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ISCOVER
Staff Reporter
ME Bank has announced it will extend its special fixed rate offer for longer after the lender managed to secure additional funding.
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Last week, ME Bank’s group executive sales Ian Hendey said the bank would continue to offer its Super Members Home Loan (SMHL) Standard Home Loan 1 and 3-year fixed rates of 5.39 per cent.
“We will continue to offer our market-leading fixed rates for as long as our funding lasts, but based on current levels of interest we don’t expect it to last very long,” he said.
“ME Bank has had an incredible response to its new fixed rates with overall applications increasing by 50 per cent.”
“Fixed rates have continued to be in high demand now jumping to 45 per cent of all applications, up from 14 per cent which we were experiencing earlier in the year.
“It is important for our broker partners to understand that if fixed rates increase prior to settlement their customers will receive the fixed rate advertised at the time of application, while other banks may only give them the rate that was advertised at the time of ‘letter of offer’ or settlement unless they pay a ‘rate lock’ fee.
“Also unlike other banks, if ME Bank’s fixed rates decrease prior to settlement our broker partners will receive the lower rate.”
