ME Bank cuts three-year fixed rate home loan to 4.99% p.a. (Comparison rate 5.66% p.a.)
More good news for borrowers today as ME Bank cut its 3-year fixed SMHL Standard Home Loan rate to 4.99% p.a. (comparison rate 5.66% p.a.*) on both packaged and non-packaged loans.
The new three-year fixed rate, available to eligible super fund and union members, is currently the lowest in the market and the lowest ME Bank has ever offered.
ME Bank said the offer may not last long as funding is limited and interested borrowers are encouraged to get in quickly.
“Now is an excellent time to fix rates,” said Jamie McPhee, ME Bank CEO.
“With rates at 30-year lows and signs global economies are improving, there is limited scope for the Reserve Bank of Australia (RBA) to make further rate reductions. Therefore fixed rates – usually a good indicator of the future RBA cash rate – may not get much cheaper.”
“When considering their decision to fix, borrowers should also think in terms of personal circumstances. Fixing is like insurance: if your current circumstances mean higher rates put you under stress then fixing can be an important strategy. The trade off is reduced flexibility and there may be costs if you decide to exit early.”
*Comparison rate based on a loan of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. A list of eligible super funds and unions can be found at mebank.com.au. Members Equity Bank Pty Ltd ABN 56 070 887 679 Australian Credit Licence 229500.