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ISCOVER
Staff Reporter
ME Bank has become the latest lender to slash the interest on its fixed rates.
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Effective from today, the lender will offer its Super Members Home Loan (SMHL) Standard Home Loan three-year fixed rate for 5.39 per cent p.a.
The Bank’s one-year and five-year fixed rates have also been cut to 5.39 per cent p.a. and 5.99 per cent p.a. respectively for the same loan.
The new one and three-year fixed rates are the lowest ME Bank has ever offered across its entire home loan range since becoming a bank in 2001.
ME Bank chief executive officer Jamie McPhee said the new one and three-year fixed rates are currently the lowest available on the market and are available to eligible industry super fund and union members.
“Economic uncertainty has driven down the cost of funding for fixed home loans and as part of ME Bank’s fairer approach to banking we’ve passed on this saving to our customers – members of industry super funds and unions,” Mr McPhee said.
“The decision allows members of industry super funds and unions to lock in the most competitive rates available on the market, giving them security during times of continuing economic uncertainty.
“For people experiencing financial uncertainty, a fixed rate provides the assurance their repayments will not fluctuate over the period of the term they choose.
“Fixed rate home loans give customers the confidence to plan ahead, knowing exactly how their mortgage repayments will be made.”
