Non-major announces new variable rate offer

by Julia Corderoy08 Oct 2015
Industry super fund-owned bank ME has announced a new variable rate offer for owner-occupier loans.

For a limited time, ME will offer a variable rate of 4.19% on new owner-occupier loans. However, whilst only available for a limited time, the rate will apply for the life of the loan.

ME’s general manager broker sales, Lino Pelaccia, says the offer will help ME compete in the owner-occupier lending space, which has heated up in recent months following changes to investor pricing.

“Our Flexible Home Loan (with Member Package) is now positioned as one of the best in market, and is timed perfectly as buyers get stuck into the spring buying season,” he said.

“Savvy borrowers also have the option to split both our variable and 3-year fixed rate of 4.19% p.a. into one sweet rate combination.”

The offer is available for owner occupiers who apply from 1 October and settle with 90 days of the promotion’s closure.

This is the second offer ME has announced to remain front-of-mind in the competitive owner-occupied market, in the wake of APRA’s investment crackdown. Last month, the non-major announced it will offer $1,250 cashback to customers who apply for new owner-occupier home loans greater than $400,000.
 

COMMENTS

  • by John Sanders 8/10/2015 3:45:10 PM

    Pity the BDM they gave us is so incredibly bad at communicating with us. I might have known about this earlier and put some business their way.

    When you send over $10mil of business a lenders way and they don't even bother to call and say thanks or come visit occasionally the message they are sending out is "we don't care about you".

    I will stick with the majors thanks. Rates are marginally higher, service is 1000 times better!

  • by Broker 8/10/2015 9:01:15 PM

    Try Macquarie John 4.09% with awesome BDMs too.

    MSA also great to deal with, most deals I place are unconditional within 48 hours with loan docs emailed to me within 2 days max. I hardly use majors (other than ANZ) these days. ING also very good of late.

  • by CL 9/10/2015 9:12:11 AM

    John - try IMB. Much Better resi rates & great service from my BDM. Been fantastic so far.