ME Bank passes on full RBA rate cut
The Reserve Bank reduced interest rates by 0.25% on 7 December – and ME Bank is passing the full cut on to its home loan customers.
This means AustralianSuper members who have the Super Member Home Loan will find their standard variable rate drops from 6.99% p.a. to 6.74% p.a.
And by 8 December the Big Four banks also decided to follow suit and pass on the cut in full to borrowers.
Customers with an average $300,000 home loan will save $50 per month.
Move to benefit members
ME Bank’s CEO Jamie McPhee said the full rate cut was passed on as part of ME Bank’s commitment to looking after super members over the long-term and offering a fairer banking alternative.
"We believe everyone deserves a fairer deal,” McPhee said.
Genuinely fairer banking
ME Bank was created to give members of industry superannuation funds - such as AustralianSuper - lower cost banking and real service.
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AustralianSuper does not recommend, endorse or accept responsibility for this product or service. Terms and conditions apply – these should be obtained from ME Bank. AustralianSuper does not accept liability for any loss or damage caused by the products and services provided by ME Bank. AustralianSuper may invest in ME Bank but does not receive any commissions from this organisation as a result of members using their products and services.