Home loan settlements up 41% for ME Bank

It’s been a good half year for ME Bank, just announcing a significant profit lift to $29.1 million, driven by record home loan settlements that were up 41% for the six months ending 31 December 2014. 

Home loan brokers were one of the major factors bringing in home loan customers, generating almost half of the $2.4 billion home loan settlements at $1.1 billion for the half-year. During this period ME Bank was crowned gold in the Mozo Experts Choice Awards for its ME Bank Standard Home Loan (Fixed). 

ME Bank also experienced the strongest home loan month they’ve ever had in December 2014, at $432 million.

ME Bank CEO Jamie McPhee, said this was a “solid” result given the highly competitive and low credit growth environment.

“ME Bank is looking forward to building on our strong half-year results with completion of our four-year technology transformation program due before the end of the fiscal year,” said McPhee.

“This will increase our capabilities, efficiencies and will be a critical driver of growth and profitability.”

McPhee also said they welcome the recommendations of David Murray’s Financial System Inquiry that “aims to address the regulatory, capital and funding anomalies that unfairly advantage Australia’s major banks.”

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