Media Release

Bank of Melbourne today announced it will increase its variable interest rates for owner occupied and residential investment property loans, reflecting a sustained increase in wholesale funding costs. All variable mortgage rates will increase by 14 basis points and take effect from 19 September 2018 and will apply to new and existing customers. Rate changes include:

• Standard variable home loan rate for owner occupiers will increase to 5.34% per annum for customers with principal and interest repayments;
• Standard variable home loan rate for owner occupiers will increase to 5.93% per annum for customers with interest only repayments;
• Standard variable residential investment property loan rate will increase to 5.92% per annum for customers with principal and interest repayments; and
• Standard variable residential investment property loan rate will increase to 6.46% per annum for customers with interest only repayments.

The 14 basis points increase will add $35 to the interest cost per month of an average home loan of $300,000. Customers wanting to switch from a variable interest only loan to the lower rate principal and interest loan can do so without any penalty or fee.

For more information about Bank of Melbourne home loans, visit bankofmelbourne.com.au, drop into a Bank of Melbourne branch, or contact 13 22 66.

Media enquiries

Helen Shaw
Head of Corporate Affairs
Bank of Melbourne
P: 0402 227 881
E: helen.shaw@bankofmelbourne.com.au