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Bank of Melbourne leads the majors across 2 to 5 year fixed rate home loans, following a decision to reduce its 2-year fixed rate home loan.

New customers as well as existing customers switching into a new fixed rate can access a 2-year fixed home loan rate of 4.99% p.a. under Bank of Melbourne's Advantage Package, once the Advantage discount of 0.15% per annum is applied. The new rate takes effect from 20 February 2013.

Bank of Melbourne's offer to beat any equivalent home loan rate advertised by the major banks on fixed or variable rates remains 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 customer's looking for the best fixed or variable home loan rates need look no further than Victoria's bank.

"Customers looking for fixed or variable home loan rates will find the most compelling deals at Bank of Melbourne. Countless Victorians have already taken advantage of our promise to beat any advertised equivalent home loan rate being offered by the majors and their feedback about this deal and our friendly and helpful service has been overwhelming.

"Independent ratings agency CANSTAR has also acknowledged the outstanding value we offer with more of our home loan products receiving 5-Star ratings in the current ratings round than any of the majors," Mr Tanner said.

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

4.99% 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.