Bank of Melbourne Media Release

Bank of Melbourne offers Victorians a better deal by decreasing its standard variable home loan rate to 6.99% p.a.

Friday, 4 May 2012

Bank of Melbourne today announced that it will decrease its standard variable home loan rate by 0.41% p.a. to 6.99% per annum - effective from Monday 14 May 2012. This is one of the best rates available in the market and challenges NAB's claims to offer the lowest rates. With its highly competitive variable and fixed rate offers, Bank of Melbourne is clearly demonstrating that it will provide Victorians with the best possible home loan deals.

"We are very pleased to offer our customers this fantastic standard variable rate," said Scott Tanner, Chief Executive Bank of Melbourne. "It rewards our loyal existing customers and provides another great reason for new home loan customers to add Bank of Melbourne to their shopping list. Our new variable rate, great fixed rate offers, and the fact that we're continuing with our price matching campaign, all provide Victorians with compelling reasons to make the switch to Bank of Melbourne."

• In addition to today's standard variable rate reduction, Bank of Melbourne is currently offering customers who apply by 31 May 2012, discounts of up to .9% p.a. off new Standard Variable Rate Home Loans or new Portfolio Loans for loan amounts over $500,000 under its Advantage Package. Great discounts of up to .85% p.a. are also available for home loan amounts between $250,000 and $500,000.
• For customers who prefer to fix their home loan, Bank of Melbourne has reduced its already low 1, 2 and 3 year fixed home loan rate to 5.99% p.a. under its Advantage Package. For a limited time, new or existing customers can choose to fix all or part of their home loan for the period of time that suits them - and enjoy the market-leading rate of 5.99% p.a.
• To make it even easier for customers to make the move, Bank of Melbourne is offering $700 towards switching costs on selected new home loans under Advantage Package, if customers apply by 31 May 2012 and switch their home loan of $250,000 or more from another financial institution.
• Bank of Melbourne is also continuing with its price matching campaign, pledging to match the advertised prices of the Big Four banks across fixed and standard variable home loans, term deposits and selected savings accounts that are packaged.

"We have a range of outstanding offers available," said Mr Tanner. "It's important for customers – new or existing – to speak to our customer service representatives to ensure that they are on the right home loan for their individual circumstances and/or maximising all the benefits that may be available to them.

Right now, I'm confident that we're providing our customers with more flexibility, great service and the best home loan deals around. There's never been a better time to make the move to Bank of Melbourne."

"Bank of Melbourne continues to provide its customers with innovative solutions," said George Frazis, Chief Executive Officer, St.George Banking Group. "Our latest mobile budget planner – an Australian banking first – will also help our customers save towards buying their home and fulfilling their dreams."

For more information and full terms and conditions relating to each of these offers, please visit a Bank of Melbourne branch, contact 13 22 66 or visit www.bankofmelbourne.com.au.

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