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Bank of Melbourne today announced that it will reduce selected fixed rate home loans, effective from 7 February 2013.

In addition, Bank of Melbourne is offering to beat any equivalent home loan rate advertised by the major banks on fixed or variable rates. This offer will be in place until March 31, 2013. As an added incentive, customers looking to switch their home loan from another bank will also receive a $700 rebate under Bank of Melbourne’s Advantage Package.

Bank of Melbourne Chief Executive Scott Tanner said the bank’s current set of home loans offers had become even more compelling, positioning it competitively against the major banks.

“Bank of Melbourne is establishing a reputation for providing outstanding value to Victorians with more of our home loans receiving 5-Star ratings by independent ratings agency CANSTAR in the current ratings round than any other Australian bank*,” Mr Tanner said.

Bank of Melbourne Chief Executive Scott Tanner welcomed the independent recognition from CANSTAR.

“Bank of Melbourne is not quite two-years-old yet a growing number of our mortgage products are receiving the coveted top rating from CANSTAR,” Mr Tanner said.

“We are committed to offering Victorians a better deal and have a great range of offers in the market that demonstrate this.”

The new fixed home loan rates, effective from 7 February 2013, are for new customers as well as existing customers switching into a new fixed rate.

The following fixed home loan rates under an Advantage Package are as follows, once the Advantage Package discount of 0.15% per annum is applied:

Old Rate

New Rate


5.39% per annum

5.15% per annum



5.29% per annum


5.39% per annum

5.29% per annum


5.79% per annum

5.64% per annum


5.79% per annum

5.69% per annum

For more information about the Advantage Package and full terms and conditions relating to all Bank of Melbourne's home loans and its CANSTAR-rated products please visit, visit a Bank of Melbourne branch or contact 13 22 66.