28-Aug-2020 • Corporate

From today, ME is going below 3% p.a. on its variable rate Basic Home Loan with cuts of up to 59 basis points.

ME’s lowest variable rate for new customers will become 2.58% p.a., one of the most competitive comparable rates in the market – and the lowest advertised variable rate the bank has ever offered.

New and refinancing owner occupier customers paying principal and interest with a minimum loan balance of $150,000 are eligible.

ME General Manager, Home Lending Andrew Bartolo said: “This new offer delivers exactly what many Australians want – simplicity, low rates, and no ongoing account keeping fees.”

Mr Bartolo added: “ME’s Basic Home Loan is already very simple, with no frills or fancy features and no ongoing account keeping fees. Cutting variable rates below 3% p.a. for this product will make it even simpler and better value for our customers.”

As an example, eligible customers with a 20% deposit can apply for the 2.58% p.a. variable rate (a 59 basis point reduction) and those with a 5% deposit can apply for the 2.99% p.a. variable rate (a 53 point reduction).

The headline rate changes are as follows:

Product Previous Rate % (p.a.) Change % (p.a.) New Rate % (p.a.)
Basic Home Loan variable rate owner occupier – principal and interest
(new and refinancing customers)
LVR 80% or less 3.17 -0.59 2.58
LVR more than 80% (LMI applies) 3.52 -0.53 2.99

All changes are effective from 28 August 2020. Only applications submitted on or after this date will be eligible for the new rates.


Did you find this page useful?
We're sorry, please tell us why?
Please leave your feedback before submitting.
Please note: This form is for website feedback, so enquiries won't reach our customer service team. If you need to get in touch, call or email us here.
Thanks for giving ME feedback.