The Bank of Melbourne announced cuts to its one, three, four and five year fixed rate home loan packages in a statement released today (May 20).
Effective from May 21, the new rates are available for a limited amount of time in order to encourage home ownership and real estate in Melbourne.
One of the most competitive interest cuts is the three year fixed rate - which has been lowered to 4.95 per cent per annum under the Advantage Pack.
These fixed cuts follow a recent reduction in the bank's standard variable home loan rate to 6.15 per cent.
The Bank of Melbourne's chief executive Scott Tanner said investors and home buyers need a variety of home loans to complement their own personal lifestyle and individual circumstances.
"Quite simply, Victorians will receive a great deal on a home loan when they come to Bank of Melbourne," he said in the statement.
"This is a great time for Victorians in the market for a home loan to come and visit Bank of Melbourne. We are committed to providing Victorians with outstanding value and service and a home loan that’s right for them."
