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.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now