ME Bank slashes mortgage rates, claiming its most competitive variable rate yet
Online lender ME has today announced rate cuts of up to 0.30% on its variable home loans, for both investors and owner occupiers, effective 6 September 2019.
That means that its Flexible Home Loan with Member Package will have a rate of just 3.29% (3.73% comparison rate*) which the lender said is its most competitive headline variable rate - ever.
That rate is on offer for owner occupiers making principal and interest repayments, with an LVR of 80% or lower and borrowing more than $700,000. For borrowers after $$00,000 up to $700,000, the rate sits at 3.34% (3.78% comparison rate*). But other borrowers didn’t miss out.
For owner occupiers borrowing $400,000 or more, making principal and interest repayments with an 80%-90% LVR, the rate was slashed by 0.30%, bringing it down to 3.57% (4.00% comparison rate*).
And when it comes to fixed rates, new ME investment borrowers can score 3 year fixed rates from 3.48% (3.42% comparison rate*) when making principal and interest repayments, with an LVR below 90%. For new owner occupiers locking in, the 3.18% interest rate (3.87% comparison rate*) announced at the beginning of August is still on offer.
Just keep in mind that these new low rates are only available to new borrowers, and the $395 package fee still applies.
ME - Flexible Home Loan
- 3.29% variable rate (3.73% comparison rate*) for loans over $700k
- Offset account included
- $395 annual package fee
This full featured home loan package from online lender ME comes with an offset account, free extra repayments and a redraw facility, plus plenty more. There are different rate tiers depending on your loan, and you’ll have a flexible loan repayment schedule along with all the other great features.
ME - Flexible Home Loan
- 3 year fixed rates from 3.48% (3.42% comparison rate*)
- Free extra repayments up to $30,000 in fixed period
- $395 annual package fee
If you want to lock in a low rate, but you don’t want to miss out on the opportunity to make extra repayments towards your loan, then this one might be just the ticket. Along with free extra repayments, it also comes with the option of monthly, fortnightly or weekly repayments, to better help you manage your budget.
With two RBA rate cuts in the past few months and another one expected later this year, home loan rates have been tanking, so this is likely not the last big rate cut we’ll see. To check out more hot home loan rates, head over to our mortgage comparison.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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