Bank of Melbourne cuts fixed rates and improves incentives for borrowers

Westpac’s discount bank brand, Bank of Melbourne, has cut its benchmark three-year fixed rate by 20 basis points to 5.79%, one of the lowest rates on offer in the market. 

This matches Greater Building Society’s 5.79% three-year fixed rate. 

The bank of Melbourne has also reduced rates on its one- and two-year fixed-rate products by 15 basis points. 

Bank of Melbourne’s new fixed home loan rates under the Advantage Package are: 

  • 1 year – 5.74% p.a.
  • 2 years – 5.74% p.a.
  • 3 years – 5.79% p.a. 

In addition to the fixed-rate cuts, the bank has also lifted its life-of-loan discounts on packaged variable home loans. 

From tomorrow the bank is also offering life of loan discounts of up to 0.9% p.a. off new standard variable rate home loans through its Advantage package. 

“More customers are talking to us about fixing all, or part, of their home loan to help manage their finances and gain greater certainty in these uncertain times,” says Bank of Melbourne chief executive Scott Tanner.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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