03-Oct-2019 • Corporate

ME announces rate cuts
ME today announced it will cut interest rates for all existing variable home loan customers by 0.15% p.a.
Variable home loan offers for new customers will also be cut by 0.15% p.a., with both changes effective 24 October 2019*.
ME’s online savings account (OSA) interest rate will also be decreased by 0.15%, effective 8 October 2019.
The new OSA variable base rate (0.50%) and variable bonus interest rate (1.70%) will bring the total variable rate to 2.20%.
In setting rates ME has sought to strike a balance between depositors and home loan borrowers, as well as ensuring the pricing of products remains sustainable given the record low interest rate environment.
* Effective dates for Ultracs Interest Only Investment Loan changes will be 15 November 2019, and for Standard Home Loans settled before 1 October 1998 changes will be 13 December 2019.