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Bank of Melbourne cuts interest rates

by Staff Reporter7 minute read
The Adviser

Bank of Melbourne has made cuts of 10 basis points to some of its fixed-rate mortgages.

Advantage Package two-year rates have fallen to 4.69 per cent, while the three-year rates have fallen to 4.79 per cent.

The new rates are available to new customers, as well as existing customers who would like to fix part or all of their current home loan.

Bank of Melbourne's other Advantage Package rates are priced at 4.79 per cent for one year and 4.99 per cent for four or five years.

Chief executive Scott Tanner said now is a great time for borrowers to use Bank of Melbourne.

"We are committed to providing outstanding value and helping Victorians take their next steps toward buying their dream home or investment property," he said.

Bank of Melbourne is a sub-brand of Westpac Group, which recently reported annual housing lending growth of 6.9 per cent in its annual results.

[Related: BoM reveals measures to fight credit fraud]

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