ME Bank passes on full rate cut but with late May 28 start date

ME Bank has cut its standard variable mortgage rates by 0.25% following the RBA’s decision to lower the official cash rate to 2.75% p.a. 

Home loans marketed by the lender are available to eligible super funds and unions and currently more than 50 basis points lower than that of the nearest major bank.

However, the new rates are only effective from May 28 -  a full three weeks after the cash rate reduction.

The standard variable rate drops from 5.88% p.a. to 5.63% p.a., and the member package variable rate drops from 5.68% p.a. to 5.43% p.a. (for customers borrowing up to $500,000).