14-Oct-2019 • Corporate

ME Bank today announced that it has lowered its fixed 1 year and 5 year fixed mortgage rates by 0.10%.

ME today announced its lowest ever rate, cutting its 2 year fixed home loan rate to 2.88% p.a.
ME’s hot new fixed rate is available to home loan customers with a Flexible Home Loan with a Member Package1 (for owner occupiers paying principal and interest, with loan to value ratio (LVR) of ≤ 90%).
The bank has also made a suite of fixed rate cuts of up to 60 basis points across owner occupied and investment home loans for both principal and interest, and interest-only loan types.
All changes are effective 14 October 2019.
The headline fixed rate changes are as follows.

Fixed Rate Term Previous Fixed Rate Previous comparison rate2 Change New Fixed Rate 3 New comparison rate2
Flexible Home Loan with a Member Package, Owner-occupied, Principal & Interest, ≤90% LVR
2 Year 3.27% p.a. 4.03% p.a. -0.39% p.a. 2.88% p.a. 3.96% p.a.
4 year 3.58% p.a. 4.07% p.a.   -0.40% p.a. 3.18% p.a. 3.94% p.a.
5 year 3.58% p.a. 4.06% p.a.   -0.50% p.a. 2.99% p.a. 3.83% p.a.
Flexible Home Loan with a Member Package, Investment, Principal & Interest, ≤90% LVR
2 Year 3.58% p.a. 4.23% p.a. -0.40% p.a. 3.18% p.a. 4.16% p.a.
3 Year 3.48% p.a. 4.18% p.a. -0.20% p.a. 3.28% p.a. 4.01% p.a.
4 year 3.88% p.a. 4.29% p.a. -0.60% p.a. 3.28% p.a. 4.09% p.a.
5 year 3.88% p.a. 4.29% p.a. -0.60% p.a. 3.28% p.a. 4.05% p.a.
Flexible Home Loan with a Member Package, Investment, Interest Only, ≤80% LVR
2 year 3.79% p.a. 4.13% p.a. -0.41% p.a. 3.38% p.a. 4.06% p.a.
4 & 5 year 3.99% p.a. 4.23% p.a. -0.30% p.a. 3.69% p.a. 4.11% p.a.

Things you should know
  1. $395 annual Member Package fee applies.
  2. Home Loan comparison rates calculated on a loan of $150,000 for a term of 25 years, repaid monthly. Fixed comparison rates are calculated on the basis that they roll to the effective variable rate for new loans at the end of the fixed term. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates. The comparison rates for fixed loans with interest only repayments are based on the interest only period being equal to the fixed rate term.
  3. Interest rate is current as at 14 October 2019 and is subject to change.
 Terms, conditions, fees and charges apply. Applications are subject to credit approval. 
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