Bank of Melbourne announced today a reduction in fixed interest rates for new home loan customers and existing variable rate home loan customers. The following fixed home loan rates^^ for owner occupiers on principal and interest repayments with an Advantage Package# will come into effect on Monday, 9 November 2020:
These rates include the package discount of 0.15% p.a and are available for new loans as well as existing variable rate home loan customers looking to fix all or part of their loans. If you’re an existing variable rate home loan customer and you would like to fix all or part of your loan, speak to one our home loan experts on 13 22 60 or visit a Branch. Please note, the above rates exclude any LVR^ discounts for new loans. View all other interest rates.
Terms & conditions
Credit criteria, fees and charges apply. Terms & conditions apply. Based on Bank of Melbourne’s credit criteria, residential lending is not available for Non-Australian resident borrowers.
^^Fixed rates: Interest Rates displayed are for Australian residents only. The Bank will apply the fixed rate that is available at the loan settlement date or the date the fixed rate period commences, unless the customer locks a fixed rate in on the loan using our Rate Lock feature. The rate lock fee is 0.10% of the loan amount. At the end of the fixed rate period the interest rate will convert to the applicable variable home loan rate and the prevailing Advantage Package discount will apply to that rate.
Rate Lock: The Bank will apply the fixed rate that is available at the loan settlement date, unless the customer locks a fixed rate in on the loan using our Rate Lock feature. The rate lock fee is 0.10% of the loan amount. At the end of the fixed rate period the interest rate will revert to the applicable variable home loan interest rate unless a new fixed rate term is selected and then the fixed rate is determined two business days prior to the refix.
#Advantage Package: Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. Before deciding to acquire a Bank of Melbourne transaction account, read the terms and conditions, and consider if the product is right for you.
*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.
^LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. New Home loan rates are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan.