Media Centre

22 Mar 2011

ME Bank launches simple, low cost home loan package for members of industry super funds and unions

Variable rate of 7.09% p.a. available for all loan sizes, not just higher balances
Member Package customers can fix part of their loan at no extra cost and take advantage of one of the leading 3yr fixed rates of 7.25%p.a.

ME Bank today announced the launch of the ME Bank Member Package, an all-in-one product exclusive to members of industry super funds and unions, offering simplified banking solutions including a lower interest home loan, 100% offset transaction facility with no transaction fees and a low rate MasterCard with no annual fee.

"We've seen the big banks try to lure customers with waived fees and low rates. But the truth is these offers fail to benefit customers in the long run. No one looks after customers' interests like ME Bank. The Member Package has been tailored specifically for members of industry super funds and could cut thousands of dollars - and possibly years - off our customers' home loans," said Ian Hendey, Group Executive, Brand, Products and Distribution.

The ME Bank Member Package has no application fees or ongoing account keeping fees, no fees to split, fix or redraw and a competitive annual fee of $395. Customers can enjoy the convenience of access to funds with their debit card including Free ATM and EFTPOS access through ME Bank & Westpac ATM networks.

To coincide with the launch of the Member Package that provides a variable rate of 7.09%p.a, customers who would like the security of fixing a proportion of their loan can take advantage of the highly competitive three year fixed rate of 7.25% p.a. at no extra cost.

The Ultimate Offset Account gives customers the ability to reduce the amount of interest they pay by offsetting the interest payable on their variable home loan balance with the funds in their transaction facility. While traditional savings accounts pay interest, the Ultimate Offset Account transaction facility saves customers interest, they pay no transaction fees and offers the ease of having all of their main accounts with one bank, working together to save customers money and time.

Bucking the trend by many of the bigger financial services providers, ME Bank has also maintained their policy of lending up to 95% of the property value.

"ME Bank continues to offer simple, low cost and fair banking products and services. Our products are developed for Australians who want straightforward banking products that offer real value for money. If you're a member of an industry super fund or union, then ME Bank is your bank," Mr. Hendey added.

ME Bank is the only bank in Australia which is 100 percent owned by Australia's super industry funds. For more information on ME Bank – a genuine banking alternative – please visit www.mebank.com.au/member_package.

For more information please contact:

ME Bank

Aimee Suchard-Lowe,

Manager, Marketing and Brand

0467 711476

Burson-Marsteller

Peri Muddle,

Senior Associate

0421 685 285

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