Interest Rate Cuts By Bank of Melbourne Aim To Inspire Home Ownership

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."