Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

ME slashes rates by up to 31bps

me bank  me bank
Reporter 4 minute read

The non-major has repriced its owner-occupied and investment home loan offerings, with one product priced with the lowest rate ever offered by the bank.  

ME has announced rate reductions across tis fixed rate home loans for both owner-occupiers and investors, effective from Tuesday, 18 June.

Most notably, ME has reduced its two-year fixed home loan rate by 31bps to 3.43 per cent (4.26 per cent comparison rate) – the lowest rate ever offered by the bank.

The two-year fixed rate is available to owner-occupiers paying principal and interest with a Member Package.

Advertisement
Advertisement

Other changes for owner-occupiers paying principal and interest with a Member Package include:

  • one-year fixed rates have been cut by 21 bps to 3.63 per cent (4.32 per cent comparison rate)
  • four-year fixed rates have been cut by 21 bps to 3.78 per cent (4.30 per cent comparison rate)
  • five-year fixed rates have been cut by 21 bps to 3.78 per cent (4.29 per cent comparison rate)

For investors paying principal and interest with a Member Package:

  • one-year fixed rates have been cut by 30 bps to 4.39 per cent (4.61 per cent comparison rate)
  • two-year fixed rates have been cut by 10 bps to 4.29 per cent (4.61 per cent comparison rate)
  • three-year fixed rates have been cut by 21 bps to 3.88 per cent (4.51 per cent comparison rate)

Earlier this month, ME also announced that it would drop its variable rates by 25bps for all of its existing customers, effective from 27 June.

The rate cuts have come off the back of the Reserve Bank of Australia's (RBA) monetary policy adjustment, with several lenders, including the big four banks, passing on the reduction to their mortgage customers. 

The RBA’s decision has prompted some lenders to drop rates to as low as 2.99 per cent – as offered by Greater Bank and UBank on their one-year owner-occupied fixed rates.

PROMOTED CONTENT


Non-bank lender Reduce Home loans has also announced the introduction of an owner-occupied variable home loan offering with an interest rate of 3.09 per cent, targeted at borrowers with 40 per cent deposit.

Mortgage House, which recently funded the launch of an owner-occupied variable home loan with an interest rate of 3.29 per cent through uno Home Loans, has also dropped its rate to 3.15 per cent in response to the RBA’s announcement.

[Related: Gateway Bank cuts mortgage rates]

 

ME slashes rates by up to 31bps
me bank
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

me bank

 

more from the adviser
David Hyman

Breaking News

Brokers promote competition in lending: Lendi

Brokers are driving competition in the mortgages sector and chang...

money au ta

Breaking News

SME fintech closes $25m raise to fund expansion

An SME lender has raised $25 million in equity to fund the ‘rap...

loan application

Breaking News

Hot Property: The biggest property headlines from the week 26 to 30 July

The weekly round-up of the biggest news stories from across Momen...