04-Aug-2022 • Corporate
Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, ME has today announced a number of interest rate changes for home loan customers.
From 6 August, ME will lift variable home loan interest rates by 0.50% per annum (p.a.) for new and existing customers.
To balance the needs of borrowers and savers, ME is offering some of the best rates in the market on it’s term deposits and its popular Online Savings Account.
Support available for Customers
ME has a range of online resources available for customers including various calculators to help plan your budget.
ME is here to help customers experiencing financial difficulty and encourages customers to contact our dedicated support team for advice in tailoring a solution to meet their needs.
For existing home lending customers on a variable rate, ME will advise them of their new monthly repayment amount. ME encourages customers to call 13 15 63 if they require further assistance or support.
How to recalculate your budget when rates rise
1. Become a budget-boss: If you’re not already budgeting, there’s no better time than now to make a start.
2. Spark up savings on power: Interest rates aren’t the only thing rising. Power prices are heating up too – it’s time to check if you could get a better deal.
3. Rethink grocery shopping: Groceries can take a big bite out of household budgets. If that sounds like you, switching supermarkets can mean big savings.
4. Skip the auto-renew: When insurance renewals roll around it can be tempting to tick and flick, paying the bill without checking if you could save elsewhere. It’s quick and easy but it could be costing you.
5. Scratch unwanted subs: From gym subscriptions to streaming, it’s a fair bet you’re paying for services you’re not getting maximum value from.
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Interest rates from 6 August are subject to change. Terms, conditions, fees and charges apply. This is general information only and you should consider if these products are appropriate for you.