28-Sep-2020 • Corporate

ME has launched one of its best-ever home loan offers, designed exclusively for First Home Buyers.

The offer gives eligible First Home Buyers access to a 25% discount on LMI, variable rates as low as 2.58% p.a., and no annual fee.

ME General Manager, Home Lending Andrew Bartolo said: “First Home Buyers told us they care most about lower LMI, lower deposit, low variable rates and no ongoing fees. We’ve delivered exactly that.”

“This offer will help address housing affordability and gives first home buyers a leg up at the perfect time.”
“We’ve combined our lowest-ever variable rate, no ongoing fees and our fully featured home loan product with an innovative LMI discount to help First Home Buyers smash through the deposit hurdle and reach their dream of home ownership,” Mr Bartolo said.

“With COVID-19 impacting house prices and many government grants and incentives available, now could be an ideal time for First Home Buyers to finally get into the market.”

The headline rate changes are as follows:
Product Previous Rate % (p.a.) Change % (p.a.) New Rate % (p.a.)
Flexible Home Loan – principal and interest, without Member Package
(new business only)
≤80% LVR 4.31 -1.73 2.85
80-90% LVR 4.61 -1.82 2.79
>90% LVR 4.61 -1.02 3.59

The offer is available to First Home Buyers for the purposes of buying or constructing their first residential dwelling solely for owner occupation. Applicants don’t have to qualify for the Australian Government’s First Homeowner Grant scheme, and they can own or have previously owned a residential investment property.

Customers need at least a 5% deposit (95% LVR) to qualify for both the LMI and variable rate discount. Customers with larger deposits (lower LVR) can access better rates.

ME’s offer is being advertised nationally with a campaign that encourages eligible customers to speak directly with their Mortgage Broker or a ME Mobile Lender.

The offer is valid for applications submitted from Monday 28 September 2020 to Friday 20 November 2020, that settle by 26 February 2021.

Some applicants may qualify for the variable rate discount but not the LMI discount, depending on a range of variables. A full list of eligibility criteria for these offers is available at https://www.mebank.com.au/lps/home-loans/first-home-buyer/

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