A non-major bank has announced a home loan offer designed to give first home buyers “a leg up” when they need it most.
The special from ME Bank enables eligible borrowers to access a 25% discount on LMI and variable rates as low as 2.58% p.a., all with no annual fees.
According to ME general manager of home lending Andrew Bartolo, the special was crafted to help address housing affordability.
“First home buyers told us they care most about lower LMI, lower deposit, low variable rates and no ongoing fees. We’ve delivered exactly that,” he said.
“We’ve combined our lowest-ever variable rate, no ongoing fees and our fully featured home loan product with an innovative LMI discount to help first home buyers smash through the deposit hurdle and reach their dream of home ownership."
ME is advertising its new special nationally with a campaign that encourages customers to reach out either to their mortgage broker or to a ME Mobile Lender directly.
“With COVID-19 impacting house prices and many government grants and incentives available, now could be an ideal time for first home buyers to finally get into the market," said Bartolo.
The offer is valid for applications submitted between 28 September and 20 November 2020, and settled by 26 February 2021, for first home buyers buying or constructing their first residential dwelling solely for owner occupation.
Applicants don’t have to qualify for the government’s First Homeowner Grant scheme, and they can own or have previously owned a residential investment property.
Finally, customers need at least a 5% deposit to qualify for both the LMI and variable rate discount, while those with larger deposits can access better rates.
