10-Jul-2020 • Corporate
From today, ME is offering property investors significantly reduced fixed rates with cuts up to 80 basis points.
New customers to the bank and existing customers on variable loans will be eligible to lock in the offer – on both principal and interest, and interest-only.
The cuts apply across 1-3 year fixed terms for Flexible Home Loans with Member Packages with an LVR up to 90% for investors paying principal and interest, and up to 80% for those paying interest only.
ME’s most competitive investor fixed rate will become 2.79% on the 2-year principal and interest term at up to 90% LVR.
During this challenging period, ME wants to give property investors added certainty and peace of mind and help them save money.
The headline rate changes are as follows:
| Product |
Previous Rate % (p.a.) |
Change % (p.a.) |
New Rate % (p.a.) |
Comparison Rate %
(p.a.) |
| Fixed rate – principal and interest, w/ Member Package |
|
| 1 Year, LVR ≤90% |
3.68 |
-0.79 |
2.89 |
3.83 |
| 2 Year, LVR ≤90% |
3.18 |
-0.39 |
2.79 |
3.77 |
| 3 Year, LVR ≤90% |
3.09 |
-0.20 |
2.89 |
3.74 |
| Fixed rate – interest only, w/ Member Package |
|
| 1 Year, LVR ≤80% |
3.89 |
-0.80 |
3.09 |
3.70 |
| 2 Year, LVR ≤80% |
3.38 |
-0.39 |
2.99 |
3.67 |
| 3 Year, LVR ≤80% |
3.28 |
-0.19 |
3.09 |
3.67 |
Interest-only investor loans with an LVR between 80% and 90% will be 20 basis points higher than those listed in the table above.
A $395 annual fees applies to the Member Package. Non-member package fixed rates will have a 15-basis point premium applied.
All changes are effective from 8 July.