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ME has made significant rate cuts of up to 40 basis points on a range of variable mortgage products, following pricing changes by two other lenders.
The non-major bank announced that its Basic Home Loan with maximum LVR of 80 per cent has been cut by 40 basis points for investors and 20 basis points for owner-occupiers to 4.24 per cent.
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ME’s Flexible Home Loan with Member Package has been reduced by 6 basis points for owner-occupiers and investors to 3.89 per cent and 4.09 per cent respectively. These offers apply to loans with a maximum LVR of 80 per cent.
In addition, the bank’s Flexible Home Loan with Member Package for owner-occupiers and investors with an LVR band of 80 to 90 per cent has been reduced by 15 basis points to 4.09 per cent and 4.29 per cent respectively.
ME is the third lender to announce pricing changes following the Reserve Bank’s decision to keep the cash rate at 1.75 per cent at its monthly board meeting.
Bluestone Mortgages’ three-year fixed rate is now 30 basis points lower than the current variable rate, while its two-year fixed rate has been cut by 20 basis points.
Online lender Loans.com.au reduced its three-year fixed rate loan by 32 basis points to a record low 3.67 per cent, with a 3.88 per cent comparison rate.
The offer is available to owner-occupiers who are repaying principal and interest, with a maximum borrowing amount of $500,000. A $350 rate lock fee applies.
[Related: Banks to ‘raise rates after federal election’]
