Bank of Melbourne

Office address: 525 Collins St, Melbourne VIC 3000 
Website: bankofmelbourne.com.au 
Year established: 1989 
Company type: banking 
Employees: 800+ 
Expertise: home loans, fixed rate loans, variable rate loans, first home buyer support, business banking, digital banking 
Parent company: Westpac Banking Corporation 
Key people: Mark Melvin (chief executive), Elizabeth Proust (chairperson), Will Tjoeng and Luke Dobbyn (relationship directors), Ruby Thompson and Marco Martinez (business development managers) 
Financing status: corporate backed or acquired 

Bank of Melbourne (BOM) is a Victoria-based bank offering personal and business banking across local communities. The bank is known for home loans, digital banking, and strong community support throughout Victoria. 

History of Bank of Melbourne 

BOM was founded in 1989 to give Victorians a bank focused on local needs and service. It began after RESI Statewide Building Society gained a banking licence and was listed on the Australian Securities Exchange. 

In 1997, Westpac acquired BOM following a shareholder vote and continued the brand for several years. The name was retired in 2004, with branches rebranded as Westpac, but the local spirit remained strong. 

Westpac relaunched the Bank of Melbourne brand in 2011, using St George Bank’s Victorian network and staff. The bank moved its head office to the Rialto building in 2017 and has supported local communities with grants and charity programs. 

Products and services 

Bank of Melbourne offers a range of banking products and services for individuals, families, and businesses: 

• home loans: variable, fixed, first home buyer, investor, package loans 
• splitting your loan: split balance between fixed and variable rates 
• package and save: discounts and fee waivers, with an annual package fee 
• building option: pay interest only on drawn construction funds 
• offset account: reduce home loan interest with linked account 
• transaction and savings accounts: everyday and savings options with debit card 
• credit cards: low rate, low fee, rewards, digital wallet 
• personal loans: secured and unsecured personal lending 
• insurance: home, car, travel, life insurance options 

BOM’s services and digital banking help customers manage their finances at every stage. For detailed information on mortgage products and rates, visit MPA’s Bank of Melbourne mortgage rates page. 

Company culture and values 

Bank of Melbourne values flexibility, encouraging staff to think differently about how and where they work. The agile workplace vision puts people at the centre. Staff are also provided with: 

• flexible work options: remote work, flexible hours, part-time, job share 
• leave for wellbeing: up to 12 weeks’ paid leave, career breaks, wellbeing days 
• parental and family support: paid parental leave, grandparental leave, family pathways leave 
• superannuation benefits: contributions on unpaid parental leave for up to 24 months 
• gender affirmation leave: up to eight weeks paid, one year unpaid 
• cultural and community leave: Sorry Business, volunteering, Jawun secondments 
• wellbeing resources: free nutrition advice, counselling, training, end-of-trip facilities 
• employee discounts: savings on banking, insurance, and partner brands 

The BOM Foundation donated over $500,000 to 10 Victorian charities in 2024. They have supported more than 2,500 young people as well. The bank also celebrates diversity by offering graduate programs and career pathways for Indigenous Australians and veterans. 

About Chief Executive Mark Melvin and key people 

Mark Melvin has held senior roles at RAMS and Westpac before joining the Bank of Melbourne as chief executive. Melvin studied strategy and organisation at Stanford University Graduate School of Business. 

The bank’s key team brings diverse experience and local knowledge to their roles: 

• Elizabeth Proust chairs the advisory board and has held public and private sector leadership roles for more than 30 years 
• Will Tjoeng serves as relationship director and has been in BOM since 2013, previously working at ASB Bank for seven years 
• Luke Dobbyn works as relationship director, providing property finance solutions and managing business relationships 
• Ruby Thompson is a BDM, was a credit assessor for Westpac, and studied international business at RMIT University 
• Marco Martinez acts as BDM, has been in BOM for over 10 years, and attended Deakin University and RMIT University 

This team combines deep industry knowledge with a strong focus on local clients. Their leadership helps Bank of Melbourne deliver tailored banking and support across Victoria. 

The future at Bank of Melbourne 

BOM reduced its home loan rates on 3 June 2025 after the Reserve Bank of Australia cut the cash rate. Like other lenders who also passed on the RBA reduction, this move helps customers manage repayments and supports households facing cost-of-living pressures. 

The bank’s future focus includes continuing to offer fixed mortgage rates that give customers certainty and control over their repayments. The bank provides flexible fixed terms, options to make extra repayments, and more. For the latest details, see MPA’s Bank of Melbourne fixed home loan rates page.