Melbourne, Victoria

Mortgage Broker
Melbourne

Award-winning mortgage brokers serving Melbourne and Richmond, St Kilda, Footscray, Doncaster, Frankston, Werribee. We compare 90+ lenders to find the right home loan for you — expert advice, no obligation.

Get Pre-Approved1300 187 610
90+
Lenders compared
4.9★
Google rating†
$4,800
Avg annual saving*
48hr
Pre-approval target

†Based on verified Google reviews. *Avg saving based on client data; individual results vary.

Home Loan Services in Melbourne

From first home buyers to seasoned investors — we cover every lending need across Melbourne and Victoria.

Home Loans

Compare variable, fixed & split home loans from 90+ lenders for Melbourne buyers.

Learn more

Refinancing

Save avg $4,800/yr by refinancing your Melbourne home loan. Free comparison.

Learn more

Investment Property

Interest-only, equity access & portfolio lending for Melbourne investors.

Learn more

First Home Buyers

Government grants, low deposit options & step-by-step guidance for Melbourne first home buyers.

Learn more

SMSF Loans

Limited recourse borrowing for SMSF property in Melbourne and surrounds.

Learn more

Business Loans

Working capital, equipment & commercial property finance for Melbourne businesses.

Learn more
Melbourne Property Market

The Melbourne market — what you need to know

$1.05Mmedian house price — Melbourne 2026
  • Melbourne median house price is approximately $1.05M in 2026, with units averaging $620K.
  • Victoria offers one of Australia's most generous first home buyer stamp duty concessions — full exemption under $600K.
  • Melbourne's outer growth corridors (Werribee, Melton, Cranbourne) offer houses from $550K–$750K.
  • Strong rental demand across inner Melbourne with gross yields of 3–4% for houses.
  • Victoria's First Home Owner Grant of $10,000 applies to new builds under $750,000.

Government grants available in Victoria

$10K
First Home Owner Grant (VIC)
For eligible first home buyers purchasing or building a new home valued under $750,000 in regional VIC, or $750,000 in metro Melbourne.
Up to $31,070
Stamp Duty Exemption (VIC)
Full stamp duty exemption on homes under $600K; partial concession up to $750K for first home buyers.
5% dep
First Home Guarantee
Buy with 5% deposit, no LMI. Federal scheme — 35,000 places per financial year.
Check your eligibility

Why Melbourne borrowers choose Fairbanks

Best Interests Duty

Legally required to act in your best interests — not what pays us most.

90+ Lenders

We compare the big four banks, non-banks, and specialist lenders in one place.

Lender-Paid Service

Our broker service is at no cost to you. Lenders pay us a commission.

48hr Pre-Approval

Most straightforward applications receive conditional approval within 48 hours.

Melbourne mortgage broker FAQs

Home loan guides for Melbourne buyers

Expert advice to help you make smarter decisions when buying or refinancing in Melbourne.

Loan Types

Construction Loans Australia: The Complete Guide

Everything you need to know about construction loans — how progressive drawdowns work, what lenders look for, and how to avoid pitfalls.

Read guide
Buying a Home

Building vs Buying Established: Which Is Right for You?

A frank comparison of building a new home versus buying an existing one — covering costs, timelines, grants, and hidden factors.

Read guide
Buying a Home

Stamp Duty Explained: State-by-State Guide

A comprehensive breakdown of stamp duty costs across Australia, including VIC's generous first home buyer exemptions.

Read guide
View all articles

Why Use a Mortgage Broker in Melbourne?

A mortgage broker in Melbourne gives you access to a far wider range of home loan options than you would find by approaching a single bank directly. Fairbanks Financial compares home loans from more than 90 lenders — including the major banks, regional banks, credit unions, and specialist non-bank lenders — to find the most competitive rate and loan structure for your specific situation.

Under Australia's Best Interests Duty legislation, mortgage brokers are legally required to act in your best interests — not in the interests of any particular lender. This means your Fairbanks broker will recommend the loan that is genuinely best for you, even if it pays us a lower commission. This is a fundamental difference from going directly to a bank, where the banker can only offer their own products.

Our broker service is provided at no cost to you. We are paid a commission by the lender when your loan settles — there is no fee for our advice, comparison, or application management. This means you get expert, independent guidance at zero cost, with access to rates and products you cannot access on your own.

