21-Aug-2020 • Corporate
From today, ME is offering one of the lowest comparable fixed rates for owner occupiers on the market, after making rate cuts of up to 40 basis points across its 1-3 year fixed terms.
The bank’s most competitive owner occupier fixed rate will become a flat 2.19%p.a., regardless of whether the customer locks in for one, two or three years.
New and refinancing owner occupier customers paying principal and interest with at least 10% deposit are eligible.
ME General Manager, Home Lending Andrew Bartolo said: “Many customers are looking for the increased certainty of a low fixed rate, but for shorter periods. This new offer is designed to give them the right mix of certainty and flexibility at one of the lowest rates currently in the market, for the length of time that best suits them.”
“This offer will help first home buyers achieve their dream of home ownership faster by only requiring a 10% deposit (with LMI), put more money back in their pockets through a lower rate, and give them peace of mind with certainty on exactly what their repayments will be a year or more in advance.”
The headline rate changes are as follows:
| Product |
Previous Rate % (p.a.) |
Change % (p.a.) |
New Rate % (p.a.) |
Fixed rate owner occupier – principal and interest, with Member Package
(new business and existing customers) |
|
|
|
| 1 Year, LVR ≤90% |
2.39 |
-0.20 |
2.19 |
| 2 Year, LVR ≤90% |
2.49 |
-0.30 |
2.19 |
| 3 Year, LVR ≤90% |
2.59 |
-0.40 |
2.19 |
Fixed rate owner occupier – principal and interest, without Member Package
(new business and existing customers) |
|
|
|
| 1 Year, LVR ≤90% |
2.54 |
-0.20 |
2.34 |
| 2 Year, LVR ≤90% |
2.64 |
-0.30 |
2.34 |
| 3 Year, LVR ≤90% |
2.74 |
-0.40 |
2.34 |
A $395 annual fees applies to the member package. Non-member package fixed rates will have a 15-basis point premium applied, as shown above.
All changes are effective from 21 August 2020. Inflight applications will receive the new lower fixed rates if settlement occurs on or after this date.
-ends-