ME Bank Life&Loan tool helps millennials buy property and eat avo
Home loan lender, ME Bank, has launched a property tool to help first home buyers get on the ladder, without sacrificing their lifestyle or smashed avocado breakfasts.
This comes as a journalist from The Australian recently accused young people of frittering their money on hipster cafes instead of saving for a house deposit.
Head of Home Loans at ME, Patrick Nolan, said Aussies “anxious about sacrificing their lifestyle” for a first home can do both thanks to the new tool, dubbed “Life&Loan”.
“ME research shows 77% of people are prepared to make compromises to realise their ‘dream home’,” he added.
Life&Loan is a tool designed to show users properties they may not have considered, based on factors like their borrowing power and lifestyle.
ME pooled together Domain property listings, ABS statistics, lifestyle filters at Google Maps, Google Places, and the Government Schools Database to fuel the online home buying engine.
How to use ME’s Life&Loan:
- Type in key personal details including your net household income, favourite suburb, and top lifestyle interests.
- Fine tune the budget calculation ME gives to you, so it reflects your financial situation.
- Compare your options based on results the tool finds for you.
Other ways to break into the market:
- Get a feel for the home loan market at our dedicated hub.
- Give our in-house home loan negotiator, Steve Jovcevski a call to discuss your lending options (obligation free).
- Set a realistic savings plan in place, and stick to it. Don’t know where to start? Use this budget calculator to get a complete picture of your finances and where you can cut costs.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.