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Non-major makes major lending rate drop

By Grace Ormsby · September 06 2019
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Mortgage
Non-major makes major lending rate drop

Non-major makes major lending rate drop

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By Grace Ormsby · September 06 2019
Reading:
egg
egg
egg
Mortgage

One of Australia’s non-major lenders has announced cuts to its owner-occupier and investment home loans by as much as 30 basis points.

ME Bank made the announcement yesterday afternoon, stating that both variable rates and fixed rate loans would be dropped, effective from today, 6 September 2019.

According to the bank, the new variable rate for a flexible home loan with a member package will be 3.29 per cent, with ME considering it their “most competitive advertised variable rate ever offered”.

The new variable rate for owner-occupied mortgages with less than or equal to 80 per cent LVR on a mortgage greater than or equal to $700,000 will now drop 10 basis points to 3.29 per cent.

The variable rate on a $400,000-plus owner-occupied, principal and interest loan of greater than 80 per cent but less than or equal to 90 per cent LVR is now 3.57 per cent, a 30 basis point drop from 3.87 per cent.

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ME Bank also noted a 20 basis point drop on its three-year fixed rate loans.

Investment mortgages using principal and interest with less than or equal to 90 per cent LVR have dropped from 3.68 per cent to 3.48 per cent, while interest-only investment loans with less than or equal to ≤80 per cent LVR have also dropped from 3.89 per cent to 3.69 per cent.

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