ME announces interest rate changes for home loan and deposit customers

08-Jun-2022 • Corporate

Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, ME has today announced a number of interest rate changes for home loan and deposit customers.
 
From 18 June, ME will lift variable home loan interest rates by 0.50% per annum (p.a.) for new and existing customers¹. 
 
ME will also increase interest rates on its award-winning retail and business term deposits from 9 June.
 
CEO ME Bank, Martine Jager said: “Our customers, our business and the change in the RBA cash rate are all factors we carefully considered in our decision to lift rates today. 
 
“ME remains committed to offering competitive rates to help all Australians own their own home and despite broader economic circumstances we are still able to offer historically low interest rates for our customers.
 
“We know many of our customers have been preparing for the changing market conditions and are on average 15 months ahead on their loan repayments. However, we respect that any change to household budgets is difficult for our customers to navigate, and we have dedicated teams available who can help tailor a solution for those facing financial difficulty.
 
To balance the needs of both borrowers and savers ME has also increased interest rates on its deposit and savings accounts and will regularly review these to ensure they are competitive in the market.
 
“We continue to offer some of the most attractive term deposit rates in the market, with our 12 month rate increasing to 2.75% p.a., providing a boost for savers.
 
For existing home lending customers on a variable rate, ME will advise them of their new monthly repayment amount. ME has online resources available to help customers manage their budgets, as well as dedicated teams who can assist if customers are in financial difficulty. ME encourages customers to call 13 15 63 if they require further assistance in tailoring a financial solution to suit their needs.