ME Bank cuts rates by 0.30 per cent

ME Bank yesterday cut its standard variable mortgage rate by 30 basis points, to 6.44 per cent.

Since February the bank had been running a campaign based on its decision to leave interest rates unchanged, while others were making out-of-cycle increases.

Yesterday it said: “The continuing pressure of increased funding costs has meant ME Bank has been unable to pass on the full reduction in the RBA cash rate this month.” It said its rate was more than 50 basis points below the majors’ rates.

Source: Banking Day