Non-major lender, ME, has announced a range of interest rate cuts across variable and fixed rate products, introducing a variable rate below 4%.
Effective yesterday, Tuesday 31 May 2016, ME announced variable rate decreases across its Flexible Home Loan with Member Package, for new owner occupier and investor loans with a maximum LVR of 80%.
The variable rate for new owner occupier loans has been discounted by 6 basis points to 3.95%. This is an 88 basis point discount off the reference rate for the life of the loan.
The variable rate on its investment Flexible Home Loan with Member Package has been reduced by 9 basis points to 4.15%. This is a 68 basis point discount off the reference rate.
The non-major has also cut its one and two-year fixed rates by 30 basis points on its Flexible Home Loan for owner occupiers. This brings the new rates to 3.99%. The four and five-year fixed rates have been cut by 10 basis points to 4.49%.
For investors, the Flexible Home Loan has been discounted by 20 basis points on its one and two-year fixed rates, to 4.09%.