Industry super fund-owned bank ME has slashed the variable home loan rate for new Flexible Home Loans.
Capitalising on ME’s five-year, $90 million technology rebuild, it will be the first time ME has lowered its variable rate for new home loans.
The lower rates will only be applied to new loan applications submitted after July 20 and will vary according to the primary loan purpose.
The variable rate on owner occupier Flexible Home Loans, with member package, will be reduced by 30 basis points to 4.38% (comparison rate 4.78%).
The investment Flexible Home Loan with member package will be discounted by 15 basis points to 4.53% (comparison rate 4.93%).
ME’s general manager broker, Lino Pelaccia says the new rate will position ME’s Flexible Home Loans as one of the most competitive package deals in the market.
“We’re known for our competitive fixed term rates, but now we’re a serious player in the variable rate space as well.
“ME’s lower variable rate is a compelling offer, even when split with ME’s competitive fixed rates.”