 years) via Citibank with $4k cashback if not.

      Feel free to PM me if you'd like to discuss either of these options.

  • What is the rate for investment property?

    • Hi 3omda, as per my reply just above, we believe we can offer the following (subject to confirmation):

      • 2.49% for 2 years P&I
      • 2.69% for 2 years IO

      We can also do those rates (or better for 3 years) via Citibank with $4k cashback if not.

      Feel free to PM me if you'd like to discuss either of these options.

  • Damn, I JUST took out a 2yr fixed loan with them a month ago

    • 2.19% fixed and only 3k cashback?
      Sigh… borrowers remorse here too :(

    • I’m currently in the process of taking one out, just waiting for loan manager. Reckon I’ll get the newer rate? We are yet to sign anything.

  • +1 vote

    do you have offset account? and how much for the monthly fee?

    • Hi ntt, these have the option of a partial offset account, which offset 0.7% of your fixed interest rate. Alternatively, you can get a variable with 100% offset at ~2.59% (subject to pricing approval). The annual package fee is $395.

      Feel free to PM me if you'd like to discuss this further.

  • Loan base customer here. Can highly recommend them as a broker.

  • Im already with bom, means no cashback offer for me? :(

    • Unfortunately not with BOM, however thanks to our Select broker status we can do $4k through Citibank (up to $8k if you are a couple with 2 properties), with comparable fixed rates and pretty sharp variable rates. Feel free to PM me or book time in with one of our brokers if you would like further information.

  • Can you get offset accounts with longer-term fixed interest rates?

    • BOM only has partial offset with fixed, which allows you to offset 0.7% of your fixed interest rate on the offset balance. Alternatively, we are waiting on Adelaide Bank to announce their response to the RBA rate cuts, but they have 100% offset on fixed. Feel free to book time in with one of our brokers or PM me to discuss this further.

  • Hello, does the bank treat JobKeeper payment as income? And how about maternity leave?


      JobKeeper is still considered a lending ‘exception’, we will ask for your payslip prior to JobKeeper and typically take the lower of the two. With Maternity leave it depends how much longer you have left. Best to contact the call centre/nearest branch to discuss your situation.

  • Is the broker comission from citibank more than bank of Melbourne?

  • The banks must be loving this. Borrow money at 0.1% then lend it out at ~2%. LVR < 60% means virtually no risk (for the bank, not you).

  • any decent deal for equity loan?
    Currently have a loan on a commercial property and thinking about getting a loan on fully paid home and pay off commercial loan.

    • Hi rocket-tear, unfortunately most of the big banks are pretty conservative when it comes to large uncontrolled cashouts (particularly when the end usage is for business/commercial purposes). However, we have a few lenders that are very flexible in this space and also offer highly competitive rates (starting from 2.29% variable owner occ P&I with 100% offset). Please feel free to PM me to discuss further, or you can book time in with one of our brokers via the calendly links in the top post.

  • Awesome rates/deal.

    I'm on NAB 2.69% $395 Annual fee variable 100% offset. I can get NAB 4 year 1.98%, or 2/3 year at 2.09%. Or stay on variable, hopefully they will drop me down to 2.59% now that the RBA cut but not g'teed. Loan is $1.1m and 77% LVR. Also my servicability is massively stretched due to loss of income. Any point trying to change or sit tight with NAB?

    I see you mentioning 2.59% $395 with BOM so much of the muchness.

    Should I fix for 2-4 years, I will save $7k a year but losing the flexibility of variable scares me (if I want to sell, rates drop more or I get large windfalls during the fixed period - unlikely- but can't offset).

    • Generally speaking, if you have lost a substantial amount of your income since you were approved for your current loan, it is a lot easier to renegotiate with your current lender or move to their most competitive fixed rate than it is to refinance to a new lender. Happy to have a look at your situation and check your borrowing power if you like. Feel free to PM me to discuss further, or you can book time in with one of our brokers via the calendly links in the top post.

  • What's the current best non-bank lender? How are Pepper/Bluestone?

    • Hi chid, we have a few non-bank lenders including Pepper and Bluestone on our panel. Each have their relative strengths and weaknesses, so it depends on what's most important to you and your personal situation. With that said, we have a very strong relationship with Resimac (they won best non-bank lender in the 2020 Australian Mortgage Awards). If you'd like some assistance, please feel free to PM me, or you can book time in with one of our brokers via the calendly links in the top post.

