ME Bank cuts one and five-year fixed-rate home loans

ME Bank has continued the trend of lenders cutting fixed-rate home loans lowering its one and five year fixed-rates by 10 basis points today.

The reduced rates are available to eligible super funds and unions. 

The super members home loan (SMHL) standard home Lloan fixed one-year rate now drops from 5.19% p.a. (comparison rate 5.61% p.a.) to 5.09% p.a. (comparison rate 5.60% p.a.), and the fixed five-year rate now drops from 5.59% p.a. (comparison rate 5.64% p.a. to 5.49% p.a. (comparison rate 5.59% p.a.).   

ME Bank has also reduced the one-year fixed rate and five-year fixed rates on the SMHL ultimate offset account and SMHL interest only investment loans. 

Yesterday Property Observer reported that borrowers will be able to access a one-year fixed-rate of 4.54% and a three-year fixed-rate of 4.69% through mortgage brokers that operate under NAB’s Advantedge Financial Services platform.

Around a third of borrowers are choosing a fixed-rate product according to May loan approval figures from Mortgage Choice.