Bank of Melbourne today announced an increase in its standard variable home loan rates.
The increase will partially offset the cost of fulfilling changed regulatory requirements that will increase the amount of capital that needs to be held against mortgages.
The Bank of Melbourne Standard Variable Rate Home Loan for owner occupiers will increase by 15 basis points to 5.60% per annum (comparison rate 5.76% per annum*).
Similarly, Bank of Melbourne Standard Variable Rate Investment Loans will increase by 15 basis points to 5.85% per annum (comparison rate 6.01% per annum*).
The new rates will come into effect on 20 November 2015.
Fixed rates have not been changed, with the current two-year Advantage Package fixed rate for owner occupier remaining at 4.19% per annum (comparison rate 5.20% per annum*) and for residential investment home loan at 4.44% per annum (comparison rate 5.44% per annum*).
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.
Helen Aynbund, Bank of Melbourne Media Relations - 0402 227 881
Note to editors:
*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.