ME Bank cuts fixed rates

ME Bank has cut its one-year fixed rate home loan to 4.99% per annum, joining a number of other lenders who offer a one-year rate below 5%.

Other lenders to offer this rate include Newcastle Permanent , Hunter United and the Greater Building Society.

The 4.99% rate is applies to its Super Member Home Loan (SMHL) Standard Home Loan with a member package.

The member package is only available to members of eligible super funds and unions

The Bank also cut its three-year fixed rate to 5.19% p.a. for its SMHL Standard Home Loan with a Member Package.

“Fixed rates are at lows rarely seen in the home loan market and present a unique opportunity for customers seeking to lock in lower repayments," says ME Bank CEO, Jamie McPhee.

 “The average standard variable rate for the big four banks is currently 6.42% p.a., which is 1.43% higher than our new one-year fixed rate.”

 “A borrower could save themselves more than $3,200 over 12 months by borrowing at 4.99%p.a. instead of 6.42%p.a. on a 25-year, $300,000 loan,” he said.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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