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One lender has made massive changes, with a new name, new home loans and new fixed-rate options.
ME Bank has changed its name to ME, pronounced ‘me’, to reflect what most customers were instinctively calling the bank.
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Broker general manager Lino Pelaccia told The Adviser that the rebrand also includes a simplification of the bank’s home loan offerings into two products – Basic and Flexible.
Mr Pelaccia said the variable Basic loan, which is currently priced at 4.29 per cent, offers a free redraw facility and is designed for borrowers who don’t want the bells and whistles.
“It’s the first time we’ve offered a basic home loan, and with around 10 per cent of the market purchasing this product we expect it to boost lending growth,” he said.
Mr Pelaccia said the Flexible home loan is an all-in-one option for borrowers who know what they want.
“Your clients can choose between fixed and variable or spilt between the two. They can also choose from a host of customisable add-ons such as free redraws, easy offset and the option to buy a member package,” he said.
Both products are free from application and account-keeping fees.
Mr Pelaccia said ME is also introducing additional fixed terms so the bank can offer from one to seven years.
The rebrand also includes an upgraded mobile app and a low-rate credit card.
[Related: Bank working weekends to fix turnarounds]
