ME changes interest rates
ME has increased some of its home loan interest rates.
ME announced to the market an increase to the variable home loan reference rate for existing owner-occupier principal-and-interest borrowers of 0.06% p.a., effective Thursday 19 April 2018. ME will also increase variable rates by 0.11% for existing investor principal-and-interest borrowers and by 0.16% for existing interest-only borrowers.
This has not been an easy decision but in order to ensure ME continues to grow and provide a genuine long-term banking alternative ME need to maintain the right balance between rising costs, customers and their industry super fund shareholders and their members.
Importantly, ME's standard variable home loan for owner-occupier principal-and-interest borrowers with LVR 80% or less is still lower than the major banks as it has been since ME became a bank in 2001, and ME continues to offer some of the highest deposit rates in the market.