ME Bank lures borrowers with $1,000 rebate

The $1,000 cash-back offer will be available on any refinance application submitted by February 28 and settled before May 31. Customers will be paid within 30 days of settlement.

The offer excludes top-ups, refinances of existing ME Bank home loans and brand new home loans.

It comes after ME Bank last week reduced its five-year fixed rate from 4.94 per cent to 4.69 per cent.

ME Bank’s national manager of brokers, Stewart Saunders, said the cash back offer “complements ME Bank’s aggressive growth strategy” and will help borrowers shave thousands off their home loans through refinancing.

“Both our market-leading five-year fixed rate and $1,000 cash-back refinancing offer are just a taste of what’s to come in 2015,” Mr Saunders told The Adviser.

“In the year ahead, we’re looking to increase and enhance our broker relationships, and continue to aggressively grow our home loan sales through this valued distribution channel.”

Mr Saunders said ME Bank’s capacity and efficiency will be increased through a $70 million technology transformation program, which will be implemented this year.

“ME Bank’s broker business is tracking well: volumes of broker applications have increased to 50 per cent of total home loan applications so far this financial year,” he said.

“This is significant considering ME Bank only established its broker offering in December 2011.”

[Related: Brokers drive record results for ME Bank]