ME Bank has become Australia`s latest lender to adjust the floating interest rate on home loans. (photo by Australian News Network)
ME Bank has become Australia`s latest lender to adjust the floating rate of mortgages, according to the first Sun.
It is reported that late Friday, ME Bank announced a 0.18 percentage point increase in the floating rate on home loans, mainly for existing customers, starting on Thursday, Feb. 7.
Take the A $ three hundred thousand 30-year loan to ME Bank, for example, where the interest rate for customers will rise from 3.84 percent to 4.02 percent, and the amount of loans to be repaid each month will rise from A $1405 to A $1436, an excess of A $31.
The ME said in a statement that the move was attributable to rising financing costs.
On Thursday, Australia`s fifth-largest bank, ING, just announced a 0.15 percent increase in the floating rate on home loans, mainly for all existing home lenders, which will also be implemented from 04:00 on February 7.
Since Thursday, the National Bank of Australia`s (NAB) standard floating rate has risen 0.12 percent to 5.36 percent. The bank also said rising financing costs were the main reason.
