ME Bank undercuts big banks on fixed rates - slashes 5 year fixed rate to record low

Wednesday July 30, 2014

ME Bank has again out-cut the big banks, slashing its 5 year fixed home loan rate by 45 basis points to 4.94% (comparison rate 5.46% p.a.).

With its 3-year fixed rate also at a record low of 4.69%, ME Bank is offering the lowest 3-year and 5-year fixed home loan rates in the market, with loans available to members of eligible super funds and unions.

ME Bank CEO, Jamie McPhee, said “while the big four claim credit for cutting rates to new lows, the truth is ME Bank’s 3 and 5-year fixed rates are much better.

“And borrowers don’t need to pay an extra package fee to get the lower rate – we’re offering 4.94% on our non-package 5-year fixed home loan.”

“Our 3-year fixed rate has been under five per cent for more than 18 months and at a record low of 4.69% since April 2014.”

“Now is a great time to fix your home loan, with variable rates not expected to go much lower - we’re either at or very close to the bottom of the current interest rate cycle.”

“Locking in now can give you peace of mind, especially when rates start to go up. We expect the Reserve Bank’s next move will be to raise rates in the first quarter of 2015, although a sustained period of lower average interest rates is expected in the short to mid-term.”

ME Bank is owned by 30 of Australia’s biggest industry super funds, the same people who brought you low-cost no-commission super. It believes in passing on a greater proportion of funding savings to customers, which means lower fixed rates for borrowers.

 

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.