ME cuts mortgage rates to ‘lowest on record’ and increases repayment offer
On Thursday, ME Bank cut rates on a few home loans, while increasing its refinance repayment offer to $ 3,000.
ME Bank announced the reduction of its range of fixed and variable mortgage loans over two years.
The two-year fixed-rate Member Package home loan has been reduced by 20 basis points to 1.89% pa (3.17% pa comparison rate *) – a “record low” for the lender.
This particular comparison rate applies to homeowner borrowers with an 80% LVR, i.e. 20% down payment, paying principal and interest.
The same advertised price applies to other LVRs in the product line, but different comparison prices apply.
A number of other home loans – both fixed and variable – with different LVRs have also been reduced by 5 to 31 basis points.
In addition to the interest rate cuts, ME has increased its cashback offer to $ 3,000 for externally refinanced home loans.
The new loan amount must be at least $ 250,000 and eligibility restrictions apply.
Eligible refinancers must apply by Friday August 27 inclusive and pay by Friday October 29.
ME Bank CEO Adam Crane said the lender offers borrowers some of the most competitive rates in the market.
“These rate cuts provide further assistance to Australians looking to enter the mortgage market,” said Mr Crane.
“Removing our most popular mortgage categories will especially help borrowers looking to maximize their borrowing in a tough real estate market. “
In February ME Bank merged with Bank of Queensland and the deal is expected to be finalized this month.
Photo by Dmitry Osipenko on Unsplash