Finding the best rates…
Bank One
Best available
From 5.79% p.a.
Line-up
145 live products
Compare Bank of Melbourne and Bank of Queensland home loans in March 2026. Bank of Melbourne offers rates from 5.79% p.a. across 145 products, while Bank of Queensland starts at 5.58% p.a. with 55 products. Bank of Queensland currently has the lower rate by 0.21%.
145 live products
Best available rate
Fixed Rate Home Loan (Fixed 1 Yr)
Highest ranked offer currently surfaced for this bank on the compare page.
Comparison
6.26%
Offset
Not included
Redraw
Included
55 live products
Best available rate
Economy Variable Home Loan
Highest ranked offer currently surfaced for this bank on the compare page.
Comparison
5.73%
Offset
Not included
Redraw
Included
Live edge
Bank of Queensland is lower on headline home loan rate by 0.21%, which is roughly $87 per month on a $500,000 loan.
Feature Comparison
Side-by-side view of the strongest offers surfaced above.
| Feature | Bank of Melbourne | Bank of Queensland |
|---|---|---|
| Interest rate | 5.79% | 5.58% |
| Comparison rate | 6.26% | 5.73% |
| Offset account | No | No |
| Redraw | Yes | Yes |
Every tracked home loans option from Bank of Melbourne.
Every tracked home loans option from Bank of Queensland.
Bank of Melbourne's lowest variable rate is 5.79% p.a. (comparison rate 6.26%) while Bank of Queensland starts at 5.58% p.a. (comparison rate 5.73%). Bank of Queensland is 0.21% lower, which saves approximately $87/month on a $500,000 loan.
Key features: Bank of Melbourne includes redraw, Bank of Queensland includes redraw.
| Feature | Bank of Melbourne | Bank of Queensland |
|---|---|---|
| Interest Rate | 5.79% | 5.58% |
| Comparison Rate | 6.26% | 5.73% |
| Offset Account | No | No |
| Redraw Facility | Yes | Yes |
Common Questions
Bank of Queensland currently offers the lower variable rate at 5.58% p.a. compared to 5.79% p.a. Always check the comparison rate for a true cost picture.
Bank of Melbourne does not include an offset account. Bank of Queensland does not include an offset account.
Bank of Melbourne's lowest variable rate is 5.79% p.a. (comparison rate 6.26%) on the Fixed Rate Home Loan (Fixed 1 Yr).
Bank of Queensland's lowest variable rate is 5.58% p.a. (comparison rate 5.73%) on the Economy Variable Home Loan.
Bank Two
Best available
From 5.58% p.a.
Line-up
55 live products
| Annual Fee | $395 | $0 |
Bank of Queensland currently offers a 0.21% lower home loan rate.
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