ME Bank has made a number of changes to its range of fixed rate home loans, most notably slashing 3-year fixed rates by a massive 0.40%.
Owner occupiers hoping to lock in a Flexible Home Loan Member Package for 3 years (P&I, ≤80% LVR) will now be able to take advantage of a 3.18% p.a. fixed rate (3.87% p.a. comparison rate*) — the lowest rate ever offered by the bank, according to ME.
And if a lack of a sizeable deposit is holding you back, rates of 3.18% p.a. (4.19% p.a. comparison rate) will also be available for those applying for a 3-year Flexible Home Loan Member Package with an LVR of between 80% and 90%.
ME Flexible Home Loan
Fixed rates from 3.18% (3.87% comparison rate*)
Free extra repayments up to $30,000 during fixed period
No application fee
The ME Flexible Home Loan lives up to its name, letting you lock in a fixed rate for between one and seven years. Opt for the 3-year option and you’ll be looking at an extremely competitive 3.18% p.a. fixed rate (3.87% p.a. comparison rate*). In keeping with the theme of flexibility, repayments can be made weekly, fortnightly or monthly, and you’ll also be able to make free extra repayments up to $30,000 during the fixed rate period. Just keep in mind that there are a few fees that come with this one, most notably a $395 yearly service fee.
*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 the amount and term you entered.
**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.
The latest batch of changes have also sharpened rates for investors, with 2 and 3 year rates for the Flexible Home Loan and Flexible Home Loan Member Package looking much more attractive following a 0.20% cut.
Investors looking to pay principal and interest on a 3-year fixed package option (≤80% LVR) will now be offered a competitive 3.68% p.a. fixed rate (4.17% p.a. comparison rate*).
For an idea of how these rates stack up against others currently in the market, be sure to check out our fixed rate home loan comparison page.