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ME announces more rate cuts

Huntley Mitchell 3 minute read

Industry super fund-owned bank ME has made further reductions to three of its home loan rates, while a mortgage funder has also joined the pricing war.

The bank’s three-year fixed rate for owner-occupiers has been cut by 7 basis points to 3.97 per cent (with a 4.41 per cent comparison rate).

Furthermore, ME’s Member Package variable rate has been reduced by 8 basis points for owner-occupiers to 4.01 per cent (with a 4.42 per cent comparison rate), and by 5 basis points for investors to 4.24 per cent (with a 4.62 per cent comparison rate). Customers with a maximum LVR of 80 per cent are eligible for these new rates.

Lino Pelaccia, general manager of broker sales at ME, said the bank is eager to remain competitive in a market that has seen some compelling offers recently.

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“ME is excited to offer these new rates, partly facilitated through recent cheaper fixed-rate funding,” he said.

These latest rate changes by ME come after the bank lowered the standard variable rate for its home loan products by 5 basis points, as well as its three-year fixed rates for owner-occupiers and investors by 25 points and 20 points respectively.

Meanwhile, mortgage funder Advantedge Financial Services has reduced its one-, two- and three-year fixed rates by 25 basis points, and its five-year fixed-rate by 10 basis points.

[Related: Two banks slash rates below 4%]

ME announces more rate cuts
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