ME Bank cuts three-year fixed home loan rate to 4.94%

ME Bank has cut its three year fixed lending rate by 5 basis points to 4.94% per annum - its lowest rate ever.

It continues a trend of lenders cutting fixed rates ahead of a possible rate cut on August 6.

The new rate is available for its three year fixed home and investment loans across the super members home loan (SMHL) and member equity home loan (MEHL) range, including loans within a members package. 

“Fixing lets borrowers lock in low rates over the longer- term, which can help you pay off your home loan faster," said Jamie McPhee, chief executive of ME Bank.

“It also provides an insurance policy against increasing interest rates and provides cash-flow certainty if your current circumstances mean higher rates would put you under stress.”

ME Bank is 100% owned by industry super funds.

Its mortgages and other financial products are provided to industry super fund, union and employer association members.