Bank of Melbourne cuts interest rate by 0.25%

Nicola TrotmanMay 7, 2013

The Bank of Melbourne has cut its standard variable home loan rate by 0.25% to 6.15% per annum, effective from May 17.

Customers have taken to the bank’s Facebook page looking for answers as to why the new rate won’t be effective immediately, but are failing to secure any answers.

The Bank of Melbourne’s current standard variable home loan rate is 6.40% per annum.

A $300,000 loan from the Bank of Melbourne with the new interest rate will see a monthly repayment of $1,960 – a monthly saving of $46 compared to the previous rate.

Nicola Trotman

With a penchant for the written word, Nicola has built a career doing just this – now Creative Director at thriving Melbourne-based PR agency, Greenpoint Media.

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