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.
