ME Bank has today reduced its Super Members Home Loan Standard Home Loan^ three-year fixed rate to 5.39% p.a., which is:
- the lowest rate currently on the market, and
- the lowest we’ve ever offered, since we became a bank in 2001.
We’ve also reduced our one-year and five-year fixed rates to 5.39% p.a. and 5.99% p.a. respectively, for the same loan:
|FIXED RATE TERM||FIXED RATE||COMPARISON RATE*|
|1 year||5.39% p.a.||6.21% p.a.|
|3 year*||5.39% p.a.||6.05% p.a.|
|5 year||5.99% p.a.||6.18% p.a.|
|Interest Rates effective Tuesday 11 September 2012.|
This rate reduction follows recent economic uncertainty which has driven down the cost of funding for fixed home loans, savings from which we’re passing on to our customers – members of industry super funds and unions.
This is yet another demonstration of ME Bank’s commitment to fairer banking.
How does this announcement benefit industry super fund and union members?
- A fixed rate provides assurance that customer repayments will not fluctuate over the mortgage term they choose.
- A fixed rate provides confidence for customers to plan ahead, knowing the exact value of their mortgage repayments.
- Allows customers to lock in the most competitive rate available on the market, giving them security during times of continuing economic uncertainty.
With our low fixed rates and following the ban on exit fees on new loans, the ability for customers to switch to fairer banking is now even easier.
In addition to our rate cuts, ME Bank’s First Home Saver Account was recently awarded best in class in the 2012 AFR Smart Investor ‘Best of the Best’ Awards. So now is a better time than ever for members, including first home buyers, to talk to us.