ME Bank slashes home loan rates
The Members Equity (ME) Bank has announced that it has slashed the interest rates on its home loan offerings.
Its Super Members Home Loan Standard Home Loan three-year fixed rate has been cut from 6.05 per cent p.a. to 5.39 per cent p.a.
Similarly, the one-year and five-year fixed rates have also been cut to 5.39 per cent p.a. and 5.99 per cent p.a respectively.
This comes in the wake of similar cuts from the Commonwealth Bank – and it has been suggested that this kind of action could create a price war.
Chief executive of ME Bank Jamie McPhee stated that the new offerings from his organisation are the lowest available on the market at the time of launch.
"The decision allows members of industry super funds and unions to lock in the most competitive rates available on the market, giving them security during times of continuing economic uncertainty," the expert remarked.
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