Bank of Melbourne reduces interest rates and boosts deposit rates
Tuesday, 2 August 2016
Bank of Melbourne today announced a reduction in interest rates across a range of variable lending products for home owners and small businesses, while increasing a range of term deposit rates for savings customers.
- Variable home loan (owner occupier) rate reduced by 0.13% to 5.22% per annum for customers with principal and interest repayments1 (comparison rate 5.39% per annum*);
- Variable residential investment property loan rate reduced by 0.13% to 5.47% per annum for customers with principal and interest repayments1 (comparison rate 5.64% per annum*);
- Variable home loan (owner occupier) rate reduced by 0.09% to 5.26% per annum for customers with interest only repayments1 (comparison rate 5.43% per annum*);
- Variable residential investment property loan rate reduced by 0.09% to 5.51% per annum for customers with interest only repayments1 (comparison rate 5.68% per annum*);
- Variable cash rate business loans will be reduced by 0.10%1
- One year term deposit rate increased by 0.55% to 3.00% per annum, two year term deposit rates increased by 0.40% to 3.10% per annum, and three year term deposit rates increased by 0.45% to 3.20% per annum2.
Bank of Melbourne offers competitive fixed rate home loan offers in the market, with our current 2 and 3 year owner occupier fixed rates in Advantage Package at 3.75% per annum (comparison rate 5.04% per annum*) and 3.85% per annum (comparison rate 4.97% per annum*) respectively, effective this Friday 5 August 2016.
Customers with interest only home loans who wish to move to principal and interest repayments can do so without paying a switching fee until 30 September 2016.
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.
1 Changes are effective 23 August 2016.
2Changes are effective 8 August 2016.
Note to Editors: Bank of Melbourne has a range of fixed and variable loan options available to customers and small businesses. Customers are encouraged to discuss their banking arrangements with their local Branch Manager or by contacting Bank of Melbourne on 13 22 66. Business customers are encouraged to speak with their Relationship Manager or contact Bank of Melbourne Business on 13 82 66.
*Comparison rates are based on a loan of $150,000 over a term of 25 years.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Helen Aynbund, Bank of Melbourne Media Relations
0402 227 881