Non-major mortgage lender ME Bank has announced a rate cut of below 4% for the three-year fixed Standard Home Loan product. Its one-year and five-year fixed rates also went down to 4.29% and 4.39%, respectively.
The three-year fixed home loan is now at 3.99%, despite the Reserve Bank of Australia’s decision not to lower rates from its current 2.25% level.
“Even though the RBA didn’t cut in April, customers can still get their rate cuts today – through a fixed loan,” Patrick Nolan, head of home loans, said. “With competition hotting up, many banks will pass these fixed rate savings directly on to customers.
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan