Rate cut pays off for second tier

by Caroline Dann12 Oct 2012

ME Bank claims a recent spike in broker loan applications is a direct result of it slashing fixed rates.

Loan applications from brokers more than doubled from August to September, from 9% to 20% respectively.
The bank has one of the lowest three-year fixed rates in the industry, at 5.39% for its SMHL Standard Loan.
Stewart Saunders, ME Bank’s national manager brokers, also attributed the successes in the broker channel to an increased presence across aggregator panels.
“We’ve now joined the panels of 11 aggregators in the last 11 months, including three new aggregators in August – Connective, Choice and Plan – bringing the total number of accredited brokers to nearly 2,000,” said Mr Saunders.
Saunders hinted that the bank was in “discussions” with more aggregators.