ME Bank lowers standard variable rate to 5.38% p.a. (comparison rate 5.41% p.a.)

50bps lower than the major banks

ME Bank today announced it will cut its standard variable mortgage rates by 0.25% following the RBA’s decision to lower the official cash rate by 0.25% p.a.

The rate cut ensures members of eligible super funds and unions continue to receive one of the most competitive rates on the market – currently 50 basis points lower than that of the nearest major bank.

The Super Member Home Loan standard variable rate now drops from 5.63% p.a. to 5.38% p.a., and the Member Package (with SMHL Standard, Ultimate Offset and Interest Only Investment Loan) variable rate now drops from 5.43% p.a. to 5.18% p.a., continuing to be one of the best home loan packages in the market for customers borrowing up to $500,000.

The new rates are mostly effective 23 August 2013.
 

Product

New rate 
% p.a.

Comparison Rate % p.a.    

Effective Date

SMHL - Standard Home Loan

5.38

5.41

23/08/13

SMHL - Interest Only Investment Loan

5.38

5.41

15/09/13

SMHL - Standard Home Loan - Settled before 01-Oct-98

5.38

5.41

15/09/13

Member Package – Standard Home Loan

5.18

5.18

23/08/13

Member Package - Ultimate Offset Account

5.18

5.18

23/08/13

Member Package - Interest Only Investment Loan

5.18

5.18

15/09/13

SMHL - Ultimate Offset Account - Version 1

5.68

5.71

23/08/13

SMHL - Ultimate Offset Account - Version 2

5.68

5.71

23/08/13

MEHL - Standard Home Loan

5.83

5.86

23/08/13

MEHL - Ultimate Offset Account

6.13

6.16

23/08/13

MEHL - Interest Only Investment Loan

5.83

5.86

15/09/13

 

Interest rates are current as at 6/08/2013 and subject to change.  The ME Bank SHML Standard Home Loan and Member Package are available to eligible super fund and union members. Terms and conditions are available on request. Fees and charges may apply. Applications are subject to credit approval. This is general information only and you should consider if this product is appropriate for you. Australian Credit Licence 229500.

 

MATTHEW READ, MEDIA AND COMMUNICATION MANAGER

P 03 9708 3334 M 0432 130 338 Email

ME Bank is the only bank which is 100 per cent owned by Australia’s leading industry super funds. ME Bank provides industry super fund, union and employer association members with a genuinely fairer banking alternative.