How the Home Loan Process Works in Melbourne

The home loan process in Melbourne follows the same general steps as the rest of Australia, with some Victoria-specific considerations around stamp duty, government grants, and lender policies. Here is what to expect when you work with Fairbanks Financial:

  1. 1
    Initial consultation and borrowing capacity assessment: Your Fairbanks broker will review your income, expenses, existing debts, and deposit to calculate your borrowing capacity. We will also identify which Victoria government grants and concessions you qualify for, and explain the stamp duty implications for your purchase.
  2. 2
    Loan comparison and recommendation: We compare home loans from 90+ lenders and present you with a shortlist of the most suitable options. We explain the differences in plain English — interest rates, fees, features, and flexibility — so you can make an informed decision.
  3. 3
    Pre-approval application: Once you choose a loan, we prepare and submit your pre-approval application. Most straightforward applications receive conditional approval within 48 hours. Pre-approval gives you confidence when making offers on Melbourne properties.
  4. 4
    Property purchase and formal approval: When you find a property and have a signed contract, we submit your formal loan application. We manage all communication with the lender, coordinate the property valuation, and keep you updated throughout the process.
  5. 5
    Settlement and beyond: We attend to all pre-settlement requirements and ensure your loan is ready to settle on time. After settlement, we remain your ongoing mortgage adviser — reviewing your rate annually and alerting you when a better deal is available.

Home Loan Types Available in Melbourne

Fairbanks Financial arranges all types of home loans for Melbourne buyers and investors. The right loan type depends on your goals, financial situation, and risk tolerance. Here is a summary of the main options:

Variable rate home loans

The most popular loan type in Australia. Your interest rate moves with the market — typically following RBA cash rate decisions. Variable loans offer maximum flexibility: unlimited extra repayments, offset accounts, and redraw facilities.

Fixed rate home loans

Lock your interest rate for 1–5 years for repayment certainty. Ideal if you are on a tight budget or expect rates to rise. Fixed loans typically have limited extra repayment allowances and no offset account.

Split loans

Combine a fixed and variable portion — giving you rate certainty on part of your loan while retaining flexibility on the rest. A popular choice for borrowers who want the best of both worlds.

Interest-only loans

Pay only the interest for a set period (typically 1–5 years), reducing your repayments in the short term. Popular with investors for tax efficiency, but your loan balance does not reduce during the interest-only period.

Offset account loans

A variable rate loan with a linked offset account. Every dollar in your offset account reduces the interest you pay — one of the most powerful tools for reducing your loan term and total interest cost.

Construction loans

Designed for building a new home. Funds are drawn down progressively as construction milestones are reached, so you only pay interest on the amount drawn. Eligible for Victoria first home buyer grants on new builds.

Buying vs Renting in Melbourne — The Numbers

With Melbourne's median house price at $1.05M, many Melbourne residents wonder whether buying or renting makes more financial sense. The answer depends on your personal circumstances, but the long-term case for home ownership in Melbourne remains compelling.

Property ownership builds equity over time — as you pay down your mortgage and property values increase, your net worth grows. Renters, by contrast, build no equity from their housing costs. Over a 30-year period, the difference in wealth accumulation between owners and renters in Melbourne has historically been substantial.

The key question is not whether to buy, but when and how. Our Melbourne mortgage brokers can help you assess your readiness, identify the right loan structure, and develop a plan to enter the Melbourne property market at the right time for your situation.

Ready to get started in Melbourne?

Our Melbourne mortgage brokers are available Monday–Friday 8:30am–6:00pm and Saturday 9:00am–1:00pm. Get pre-approved in as little as 48 hours — at no cost to you.

Apply for pre-approval1300 187 610

Stamp Duty & Government Costs in Victoria

Stamp duty is one of the largest upfront costs when buying property in Melbourne. It is a state government tax calculated on the purchase price of the property, and the amount varies significantly depending on the property value, your buyer type (first home buyer, owner-occupier, or investor), and whether the property is new or established.

As a first home buyer in Victoria, you may be eligible for a full or partial stamp duty exemption or concession — potentially saving you tens of thousands of dollars. The thresholds and concession amounts change periodically, so it is important to confirm current eligibility with your Fairbanks broker before you start searching for a property.

In addition to stamp duty, Melbourne buyers should budget for other upfront costs including conveyancing fees ($1,000–$2,500), building and pest inspection ($400–$800), lender application fees (varies by lender — many charge $0), mortgage registration fees (typically $100–$200), and moving costs. As a general rule, budget for 3–5% of the purchase price in total upfront costs beyond your deposit.

Your Fairbanks broker will provide a detailed upfront cost estimate specific to your purchase price and buyer type in Victoria, so you know exactly how much you need to have ready before you start making offers.

