Media Release

Bank of Melbourne today announced a range of mortgage interest rate cuts for home loan customers.

The .20% per annum (p.a.) interest rate reduction will bring the headline owner occupier home loan variable rate to 5.14% p.a. for customers with principal and interest repayments. The headline residential investment property variable rate will be reduced by .20% p.a. to 5.72% p.a for customers with principal and interest repayments.

Bank of Melbourne customers who choose to package their home loan with the Advantage package receive an additional discount on their home loan rate.

The following interest rate changes will come into effect on 18 June, 2019.

• Variable home loan (owner occupier) rate has been reduced by .20% p.a. to 5.14% p.a. for customers with principal and interest repayments.
• Variable residential investment property loan reduced by .20% p.a. to 5.72% p.a. for customers with principal and interest repayments.
• Variable home loan (owner occupier) rate reduced by .20% p.a. to 5.73% p.a. for customers with interest only repayments.
• Variable residential investment property loan rate reduced by .35% p.a. to 6.11% p.a. for customers with interest only repayments.

Bank of Melbourne Chief Executive Michelle Winzer said today’s reduction will help Bank of Melbourne’s home loan customers.

“Today’s historically low interest rate environment makes it a great time for home owners to get ahead on their repayments. It’s also a good opportunity for first home buyers to enter the market. We invite customers to drop into one of our branches to experience our friendly customer service, and talk about the loan that’s right for their circumstances,” said Ms Winzer.

For more information on this rate change, customers can drop into a Bank of Melbourne branch, visit bankofmelbourne.com.au or call 13 22 66.

 

MEDIA ENQUIRIES

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