Powered by MOMENTUM MEDIA
the adviser logo
Growth

ME announces cashback offer

by James Mitchell5 minute read

Industry super fund-owned bank ME has just announced a cashback offer for new home loan customers.

The bank today announced it will offer $1,250 cashback to customers who apply for new owner-occupier home loans greater than $400,000.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

The offer will apply to all owner occupiers who apply from 8 September to 2 October 2015 and settle before the 31 December 2015.

ME general manager of broker sales Lino Pelaccia said the bank has timed the offer to boost applications in the lead up to the spring buying season.

Advertisement
Advertisement

The offer is not available for existing applications, internal refinances or top ups of existing ME home loans, and cannot be used in conjunction with any other home loan offer.

The announcement follows the bank’s decision to reprice its mortgage rates.

Effective 15 September, ME’s Basic Variable home loan interest rate for new investor borrowers will rise by 40 basis points to 4.69 per cent and its Flexible home loan with member package interest rate for new investor borrowers will increase by 0.36 per cent to 4.89 per cent.

Rates across existing investor loans will also rise by 0.41 per cent.

Fixed rates for new owner occupied borrowers will fall between 0.09 per cent and 0.50 per cent across its 3 to 7 year terms, including its 3-year fixed rate falling 0.09 per cent to 4.19 per cent.

ME CEO Jamie McPhee said the changes have been precipitated by major shifts in the banking industry that have forced banks including ME to review their lending practices and pricing.

“APRA introduced new regulatory measures to reinforce sound residential lending practices last December, including actions to restrict investor lending growth to no more than 10 per cent per annum,” Mr McPhee said.

“The changes we have announced today will advantage owner occupied borrowers particularly those seeking to buy their first home,” he said.

“The decision to increase investment rates was a difficult one, but after careful consideration we believe that combined with rate cuts across selected owner occupied home loans it strikes the right balance across our portfolio.”

 

ME announces cashback offer
p p lending  x
TheAdviser logo
p p lending  x

James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

Glen Lees

Connective announces record settlement figures

Mortgage aggregator Connective has revealed that its brokers settled a record $95.5 billion across its residential,...

READ MORE
charles grover outfund ta zgvq5o

New SME lender launches into broker channel

A new fintech lender, Outfund, is ramping up for growth through the broker channel after having completed a capital...

READ MORE
david bailey afg ta l8ozkr

AFG’s bottom line hit by Volt closure

The ASX-listed company, Australian Finance Group Ltd (ASX: AFG) has confirmed it is set to deliver “strong...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more