ME BANK cuts SMHL interest rates by 0.25%

Members Equity Bank has today decided to cut home loan interest rates by 0.25% in line with the Reserve Bank ‘s decision. The rate cut will take effect from Sunday, 14 September 2008.

MEB’s Super Members Home Loan variable interest rate drops to 8.79%. It has typically been 0 .50% less than the big banks’ standard variable rates.

MEB Chief Executive Mr Anthony Wamsteker said Australian working families would be the main beneficiary of this rate cut, the first since December 2001.

" We know that many Australian families are struggling to maintain a decent standard of living in the face of the rising cost of groceries, petrol and credit. This interest rate will assist those households doing it hard " he said.

Mr Wamsteker said the RBA rate cut was also warranted given the slowing economy. Recent redundancy announcements demonstrate the high price paid by workers as the economy slows.

"The RBA and the Government must act to protect employment. “

Anthony Wamsteker

CEO, Members Equity Bank

Enquiries

Tony Beck

Head of Corporate Communications  03 96056011/0423603322