Media Release

Bank of Melbourne today announced a range of mortgage rate decreases for variable home loan customers, including a reduction of .20% per annum (p.a) for owner occupier customers and a reduction of .30% p.a. for investor customers with interest only repayments.

The following interest rate changes will come into effect on Tuesday 16 July 2019.

• Variable home loan (owner occupier) rate has been reduced by .20% p.a. to 4.94% p.a. for customers with principal and interest repayments.
• Variable residential investment property loan reduced by .20% p.a. to 5.52% p.a. for customers with principal and interest repayments.
• Variable home loan (owner occupier) rate reduced by .20% p.a. to 5.53% p.a. for customers with interest only repayments.
• Variable residential investment property loan rate reduced by .30% p.a. to 5.81% p.a. for customers with interest only repayments.

For an owner-occupier customer with a standard variable home loan of $400,000 on principal and interest repayments, the .20% p.a. rate reduction will result in a saving of $800 each year.

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

Nardia Dazkiw
Head of Corporate Affairs
Bank of Melbourne
0418 144 690
nardia.dazkiw@bankofmelbourne.com.au