Media Centre
3 August 2011
RBA does not. ME Bank does.
ME Bank has announced today it will reduce the standard variable interest rate on its home loan package from 7.09% to 6.99% at the same time the Reserve Bank of Australia has decided to keep the cash rate on hold.
Ian Hendey, Group Executive, Brand, Product and Distribution at ME Bank said the decision to drop its rate by 10 basis points was driven by a commitment to offering low cost, value for money home loans. "ME Bank's home loans are transparent and benefit customers across all loan sizes not just the large ones and they can be sure of receiving a great rate over the life of their loan."
"The great Australian dream has become increasingly difficult to achieve for working Australians in a volatile and expensive housing market even though the Reserve Bank of Australia did not move the cash rate higher today," Mr. Hendey said. "By dropping our rate on this award-winning home loan package, ME Bank continues to ensure that is making life easier for members of industry super funds and unions."
On Monday, ME Bank's home loan package won Gold at the Mortgage of the Year Awards. The award was recognition that the Member Package, launched less than four months ago, was the best value for customers over the life of their loan - not just the first 12 months.
"Winning the Gold Medal demonstrates that ME Bank plans and acts in our customers' best interests, with simple and transparent products that benefit members of industry super funds and unions over the long term.
"We are not about luring new customers with attractive introductory rates or deals that over time evaporate and leave the customer behind," Mr. Hendey said.
ME Bank's all-in-one home loan package includes a 100% Offset facility and fee-free MasterCard, it is only available to members of participating industry super funds and unions (over 5.5 Million Australians) and features a low variable interest rate of 6.99% p.a. across all loan sizes, no account keeping fees, split fees, redraw fees or top up fees - all for an annual fee of $395. The combined features could potentially save customers thousands of dollars and cut years off their home loans.
"ME Bank was created for one reason - to offer members of industry super funds and unions a genuine banking alternative with better banking and better service. Today's rate cut and the Gold Medal demonstrates that ME Bank is determined to act in our members' best interests," said Mr. Hendey.
For more information, please contact:
Burson-Marsteller
Peri Muddle, Senior Associate
0421 685 285
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