ME Bank slashes fixed rates to record low

Wednesday 11 February, 2015

ME Bank today cut its fixed home loan rates to retain top spot for its 3 and 5-year terms.

All three ME Bank fixed rate terms – 1, 3 and 5-year –­ have been chopped by as much as 31 basis points to new record lows:

 

Fixed term

New standard rate % p.a.

1 year

4.69% (5.33% comparison rate)#

3 year

4.28% (5.10% comparison rate) #

5 year

4.59% (5.06% comparison rate) #

 

ME Bank CEO, Jamie McPhee, said the cost at which ME Bank borrows in the fixed rate market has been falling.

“In turn, we choose to immediately pass these savings on to customers,” he said.

“To illustrate, since December 2013, ME Bank has reduced its 5-year fixed home loan by 120 basis points, 3-year by 56 basis points, and 1-year by 20 basis points.

“It has taken a while for other banks in the marketplace to follow suit, and I’m proud to say ME Bank continues to lead the charge; a move that has clearly resonated with customers.”

According to mortgage aggregator AFG, ME Bank’s share of their fixed rate loan portfolio has grown to 9 per cent as of December 2014.

“ME Bank is focused on a strong growth trajectory and home loans will continue to be the most important source of asset growth over the next three years.”

 

- Ends - 

 

Interest rates current as at 11/02/2015 and are subject to change. #Comparison Rates 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. Credit criteria, conditions, fees and charges apply. Members Equity Bank Limited ABN 56 070 887 679.

 

 

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.