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 | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.06% p.a. | $3,011 | Principal & Interest | Variable | $0 | $530 | 90% | 4.6 Star Customer Ratings |
| Promoted | Disclosure | |||||||||
5.99% p.a. | 5.90% p.a. | $2,995 | Principal & Interest | Variable | $0 | $0 | 80% | Apply in minutes |
| Promoted | Disclosure | |||||||||
5.69% p.a. | 6.16% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $530 | 90% |
| Promoted | Disclosure |
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
Ready, Set, Buy!
Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!
With bonus Q&A sheet and Crossword!