05-Sep-2019 • Corporate
ME today announced cuts to its variable and fixed home loan offers by as much as 30 basis points.
The bank will cut rates for both investment and owner-occupied home loans.
All changes are effective 6 September 2019.
The bank’s new variable rate for a Flexible Home Loan with a Member Package 1 (for owner occupiers paying principal and interest with an LVR ≤80% and loan amount ≥$700k) will be 3.29%, making it ME’s most competitive advertised variable rate ever offered.
The headline rate changes are as follows.
|
Loan amount
|
Current Variable rate
|
Change
|
New Variable Rate 2
|
Comparison rate3
|
|
Variable rate: Owner-occupied, Principal & Interest, ≤80% LVR
|
|
≥$700k
|
3.39%
|
-0.10%
|
3.29%
|
3.73% p.a.
|
|
Variable rate: Owner-occupied, Principal & Interest, >80% to ≤90% LVR
|
|
$400k+
|
3.87%
|
-0.30%
|
3.57%
|
4.00% p.a.
|
|
Fixed Rate Term
|
Previous Fixed Rate
|
Change
|
New Fixed Rate 2
|
New comparison rate3
|
|
Fixed rate: Investment, Principal & Interest, ≤90% LVR
|
|
3 Year
|
3.68%
|
-0.20%
|
3.48%
|
4.25% p.a.
|
|
Fixed rate: Investment, Interest Only, ≤80% LVR
|
|
3 Year
|
3.89%
|
-0.20%
|
3.69%
|
4.18% p.a.
|
Things you should know
(1) $395 annual Member Package fee applies.
(2) Interest rate is current as at 6 September 2019 and is subject to change.
(3) Home Loan comparison rates calculated on a loan of $150,000 for a term of 25 years, repaid monthly. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates. Fixed rate comparison rates only apply for loans with a loan amount of $150,000 to less than $400,000.
-Ends-