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 Bank lowers fixed rates by 40 bps

me bank  me bank
Hannah Dowling 4 minute read

The non-major bank has reduced the fixed rates for its three-year fixed home loan to a historic low for the bank.

ME Bank has announced a 40 basis point reduction to its three-year fixed home loan rates to 3.18 per cent p.a., which it said is a “historic low” for the bank.

The bank’s reduced three-year fixed rate is available to existing owner-occupier home loan customers with a member package.

The new rate of 3.18 per cent p.a. applies to:

Advertisement
Advertisement
  • Three-year principal and interest (P&I) fixed rates with a loan-to-value (LVR) ratio less than or equal to 80 per cent (comparison rate 3.87 per cent)
  • Three-year P&I fixed rates with LVR between 80 per cent and 90 per cent (comparison rate 4.19 per cent)

The announcement follows a previous reduction by ME Bank of 15 basis points across all existing variable home loan customers from 23 July.

These changes come in light of the Reserve Bank of Australia’s back-to-back cuts to the official cash rate.

The non-major also recently announced changes to its home loan serviceability assessment policy in response to the Australian Prudential Regulation Authority’s revised home lending guidance. 

Me Bank decreased its serviceability floor rate to 5.25 per cent p.a. and increased its buffer rate to 2.50 per cent p.a. above the offered interest rate for all home loan applications as of 2 August.

[Related: Non-majors begin releasing rate cut decisions]

PROMOTED CONTENT


ME Bank lowers fixed rates by 40 bps
me bank
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

me bank
Hannah Dowling

Hannah Dowling

Hannah Dowling is a journalist for The Adviser and Mortgage Business.

Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency. 

Email Hannah at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

more from the adviser
handshake news MyState names banking general manager

A former broker head has returned to MyState Bank, to tackle turn...

BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...