A non-major bank has announced fixed rates cuts on the heels of the Reserve Bank keeping interest rates on hold at its record low this week.
Bank of Melbourne has cut its three-year fixed home loan rate by 10 bps to 4.79% p.a. and its two-year fixed rate also by 10 bps to 4.69% p.a., for loans under the Advantage Package.
“We are committed to providing outstanding value and helping Victorians take their next steps toward buying their dream home or investment property,” Bank of Melbourne chief executive Scott Tanner said.
Bank of Melbourne has joined Homeloans, Adelaide Bank and Australian First Mortgage who have all advertised fixed or variable rate cuts over the past two weeks.
The new rates from Bank of Melbourne are effective immediately and are available to new and existing customers who would like to fix part, or all, of their current home loan.