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.

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.