Understanding Your Borrowing Capacity in Melbourne

Your borrowing capacity — the maximum amount a lender will approve — is determined by a serviceability assessment that considers your gross income, existing debts, living expenses, and the number of dependants in your household. Lenders also apply a serviceability buffer (currently 3% above the loan rate) to ensure you can afford repayments if interest rates rise.

For a Melbourne property at the median price of $1.05M, most lenders require a combined household income of approximately $130,000–$160,000 to service an 80% LVR loan, depending on existing debts and living expenses. However, borrowing capacity varies significantly between lenders — some lenders assess income and expenses more generously than others, and your Fairbanks broker will identify the lender most likely to approve your application at the highest amount.

Self-employed borrowers, contractors, and those with variable income often find their borrowing capacity assessed differently by different lenders. Some lenders use your last two years of tax returns and average the income; others use the most recent year only. Your broker will identify the lender whose assessment methodology is most favourable for your income type.

Use our free borrowing power calculator for an instant estimate, or speak to a Fairbanks broker for a precise assessment based on your actual income, debts, and the specific Melbourne property you are targeting.

Choosing the Right Home Loan Structure in Melbourne

The right loan structure depends on your goals, financial situation, and risk tolerance. Here is what you need to know about each option available to Melbourne buyers.

Variable Rate Home Loans

Variable rate home loans are the most popular choice for Melbourne buyers, accounting for approximately 70% of all new home loans in Australia. Your interest rate moves with the market — typically following Reserve Bank of Australia cash rate decisions. Variable loans offer maximum flexibility: unlimited extra repayments, offset accounts, and redraw facilities. If you want to pay off your loan faster or maintain a cash buffer in an offset account, a variable rate loan is usually the best structure.

Fixed Rate Home Loans

Fixed rate loans lock your interest rate for a set period — typically 1, 2, 3, or 5 years — giving you certainty over your repayments regardless of what the RBA does. This is particularly valuable for Melbourne buyers on tight budgets who need to know exactly what their repayments will be each month. The trade-off is reduced flexibility: most fixed rate loans limit extra repayments to $10,000–$20,000 per year and do not offer offset accounts. Break costs can be significant if you need to exit the fixed rate early.

Split Loans

A split loan divides your mortgage into a fixed rate portion and a variable rate portion. For example, you might fix 60% of your loan for rate certainty while keeping 40% variable for flexibility. This is a popular choice for Melbourne buyers who want some protection against rate rises without giving up the ability to make extra repayments or use an offset account. Your Fairbanks broker can help you determine the optimal split ratio based on your financial situation and goals.

Interest-Only Loans

Interest-only loans are primarily used by property investors in Melbourne and Victoria. During the interest-only period (typically 1–5 years), you only pay the interest charged — your loan balance does not reduce. This maximises your tax deduction (interest is tax-deductible for investment properties) and reduces your monthly cash outflow. However, your loan balance remains unchanged during the IO period, and your repayments will increase significantly when you revert to principal and interest. Most lenders limit IO periods to 5 years for investment loans.

What to Expect: The Melbourne Home Loan Application Process

The home loan application process in Melbourne typically takes 4–8 weeks from initial enquiry to settlement, though straightforward applications can move faster. Here is what to expect at each stage when you work with Fairbanks Financial.

Week 1 — Initial consultation and pre-approval: Your Fairbanks broker will review your financial situation, calculate your borrowing capacity, and identify the most suitable lenders and loan products. We prepare and submit your pre-approval application. Most straightforward applications receive conditional pre-approval within 24–48 hours.

Weeks 2–6 — Property search: With pre-approval in hand, you can search for Melbourne properties with confidence. Your pre-approval gives you a clear budget and demonstrates to sellers and agents that you are a serious, finance-ready buyer. Pre-approval typically lasts 90 days.

Week 6–7 — Formal application: Once you have a signed contract of sale, your broker submits your formal loan application. The lender orders a property valuation (typically completed within 2–5 business days) and assesses your full application. We manage all lender communication and respond to any requests for additional information.

Week 7–8 — Formal approval and settlement: Once the lender issues formal approval (also called unconditional approval), your conveyancer prepares for settlement. On settlement day, the lender transfers the funds to the seller, and you receive the keys to your new Melbourne property. Your broker remains available throughout this process and beyond.

Ongoing — Annual rate review: Your Fairbanks broker will review your home loan rate annually and alert you when a better deal is available. Many Melbourne borrowers save thousands each year simply by refinancing to a more competitive rate — a service your broker provides at no cost.

Ready to find your most competitive rate in Melbourne?

No-cost consultation. No obligation. We compare 90+ lenders and do all the legwork — you just choose the right deal.

Apply for Pre-ApprovalBook a Call