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ME slashes rates for investors

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James Mitchell & Huntley Mitchell 3 minute read

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.

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.

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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’]

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