Bank of Melbourne cuts fixed rates with two-year offering reduced to 4.99%

Bank of Melbourne has followed sister-bank St.George by cutting its two-year fixed rate to 4.99%.

It follows ME Bank cutting its three-year fixed rate to 4.99% and all the major banks cutting their two-year fixed rates to 4.99% in the last few weeks.

Bank of Melbourne replaced St.George as Westpac’s Victorian brand in March 2011.

The bank also cut its three, four and five year fixed-rate home loans today.

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 Bank of Melbourne also promise to beat any equivalent home loan rate advertised by the major banks on fixed or variable rates until March 31.

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 “countless Victorians” have already taken advantage of its promise to beat any advertised equivalent home loan rate being offered by the major banks.

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

1-year 5.39% per annum

5.15% per annum

2-year 5.29% per annum

4.99% per annum

3-year 5.39% per annum

5.29% per annum

4-year 5.79% per annum

5.64% per annum

5-year 5.79% per annum

5.69% per annum

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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