ME offers lowest ever below 3% no-frills variable home loan
ME is going below 3% p.a. on its variable rate Basic Home Loan with cuts of up to 59 basis points.
ME’s lowest variable rate for new customers will become 2.58% p.a., one of the most competitive comparable rates in the market – and the lowest advertised variable rate the bank has ever offered.
New and refinancing owner occupier customers paying principal and interest with a minimum loan balance of $150,000 are eligible.
ME General Manager, Home Lending Andrew Bartolo said ME’s Basic Home Loan was already very simple, with no frills or fancy features and no ongoing account keeping fees.
"Cutting variable rates below 3% p.a. for this product will make it even simpler and better value for our customers.”
As an example, eligible customers with a 20% deposit can apply for the 2.58% p.a. variable rate (a 59 basis point reduction) and those with a 5% deposit can apply for the 2.99% p.a. variable rate (a 53 point reduction). The headline rate changes are as follows:
Product | Previous Rate % (p.a.) | Change % (p.a.) | New Rate % (p.a.) |
Basic Home Loan variable rate owner occupier – principal and interest |
|
|
|
LVR 80% or less | 3.17 | -0.59 | 2.58 |
LVR more than 80% (LMI applies) | 3.52 | -0.53 | 2.99 |
All changes are effective from 28 August 2020. Only applications submitted on or after this date will be eligible for the new rates.