  • A question, I have been receiving full pay from the company that I work for but they have been receiving the jobkeeper for me (and still are). Any problems applying for a new loan (moving house, current has has no mortgage) if the co applicant is not receiving the jobkeeper. Lvr will be app. 50%.

    I heard that the big banks are being difficult if one person is receiving jobkeeper.

    • Hi vegemite2008, in our experience provided that pre-COVID income is consistent with current income including JobKeeper payments, most of the bank lenders are happy to consider an application using this full income. With that said, it depends on the specific circumstances of the client so please feel free to PM me or book time in with one of our brokers to discuss.

  • +1 vote

    RIP BoM Lenders lives, this and current $4K cashback promo…

  • Any better options than my current CBA 3.46% IO, 85% LVR. 447k left? One condition, the loan should allow me to sell the property without hefty exit fees.

    • Hi d86, we could potentially do 3.14% IO through Citibank as we are a Premium Select broker, for 85% LVR with no LMI. We have a couple of other lenders offering 85% LVR with no LMI, however their pricing is not competitive enough to be worth consideration in your case. The only other possibility is if you work in a specific industry such as medical professional or CA/CPA or solicitor in which case some lenders will offer standard rates and not charge LMI.

      If you'd like to discuss further, please feel free to PM me, or you can book time in with one of our brokers via the calendly links in the top post.

  • What’s the minimum credit score required with Citibank to get loan done?

    I applied for new credit cards in last few months due to which score dropped all of sudden but I don’t have any default on payments ever. I heard some banks wouldn’t even look at file if score is below certain figure

    • Hi manish87, Citibank doesn't automatically decline if your credit score is below a certain level, however it is quite difficult to obtain approval through them if your score is mid 600's or below. That said, we have access to plenty of lenders who don't credit score at all and have very competitive rates, so please get in touch if you wish to discuss further.

  • First home buyer, OO variable with offset account
    60% LVR
    What is the rate and any cashback?

    • Hi Kijefun, BOM won't do cashback for a purchase, however we can do $4k cashback through Citibank. The rate would be 2.59% with offset, or 2.29% without offset.

      If you'd like to discuss further, please feel free to PM me.

  • Hi Loan Base,
    Is there a minimum amount of time you have to stay with Bank of Melbourne to qualify for the cashback? What would happen if you say refinanced from BOM to another lender in 6 months afterwards?

    • Hi munted, there is no minimum amount of time you would have to stay with BOM to qualify for the cashback. However, if this were your plan I would suggest going to BOM directly, as we would be unable to assist due to clawback (100% of our commission is clawed back if a loan is discharged in the first 12 months from settlement).

  • Can BoM do a fixed/variable rate split loan as part of this deal?

    I'm currently on a 3% variable rate with offset at CBA and by my maths I'd still be better off moving to this deal even without the offset, but it'd be great to have the best of both worlds.

    • Hi bluelink279, sorry for the delayed response.

      Yes, we can do a split fixed / variable structure for this deal. We can put together an online interactive proposal detailing your potential savings if you would like? Please feel free to PM me with contact details.

  • Hi,

    I am in the market for a new mortgage (no refinance) .

    Can you offer fixed interest 4-5 years?

    Option to make extra repayments every year?

    Option to withdraw extra repayments

    No fee (or very small fee) to discharge mortgage early (maybe after 10 years - 30 year mortgage).

    Offset account would be great but not a requirement

    Please respond asap so that we can get the started with paperwork. Thanks

    • Mortgage: $250,000
      LVR: app. 55%

    • Hi vegemite2008,

      BOM offers only a partial offset of ~0.7% of funds deposited, however you can make additional repayments of up to $30,000 over the life of the loan.

      Another way of approaching things could be part fixed, part variable.

      In terms of discharge, excessive exit fees are banned, and most lenders charge something like $350-500 for discharge.

      We currently can't assist with loans under $500,000 due to our current load, but I would be happy to refer you to another broker who would be happy to assist if you would like. Please feel free to PM me.

  • How often can one refinance their mortgage? Would refinancing more frequently than once a year affect your credit score?

    • Hi 2Cheap2Pay, credit assessors might not look kindly on frequent refinancing and the number of credit enquiries could indeed impact your credit score. In general, your credit score is negatively affected based on the number of credit enquiries you have. Since lenders do not break even until a customer has been with them for an extended period of time, and brokers are subject to clawback, neither brokers nor lenders are generally interested in assisting customers who have a history of refinancing too regularly.