Home Loans in Melbourne - Find the Right Fit

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Understanding the Melbourne Home Loan Market

Melbourne's property market is Australia's most diverse, spanning inner-city heritage terraces, suburban family homes, high-rise apartments, and sprawling outer growth corridors. With a median house price around $900,000 and a unit median near $550,000, the gap between houses and apartments has created two very different entry pathways for buyers.

Victoria offers a full stamp duty exemption on first homes under $600,000 and sliding concessions to $750,000. The $10,000 FHOG applies to new builds under $750,000, primarily benefiting buyers in outer growth areas like Clyde, Tarneit, and Craigieburn. Lendera's brokers help Melbourne buyers determine the optimal strategy for their budget and preferred suburb.

Melbourne's auction culture means pre-approval is not just helpful but essential. Weekend clearance rates typically range from 60% to 70%, and popular school-zone suburbs routinely sell above the quoted range. Having your finance sorted before bidding gives you confidence and speed. Our comparison tool shows personalised rates from 60+ lenders in seconds, so you can secure pre-approval knowing you have the sharpest rate available.

Victoria offers meaningful stamp duty relief for first home buyers. Properties valued under $600,000 are fully exempt from stamp duty, while those between $600,000 and $750,000 attract a sliding concession. Combined with the $10,000 Victorian First Home Owner Grant for new builds valued up to $750,000, eligible buyers in Melbourne's outer growth corridors can save upwards of $30,000 in upfront costs. Understanding which grants and concessions you qualify for is critical to structuring the right loan and deposit strategy.

Melbourne's median house price sits at approximately $900,000 in 2026, while units and apartments have a median around $550,000. This price gap makes the unit market particularly attractive for first-time buyers seeking to enter the market in well-connected inner and middle-ring suburbs. Growth corridors in Craigieburn, Clyde, and Tarneit continue to deliver new housing estates with homes available from the mid-$500,000s, often within reach of first home buyer incentives.

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Melbourne Property Market Overview

Melbourne's housing market spans a wide price range, from affordable outer suburban estates around $550,000 to prestigious inner city homes exceeding $2 million. The city's consistent population growth, driven by interstate and international migration, underpins long term demand. Home loan applicants in Melbourne benefit from a competitive lending landscape, with numerous brokers and lenders actively competing for market share across the metropolitan area.

Owner occupiers seeking family homes often target the eastern suburbs of Glen Waverley, Box Hill, and Doncaster, which are prized for school zones and transport links. First home buyers frequently look to Werribee, Melton, and Officer for new builds, while townhouse and apartment buyers favour inner suburbs like Brunswick, Richmond, and South Yarra. Each area has distinct property profiles that influence lender valuations and loan structuring.

Victoria introduced a temporary stamp duty concession for properties valued under $1 million, and the state government has signalled ongoing reforms to improve housing affordability. Melbourne buyers should be aware of the Victorian windfall gains tax on rezoned land and the potential impact on property valuations in growth areas. Lenders may also apply specific assessment criteria for apartments in Melbourne's CBD and Docklands, where supply levels and body corporate fees can affect borrowing capacity.

Melbourne's auction culture means pre-approval is essential. Weekend auction clearance rates typically range between 60% and 70%, and properties in popular school zone suburbs often sell above the quoted range. Buyers in the outer growth areas of Clyde, Donnybrook, and Rockbank benefit from a less competitive buying environment and access to house-and-land packages that may qualify for the FHOG. Regional Victorian centres like Geelong, Ballarat, and Bendigo also fall within some lenders' metropolitan lending criteria, offering additional options for buyers willing to commute.

Helpful Guides

Frequently Asked Questions

Melbourne's competitive lending market means lenders actively chase market share here. Your rate depends on loan amount, LVR, and property type. Apartment borrowers in CBD and Docklands may face different criteria than house buyers. Lendera's tool shows personalised rates from 60+ lenders for your specific Melbourne scenario instantly.
For a median $900,000 Melbourne house, 20% is $180,000 and 5% is $45,000. Units at around $550,000 require $110,000 or $27,500 respectively. First home buyers purchasing under $600,000 pay no stamp duty, and the First Home Guarantee allows 5% deposit with no LMI. Growth corridor estates in Clyde or Tarneit often fall within these thresholds.
Yes. Melbourne is one of the most competitive refinancing markets in the country because lenders actively compete for share here. If your rate is even slightly above current best offers for your LVR, switching could save you thousands annually. Lendera's Switch & Save tool shows your potential savings instantly.
Victorian first home buyers pay no stamp duty on properties under $600,000 (concessions to $750,000) and can access a $10,000 FHOG for new builds under $750,000. Federal schemes like the First Home Guarantee and Help to Buy are also available. Buyers in regional Victoria (Geelong, Ballarat, Bendigo) can access the higher $20,000 FHOG.
Victorian first home buyers pay no stamp duty on properties valued under $600,000 and receive a sliding concession on properties valued between $600,000 and $750,000. For example, a property purchased at $650,000 would attract roughly half the standard duty. These concessions apply to both established homes and new builds, and can be combined with the $10,000 First Home Owner Grant for new properties valued up to $750,000.
In 2026, Melbourne's median house price is around $900,000 while the median unit price is approximately $550,000, making units significantly more affordable as an entry point. Units in inner suburbs like Brunswick, Footscray, and Preston can offer proximity to the CBD at prices well below the house median. However, buyers should factor in body corporate fees and check that the apartment complex meets lender criteria, as some high-density buildings face stricter lending requirements.

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