Bank of Melbourne today announced a 5 basis points reduction in variable interest rates for new and existing customers paying principal and interest on their owner occupier home loans. This will take the standard variable rate for owner occupiers to 5.20% p.a.
Bank of Melbourne has also adjusted interest only rates for variable home loans as follows:
- Owner occupier interest only will increase by 34 basis points to 5.79% p.a.
- Investor interest only will increase by 34 basis points to 6.32% p.a.
- Portfolio loan will increase by 34 basis points to 6.44% p.a.
Changes are effective for all home loans on 30 June 2017.