ME chases refinancers with industry-first calculator

Home loan lender ME launched its new Scroogify^TM tool this week to exploit the growing refinance market.

Scroogify^TM is a calculator that in a few seconds quantifies just how much a borrower would save over the life of their loan, in both time and money, if they switched their existing home loan to ME.

The bank says the tool will help it maintain strong home loan growth after increasing its lending book 1.6 times the market average in the six months to 31 December 2017.

ME home loan settlements hit $3.2 billion for the six months to 31 December 2017, up 54% compared to the previous corresponding period.

Head of Home Loans, Patrick Nolan, said “industry refinance levels had been steadily increasing as competition between lenders intensifies and borrowers become increasingly aware of the new deals on offer.

“However, a large group of borrowers are still disinclined to refinance due to the perceived difficulties in comparing and because they underestimate the amount they can save, despite the fact the majority are with a major bank and are probably paying too much.

“We think Scroogify^TM will shock borrowers out of apathy into action.”

Nolan said ME will support the tool with a major marketing campaign including TV, radio, online, public relations and social media, running nationally throughout 2017 and including a nationwide social media campaign to find ‘Australia’s Biggest Scrooge’.

“We reckon everyone has an inner scrooge just waiting to come out. The marketing campaign is designed to encourage borrowers to embrace their inner scrooge and unleash it on their home loan.”