ME Bank has cut its one-year fixed standard home loan for members from 5.09% to 4.94% (comparison rate 5.36%).

Your Mortgage’s Home Loan calculator shows the 0.15% drop will save customers about $17 a month for a loan of $200,000 on a loan term of 20 years, compared to the previous rate.

The bank also dropped its one-year fixed standard home loan offer to non-members by 15 basis points to 5.44% (comparison rate 5.82%).

The changes are effective from Wednesday, 28 August.

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