ME Bank have slashed interest rates across a range of its fixed-rate loans, some by up to 50 basis points, in an otherwise quiet week for rate changes.
The ME home loans to get the biggest haircut were interest only (IO) investor home loans, including:
- Inv Flexible Fixed 4 Years IO: 50 basis point cut to 3.34% p.a. (4.50% p.a. comparison rate*)
- Inv Flexible Fixed 5 Years IO: 50 basis point cut to 3.34% p.a. (4.38% p.a. comparison rate*)
- Member Package Inv Flexible Fixed 4 Years IO: 50 basis point cut to 3.19% p.a. (3.69% p.a. comparison rate*)
- Member Package Inv Flexible Fixed 5 Years IO: 50 basis point cut to 3.19% p.a. (3.68% p.a. comparison rate*)
These rates apply to borrowers with a maximum loan-to-value ratio (LVR) of 80%, meaning borrowers either need at least a 20% deposit, or the equivalent of 20% equity in the home.
All of ME Bank's cuts in the past week were to investor loans, with other cuts by between 29 and 40 basis points.
Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.
Lender | Advertised rate | Comparison rate* | Monthly repayment | Rate Type | Offset | Redraw | Ongoing Fee | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Pre-approval | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDLIMITED TIME OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATUREDZERO APPLICATION FEESFEE FREE OFFSET | Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
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Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
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| Fixed | More details | ||||||||||||
| FEATUREDUSE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER | Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
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Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATUREDREFINANCE IN MINUTES, NOT WEEKS | Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)
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Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)
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- Fast turnaround times, can meet 30-day settlement
- For purchase and refinance, min 20% deposit
- No ongoing or monthly fees, add offset for 0.10%
Rates correct as of January 25, 2022. View disclaimer.
Other notable ME home loans to get a cut in the past week include:
- Inv Flexible Fixed 1 Year P&I: 40 basis point cut to 2.64% p.a. (4.86% p.a. comparison rate*)
- Inv Flexible Fixed 3 Year P&I: 40 basis point cut to 2.64% p.a. (4.45% p.a. comparison rate*)
- Member Package Inv Flexible 1 Year Fixed P&I: 40 basis point cut to 2.49% p.a. (3.65% p.a. comparison rate*)
- Member Package Inv Flexible 3 Year Fixed P&I: 40 basis point cut to 2.49% p.a. (3.52% p.a. comparison rate*)
Elsewhere, Credit Union SA also made a couple of changes to its home loans, including:
- Discounted Variable Rate 'Special Offer': 25 basis point cut to 2.34% p.a. (2.78% p.a. comparison rate*)
- Variable Package 'Special Offer': 25 basis point cut to 2.34% p.a. (2.36% p.a. comparison rate*)
The special offer requires minimum borrowings of $150,000, and the 'special offer' could expire at any time.
Photo by Shelia Regita Pasaribu on Unsplash
