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.

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