The pressures on lenders to develop lower priced offers in the home loan market is evident in the latest offering from ME Bank, which is marketing a refreshed home loan product with a headline interest rate of 7.09 per cent. The alternative ME rate is less than its standard rate of 7.24 per cent, but still between 10 and 20 basis points more than is available from the lowest priced lenders. ME's claim to product difference is the absence of a minimum level of borrowing, which is often as high as $250,000 for loans from larger lenders. One rationale for the new home loan product offering - the first from ME Bank in several years - is the need to compete with the ubiquitous "professional packs" available to many borrowers which feature discounts off notional rates that in the present market are often 80 basis points or more.The ME package includes no application fee or ongoing account fees, no fees to split, fix or redraw. The annual fee is $395. The mortgage account allows full offset and there is also a low-rate MasterCard with no annual fee.