ME Bank today just announced a basic variable owner occupied rate of 3.14%, for LVR <=80%.
This is an ongoing variable rate (not a 2-year introductory rate like the Westpac offer).
It's also 0.10% cheaper than Westpac if your LVR is above 70% & under 80%.
If you prefer an offset account, they have 3.29% owner occupied variable rate for LVR up to 60%, and 3.39% for LVR between 60% and 80%.
Investment P&I rate starts at 3.59% for the basic loan (LVR <=80%), 3.79% for the offset loan (LVR <=50%).
The basic loan is 0.05% cheaper than Westpac if your LVR is 70%-80%.
Update: The above interest rates have expired, but cashback offer is on-going until end of Nov 2022.
Cashback offer from ME Bank:
- Switch to ME and receive a $2.5K home loan-warming gift.
- Apply by 30/11/2022 and settle by 28/02/2023
- Switch your existing home loan from another lender.
- Take out a home loan with a minimum size of $250k.
- Take out a home loan with a maximum LVR of 80%.
- Multiple cashbacks can be paid for multiple properties being refinanced.
Indicative fees:
- $250 settlement fee
- Around $100 for legal disbursements
- Around $250-$400 for the land title office in your state/territory
- Around $350 discharge fee for your existing bank
- $200 valuation fee for the basic loan, or $395 annual fee for the offset loan (which waives the valuation fee)
Mod: Third party limits exceeded. Ref.
Add atleast .5 to that rate in about 2 weeks