Media Centre
2 November 2011
ME Bank to pass on RBA rate cut
Reinforces commitment to fair banking
Following the Reserve Bank of Australia's (RBA) decision yesterday to cut interest rates by 25 basis points – the first time in two and a half years – ME Bank announced it will reduce its rate by the full 0.25% on all variable rate Home Loan products. The standard variable rate for industry super fund and union members will be 6.99%p.a and the Member Package rate will be 6.74%p.a.
ME Bank Group Executive Brand, Product and Distribution, Ian Hendey believes the move highlights the importance of acting in the best interest of customers, especially in an environment where concern over shareholder profit often supersedes customer-centric strategy.
"This time last year, when the RBA raised its cash rate by 0.25% p.a., ME Bank bucked the trend by doing the right thing by its customers and only raising its standard variable home loan rates in line with the cash rate rise of 0.25%," said Mr. Hendey
Banking reform and increased access to credible data is also making it easier for customers to switch lenders and make an informed choice.
"Existing and potential home loan customers should look to some of the reliable challenger banks, like ME Bank a genuine and fairer banking alternative, who are able to provide competitive, market leading interest rates over the life of the loan," explained Mr. Hendey.
The home loan rate changes come into effect on 21 November 2011.
Media ContactsME BankAimee Suchard-LoweManager Brand & CommunicationsT: 0467 711 476 |
Burson-MarstellerPeri MuddleSenior AssociateT: 0421 685 285 |
ME Bank is the only bank in Australia which is 100 percent owned by Australia's leading industry super funds. ME Bank provides industry super fund and union members with a genuine and fairer banking alternative.
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