05-Nov-2020 • Corporate
ME today announced it will pass on the full RBA cash rate cut of 0.15% p.a. to all its existing variable rate home loan customers, effective 26 November 2020*.
ME CEO, Adam Crane, said:
“We have been speaking to thousands of our home loan customers over the past six months, many of whom have shared their concerns about the financial impact COVID-19 is having on households.”
“This decision will help many of those households through what is a difficult financial period.”
“For an owner occupier borrower paying principal and interest repayments on a 25-year $400,000 home loan, this rate cut by ME could put $406 back into their pocket annually.”
“Since the start of COVID-19 ME has been working hard to help customers manage the financial impacts and navigate the practical challenges of doing their banking.”
“We have paused the loan repayments for about 9,500 borrowers, provided financial assistance to first home buyers wanting to get into the market, offered free financial education, and introduced a series of COVID-safe ways for customers to continue to transact, save and borrow.”
“ME was set up by industry super funds to help Australians get ahead and we will continue to look for opportunities to assist our customers wherever possible.”
-ends-
* The effective date for all ME’s variable home loan rate changes is 26 November except for two legacy products, where rate change dates are dictated by their specific terms and conditions.
| Home loans |
Rate change |
Effective date |
| Flexible Home Loan, Flexible Home Loan with Member Package and Basic Home Loan |
0.15% |
26 November |
| Standard Home Loan (settled after 1 Oct 1998) |
0.15% |
26 November |
| Ultimate Offset Account |
0.15% |
26 November |
| Interest Only Investment Loan |
0.15% |
15 December |
| Standard Home Loans settled before 1 October 1998 |
0.15% |
15 December |