Interest rate update.

Interest rate update.

4 August 2022

Following the Reserve Bank of Australia’s (RBA) decision to lift the cash rate by 0.50%, ME will lift variable home interest rates by 0.50% per annum (p.a.) from 6 August 2022. 

To support savings customers, ME will continue to monitor rates on its popular term deposit and savings accounts to ensure they remain competitive.

If you're a customer with us and your loan rate increases, rest assured we will write to you to advise you of your new repayment amount and when it takes effect. 

For more information, view our media release here.

Recent rate changes.

Stay up-to-date with recent changes to ME’s variable reference rates.

Recent rate changes.

Stay up-to-date with recent changes to ME’s variable reference rates.
Month Rate Increase Effective Date
May 0.25% p.a. 13 May 2022
June 0.50% p.a. 18 June 2022
July 0.50% p.a. 9 July 2022
August 0.50% p.a. 6 August 2022

Know your numbers.

In the event of rising interest rates, it’s good to be prepared. For home loan customers with variable rate loans, having a rough idea of what your new repayments could be means you can adjust your budget accordingly.

To help you out, we’ve created a hypothetical home loan scenario based on a $500K mortgage, with a 3%p.a variable rate that demonstrates what different rate expense increases will result in as repayment amounts.

Know your numbers.

In the event of rising interest rates, it’s good to be prepared. For home loan customers with variable rate loans, having a rough idea of what your new repayments could be means you can adjust your budget accordingly.

To help you out, we’ve created a hypothetical home loan scenario based on a $500K mortgage, with a 3%p.a variable rate that demonstrates what different rate expense increases will result in as repayment amounts.

 
Size of loan Rate increase Extra cost per month (estimated)
$500,000 0.25% p.a. $68
$500,000 0.50% p.a. $163
$500,000 1.00% p.a. $276
$500,000 1.50% p.a. $420
Borrowing calculator

Budget for rising repayment amounts.

Use the table for an at-a-glance reference, or to forecast for your specific situation, use this borrowing calculator and apply the example rate percentages to your current loan details.

Check out our borrowing calculator.

Maximise your savings.

Rate rises come with a silver lining. Let rising interest rates work in your favour.

Financial hardship.

Financial hardship.
With the rising cost of living, many Australians are facing financial hardship. ME is here to help. If you’re experiencing hardship, reach out to us as early as possible. The sooner you contact us, the sooner we can try to help. The best way to let us know about your situation is to call ME on 13 15 63.

For further information, please visit our financial hardship page.

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