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Industry super fund-owned bank ME has slashed the variable rate on its Flexible Home Loan product for owner-occupiers as well as for investors.
The product’s owner-occupied rate has been reduced by 30 basis points to 4.38 per cent (with a comparison rate of 4.78 per cent), while its investor rate has been cut by 15 basis points to 4.53 per cent (with a comparison rate of 4.93 per cent).
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The new rates will only be applied to new loan applications, and will be applied with immediate effect.
ME’s general manager of brokers, Lino Pelaccia, said the new rate will position the bank’s Flexible Home Loan as one of the most competitive package deals in the market.
“We’re known for our competitive fixed-term rates, but now we’re a serious player in the variable rate space as well,” he said.
“ME’s lower variable rate is a compelling offer, even when split with ME’s competitive fixed rates.”
ME’s announcement comes after Westpac announced a 64 basis-point discount on one of its variable-rate home loans yesterday.
[Related: ME increases upfront commission]
