ME Bank cuts one- and three-year fixed rate to 5.39%

ME Bank is offering the lowest one- and three-year fixed rate  homes loans in Australia following its decision to cut its rate to 5.39% per annum.

The lender provides loans to borrowers who are members of eligible industry super funds and eligble trade unions.

The new rate, effective today, applies to ME Bank’s Super Members Home Loan (SMHL) Standard Home Loan and follows the Commonwealth Bank cutting its fixed rates last week.

Prior to today's announcement, research by Property Observer found the lowest one-year and three-year fixed rate was being offered by non-bank lender My Mortgage Freedom at 5.44%.

ME Bank’s five-year fixed-rate home loan has also been cut to 5.99% p.a.

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.

“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,” explained ME Bank chief executive Jamie McPhee.

“For people experiencing financial uncertainty, a fixed rate provides the assurance their repayments will not fluctuate over the period of the term they choose."

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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