ME Bank cuts five-year fixed rate to record low

ME Bank cuts five-year fixed rate to record low
ME Bank cuts five-year fixed rate to record low

ME Bank has cut its five-year fixed rate home loan by 25 basis points to 4.69% per annum.

Their three-year fixed rate loan is at a record low of 4.59%, which brings both their three-year and five-year offerings to the cheapest on the market, according to ME Bank CEO Jamie McPhee.

“The cost at which ME Bank borrows in the fixed rate market has been falling. In turn, we can pass on these savings to customers,” he said.

“Unlike the majors, we’re keen to pass these opportunities on to customers and continue our aggressive position in the home loan market.”

McPhee said that, as well as their competitive rates, they recently made the decision to extend home loan offers to all borrowers, both members and non-members of Industry Super Funds and unions.

APRA statistics saw ME Bank boosting investor lending by 39.1% and owner occupied lending by 11.5% during the 12 months to 30 November 2014.

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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Mortgages

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