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ME announces further pricing changes

by James Mitchell7 minute read
The Adviser

ME has introduced more rate reductions for owner-occupiers and investors due to a significant fall in funding costs.

The industry super fund-owned bank has cut its three-year fixed home loan rate by 10 basis points to 3.79 per cent for owner-occupiers and 3.89 per cent for investors.

These rates are available for principal and interest and interest only repayments with no loan to value ratio restrictions.

ME’s general manager of broker, Lino Pelaccia, said ME was able to facilitate the new rates through recent cheaper fixed-rate funding.

“The cost of fixed-rate funding has fallen significantly, savings that ME has decided to pass on to customers in the form of cheaper fixed rates home loans,” he said.

The banks's latest pricing changes come after it slashed rates by up to 40 basis points on a range of variable mortgage products.

[Related: CUA makes significant rate cuts]

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James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.