ME Bank has taken out the First Home Saver Account category at this year's Australian Financial Review Smart Investor Blue Ribbon Awards.
Savings products from over 30 financial institutions were reviewed in this category, from information provided by independent research organisations including InfoChoice, Morningstar and Rice Warner Actuaries. All products were judged on their interest rates, features and fees.
The judges said: "ME Bank's First Home Saver Account provides aspiring home owners with the best possible return under the Federal Government's first home saver account scheme."
"ME Bank's first home saver product reflects concerns about the affordability of property, although the past year has bought some stability to prices."
"This award demonstrates that ME Bank plans and acts in our customers' best interests, with a simple and transparent First Home Saver Account which benefits young members of industry super funds and unions," said Ian Hendey, Group Executive, Brand, Product and Distribution for ME Bank.
"The great Australian dream has become increasingly difficult to achieve for working Australians in a volatile and expensive housing market. Recent Federal Government changes to the First Home Saver Account scheme have made ME Bank's product even more attractive to young home buyers. They can now purchase a home earlier than planned, and after four years place the contents of their First Home Saver Account into their home loan.
"It's in our DNA to help meet our customers' needs and provide them with better value service for the long-term. When members are ready to purchase we offer them our new award-winning Home Loan Package, which offers a standard variable interest rate of 6.99%, and has features which could potentially save them thousands of dollars and cut years off their home loan."
"We are not about luring new customers with attractive introductory rates or deals that evaporate over time and leave the customer behind," Mr. Hendey said.
For further information about the ME Bank First Home Saver Account visit mebank.com.au