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.