29-Mar-2019 • Corporate
ME today announced rate cuts of as much as 50 basis points across its fixed rate home loan range.
All changes are effective 29 March 2019.
The bank has made rate cuts across its 1-5 year terms and across a wide selection of loan types: member and non-member package; principal and interest and interest-only; investment and owner-occupied.
ME cut its 2- and 3-year fixed home loans with a Member Package (for owner occupiers paying principal and interest) 10 and 20 basis points to 3.74% pa and 3.79% pa respectively.
ME cut its 5-year fixed home loan with a Member Package (for owner occupiers paying principal and interest) by 50 basis points to 3.99% pa.
ME’s head of home loans, Andrew Bartolo, said “SWAP rates have recently fallen allowing the bank to source cheaper fixed term funding, which it’s passing on to customers.
“Ninety four per cent of Australians are experiencing bank-xiety or distrust toward their bank post-royal commission, but only 14% are proactively doing something about. Hopefully rates like these prompt borrowers unhappy with their bank to review their relationships.
“Fixed rates provide certainty and peace of mind and low-fixed rates can save borrowers money.”
| Loan Amount |
Previous fixed rate2 |
Previous comparison rate 3 |
Change |
New fixed Rate2 |
New comparison rate3 |
| Owner-occupied, Principal & Interest, <80% LVR |
| 1 Year |
3.99% p.a. |
4.35% p.a. |
-0.15% |
3.84% p.a. |
4.34% p.a. |
| 2 Year |
3.84% p.a. |
4.33% p.a. |
-0.10% |
3.74% p.a. |
4.31% p.a. |
| 3 Year |
3.99% p.a. |
4.36% p.a. |
-0.20% |
3.79% p.a. |
4.31% p.a. |
| 4 Year |
4.29% p.a. |
4.47% p.a. |
-0.30% |
3.99% p.a. |
4.37% p.a. |
| 5 Year |
4.49% p.a. |
4.58% p.a. |
-0.50% |
3.99% p.a. |
4.37% p.a. |
| Owner-occupied, Principal & Interest, 80% to 90% LVR |
| 1 Year |
3.99% p.a. |
4.75% p.a. |
-0.15% |
3.84% p.a. |
4.74% p.a. |
| 2 Year |
3.84% p.a. |
4.69% p.a. |
-0.10% |
3.74% p.a. |
4.67% p.a. |
| 3 Year |
3.99% p.a. |
4.68% p.a. |
-0.20% |
3.79% p.a. |
4.63% p.a. |
| 4 Year |
4.29% p.a. |
4.76% p.a. |
-0.30% |
3.99% p.a. |
4.66% p.a. |
| 5 Year |
4.49% p.a. |
4.83% p.a. |
-0.50% |
3.99% p.a. |
4.63% p.a. |
| Investor, Principal & Interest, <80% LVR |
| 4 Year |
4.59% p.a. |
4.80% p.a. |
-0.20% |
4.39% p.a. |
4.73% p.a. |
| Investor, Principal & Interest, 80% to 90% LVR |
| 4 Year |
4.59% p.a. |
4.85% p.a. |
-0.20% |
4.39% p.a. |
4.78% p.a. |
| Owner-occupied, Interest Only, <80% LVR |
| 3 Year |
4.59% p.a. |
4.52% p.a. |
-0.30% |
4.29% p.a. |
4.44% p.a. |
Things you should know
(2) Interest rate is current as at 29-Mar-2019 and is subject to change.
(3) Home Loan comparison rates calculated on a loan of $150,000 for a term of 25 years, repaid monthly. 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. Fixed rate comparison rates only apply for loans with a loan amount of $150,000 to less than $400,000. The comparison rates for fixed loans with interest only repayments are based on the interest only period being equal to the fixed rate term.
- Ends -