05-May-2022 • Corporate
ME has today confirmed changes to interest rates for home loan customers following the Reserve Bank of Australia’s (RBA) decision to lift the cash rate by 0.25%.
From 13 May, ME will lift variable home loan interest rates by 0.25% per annum.
In making this decision, we carefully considered our customers, our business and the broader economic environment.
“We know our customers have been taking advantage of historically low rates and have been preparing for a rise − on average at least 15 months ahead on their loan repayments,” said Group Executive, Retail Banking and CEO ME Bank, Martine Jager.
“However, we also know that changes to household budgets and tightening the budget belt is never easy to navigate, especially given many of our customers have never experienced a rate rise.
“We are committed to supporting our customers through this change. If customers are having trouble making loan repayments, we encourage you to contact our Customer Assistance Team.”
For our existing home loan customers currently on a fixed rate, loan repayment amounts will not change for the duration of the fixed period of the loan.
ME has
advice and resources available to help customers with their interest rate change, including
financial hardship assistance, if required.
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