ME Makes Interest Rate Changes
Due to a sustained increase in the cost of funds ME Bank are increasing the interest rate for existing variable rate home loan customers by 18 basis points effective 7 February.
ME Bank are also increasing new business variable rates by 8 basis points effective 4 February following a 10 basis point increase to most of our advertised new business variable rates in December 2018.
ME Bank believe it is appropriate to share equally the impact of increased funding costs across both new and existing home loan customers.
Even after these changes ME's variable reference rates remain some of the most competitive in market.
Lenders ranked according to the price of four different variable home loans:
1) owner occupier principle & interest loans;
2) owner occupier interest only loans;
3) investor principle & interest loans;
4) investor interest only loans.
*SVR=Standard Variable Rate.
ME Bank advises that they will continue to assess market conditions and make pricing changes to maintain the appropriate balance between a reasonable rate of return for shareholders and fair and competitive interest rates for customers.