Members Equity bags home loan gimmicks

Members Equity said big banks used too many gimmicks to lure customers into taking out expensive loans. The bank, owned by industry superannuation funds, said apparent discounts on credit cards and “bonus” interest rates on savings accounts linked to home loans created minimal savings in comparison with the relatively high interest rates that big banks usually charged. Members Equity said it preferred not to offer any introductory or honeymoon rates on loans, but to offer all customers an equally cheap loan.

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