ME jumps on the bandwagon, cuts rates for owner occupiers and investors

Today, ME Bank announced it will be cutting rates across a range of its packaged and non-packaged home loans for fixed and variable rates.
The cuts range between 8 and 26 basis points and will apply to offerings for both owner-occupiers and investors, effective today.
This follows similar moves by ANZ and Macquarie, which both slashed rates across several of their products last week and Mozo Online Home Lender of the Year, Tic:Toc, which slashed its rate to the lowest in the market following the RBA rate decision.
ME’s fixed rates saw the largest cuts, with 3 year fixed rates for owner occupiers dropping by 21 basis points and 2 year rates for investors dropping by 26 basis points.
Owner occupiers who sign up for the fixed rate Flexible Home Loan (Member Package) can now receive an interest rate from as low as 3.58% p.a. (4.26% comparison rate*).
Flexible Home Loan (Member Package) Fixed Rates
Product | Previous rate | Change | Current rate |
---|---|---|---|
3 Year Owner Occupier, P&I, ≥80% LVR | 3.79% p.a. | -0.21% | 3.58% p.a. (4.26% p.a. comparison rate*) |
3 Year Owner Occupier, P&I, 80-90% LVR | 3.79% p.a. | -0.21% | 3.58% p.a. (4.58% p.a. comparison rate*) |
2 Year Investor, P&I, ≥80% LVR | 4.14% p.a. | -0.26% | 3.88% p.a. (4.54% p.a. comparison rate*) |
2 Year Investor, P&I, 80-90% LVR | 4.14% p.a. | -0.26% | 3.88% p.a. (4.68% p.a. comparison rate*) |
With key funding costs now much lower than they were last year ME is one of many lenders going ahead with variable rates cuts. It reduced variable rates for owner occupiers by 8 basis points.
Borrowers paying principal and interest on a loan from $400,000 with an LVR of 80% or less can now receive a variable rate of 3.79% p.a. (4.22% p.a. comparison rate*) on the variable rate ME Flexible Home Loan Member Package.
Variable rates for investment loans saw reductions of 10 basis points. Interest rates now sit at 4.17% p.a. (4.59% p.a. comparison rate) for investment loans of between $150,000 and $700,000.
Flexible Home Loan (Member Package) Variable Rates
Product | Previous rate | Change | Current rate |
---|---|---|---|
Owner Occupier, P&I, $400,000-$700,000 | 3.87% p.a. | -0.08 | 3.79% p.a. (4.22% p.a. comparison rate*) |
Owner Occupier, P&I, ≥$700,000 | 3.87% p.a. | -0.08 | 3.79% p.a. (4.22% p.a. comparison rate*) |
Investor, P&I, $150,000-$400,000 | 4.27% p.a. | -0.10 | 4.17% p.a. (4.59% p.a. comparison rate*) |
Investor, P&I, $400,000-$700,000 | 4.27% p.a. | -0.10 | 4.17% p.a. (4.59% p.a. comparison rate*) |
Investor, P&I, ≥$700,000 | 4.27% p.a. | -0.10 | 4.17% p.a. (4.59% p.a. comparison rate*) |
Is now the time to get a home loan?
With all the cuts that have been made as of late, those of us with our eyes on the market might be tempted to finally take the next step.
But if you’re thinking about locking in a fixed rate, Mozo Product Data Manager Peter Marshall suggests waiting before making any moves.
“Fixed rates are much lower with cuts being made ahead of one or two cuts to the RBA cash rate before the end of this year,” he said
“While it might be tempting to grab one of the very low fixed rates around right now, if the RBA cuts the cash rate by 50bp over coming months we could be seeing variable rates that start with a '2', so it might be worth sticking with a variable rate for now until we see what happens.”
For an idea of what variable rates look like at the moment, be sure to check out our variable rate home loan comparison page, or check out some of the options below.
Home loan comparisons on Mozo - last updated 3 December 2023
-
Home Variable Rate
Owner Occupier, Principal & Interest, Refinance Only
variable rate
comparison rate
Initial monthly repayment6.15% p.a.6.15% p.a.Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
CompareCompareHome Variable Rate
Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
- variable rate
- 6.15% p.a.
- comparison rate
- 6.15% p.a.
- variable rate
- 6.15% p.a.
- comparison rate
- 6.15% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - up to $30,000
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Up Home Variable Rate
-
Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Unloan Variable
Owner Occupier, Refinance Only, LVR <80%
variable rate
comparison rate
Initial monthly repayment5.74% p.a.5.65% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
- variable rate
- 5.74% p.a.
- comparison rate
- 5.65% p.a.
- variable rate
- 5.74% p.a.
- comparison rate
- 5.65% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
-
Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Variable Home Loan 90
Principal and Interest, LVR <90%
variable rate
comparison rate
Initial monthly repayment6.04% p.a.6.06% p.a.Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required. Advertised rates include Nov RBA rate increase. T&Cs apply.
CompareCompareVariable Home Loan 90
Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required. Advertised rates include Nov RBA rate increase. T&Cs apply.
- variable rate
- 6.04% p.a.
- comparison rate
- 6.06% p.a.
- variable rate
- 6.04% p.a.
- comparison rate
- 6.06% p.a.
- Upfront fees
- $530
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the loans.com.au Variable Home Loan 90
-
Mortgage Simplifier
LVR<80%, Owner Occupier, Principal & Interest
variable rate
comparison rate
Initial monthly repayment6.14% p.a.6.43% p.a.Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
CompareCompareMortgage Simplifier
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
- variable rate
- 6.14% p.a.
- comparison rate
- 6.43% p.a.
- variable rate
- 6.14% p.a.
- comparison rate
- 6.43% p.a.
- Upfront fees
- $299
- Ongoing fees
- $0.00
- Discharge Fee
- $250.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ING Mortgage Simplifier
-
Flex Home Loan
Owner Occupier, Principal & Interest, LVR <80%
variable rate
comparison rate
Initial monthly repayment6.19% p.a.6.43% p.a.Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process.
CompareCompareFlex Home Loan
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process.
- variable rate
- 6.19% p.a.
- comparison rate
- 6.43% p.a.
- variable rate
- 6.19% p.a.
- comparison rate
- 6.43% p.a.
- Upfront fees
- $250
- Ongoing fees
- $250.00 yearly
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- -
- maximum borrowing amount
- -
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ubank Flex Home Loan
* 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.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.