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Non-major lifts variable rates

by James Mitchell9 minute read
The Adviser

A leading non-major lender has today announced a range of rate increases across its mortgage products for both owner-occupiers and investors.

ME has confirmed that effective yesterday the bank has increased rates for new ‘owner-occupier’ Flexible Member Package home loans and some ‘owner-occupier’/‘investor’ fixed rate home loans, by between 0.05 per cent and 0.15 per cent.

ME head of home loans, Patrick Nolan, said the increases were based on increasing swap rates – up 40 basis points since 31 August – and the increasing cost of deposit funding, noting ME is moving to the Liquidity Coverage Ratio (LCR) on 1 January 2017.

“Despite the increases, ME’s variable and fixed rates are some of the lowest in the market across both owner occupier and investor loans,” he said.

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ME rate changes effective 23 November 2016

Product

Current rate

Discount change

New rate

Owner Occupier Home Loans

Flexible Member Package
LVR 80% or Less, Loan Amount $400-$700K

3.79%

0.05%

3.84%

Flexible Member Package
LVR 80% or Less, Loan Amount $700K or more

3.69%

0.10%

3.79%

2 Year Fixed Rate

3.69%

0.15%

3.84%

3 Year Fixed Rate

3.69%

0.15%

3.84%

Investor Home Loans

3 Year Fixed Rate

3.89%

0.10%

3.99%

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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.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

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