Rates and fees verified as correct at 27 October, 2020. Other information correct at the time of writing. Advertiser disclosure.
With ME’s Flexible Home Loan (Fixed) you can opt for a fixed term from 1 year up to a period 7 years and there is a 1 year interest in advance option for investment loans. The fixed rate is available on loans starting from $40,000. The flexibility in ME’s fixed rate home loan is in its wide selection of features that help you pay your loan off faster and save on interest over the long term. The ME Flexible Home Loan allows you to make up to $30,000 in extra repayments each year without penalty which is a generous limit compared to other mortgage providers but you won’t have the luxury of a redraw facility. If you need to free up funds at a later date, there is the option of a repayment holiday but you’ll need to apply. And you will not be charged any application or ongoing monthly service fees with ME’s fixed rate loan.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 2.74% p.a. | 4.16% p.a. | $0.00 | $400 | ||
| 4.24% p.a. | 4.55% p.a. | $0.00 | $400 | ||
| 3.84% p.a. | 4.21% p.a. | $0.00 | $400 | ||
| 2.34% p.a. | 3.84% p.a. | $0.00 | $400 | ||
| 3.44% p.a. | 4.87% p.a. | $0.00 | $400 | ||
| 3.04% p.a. | 4.77% p.a. | $0.00 | $400 | ||
| 3.24% p.a. | 4.61% p.a. | $0.00 | $400 | ||
| 3.04% p.a. | 4.55% p.a. | $0.00 | $400 |
ME’s uncomplicated variable loan options cater to all borrowing needs from the first home buyer to the seasoned property investor. You can choose from a no frills basic home loan or a full featured variable loan called the Flexible Home Loan which are available from $40,000. With ME’s variable options, you’ll have access to the full range of flexible home loan features including extra repayment flexibility, a free redraw facility (minimum $500) and interest only repayments up to 10 years- minus the application and ongoing service fees. And with the Flexible Home Loan option, there is a 100% offset transaction facility which could save you big dollars on interest over the term of your loan.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.46% p.a. | 4.48% p.a. | $0.00 | $400 | ||
| 2.99% p.a. | 3.01% p.a. | $0.00 | $400 | ||
| 4.17% p.a. | 3.60% p.a. | $0.00 | $400 | ||
| 4.11% p.a. | 4.13% p.a. | $0.00 | $400 | ||
| 2.58% p.a. | 2.60% p.a. | $0.00 | $400 | ||
| 4.61% p.a. | 4.64% p.a. | $0.00 | $400 | ||
| 5.11% p.a. | 4.67% p.a. | $0.00 | $400 | ||
| 4.31% p.a. | 4.34% p.a. | $0.00 | $400 | ||
| 3.69% p.a. | 3.57% p.a. | $0.00 | $400 | ||
| 3.45% p.a. | 3.48% p.a. | $0.00 | $400 | ||
| 3.49% p.a. | 3.39% p.a. | $0.00 | $400 | ||
| 3.28% p.a. | 3.30% p.a. | $0.00 | $400 | ||
| 5.37% p.a. | 5.40% p.a. | $0.00 | $400 | ||
| 6.07% p.a. | 5.69% p.a. | $0.00 | $400 | ||
| 5.87% p.a. | 5.43% p.a. | $0.00 | $400 | ||
| 5.07% p.a. | 5.10% p.a. | $0.00 | $400 |
If you’re sick of high interest rates and home loan fees eating away at your monthly budget, you might want to consider ME’s Member Package Home Loan. The Package is available on the Flexible Home Loan and allows you to borrow up to 95% of the property’s value. It pays to be a member with ME’s Member Package because you’ll receive heaps of benefits that will help you save including a discounted variable interest rate and waived home loan fees (i.e. solicitor fee, valuation fee and fix/split loan variation fee), although you will pay an annual fee. The fixed rate Package also gives you the pick of the home loan essentials you want such as up to $30,000 in fee free additional repayments, a split loan facility and the ability to choose between weekly, fortnightly and monthly repayments.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 2.59% p.a. | 3.53% p.a. | $395.00 yearly | $200 | ||
| 2.19% p.a. | 3.30% p.a. | $395.00 yearly | $200 | ||
| 3.69% p.a. | 3.67% p.a. | $395.00 yearly | $200 | ||
| 4.09% p.a. | 4.19% p.a. | $395.00 yearly | $200 | ||
| 3.29% p.a. | 3.84% p.a. | $395.00 yearly | $200 | ||
| 2.89% p.a. | 3.62% p.a. | $395.00 yearly | $200 | ||
| 3.09% p.a. | 3.67% p.a. | $395.00 yearly | $200 | ||
| 2.89% p.a. | 3.62% p.a. | $395.00 yearly | $200 |
The ME variable rate Member Package Home Loan includes all the bells and whistles of the fixed rate alternative, but with a little extra flexibility in repayment options to help you pay off your home loan sooner. If you opt for the variable loan option, you’ll get unlimited free additional repayments plus a 100% offset account, which is sure to grow your savings on interest. Just make sure you take full advantage of the benefits of the package deal, as there is an annual package fee that you will need to budget for.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.27% p.a. | 3.70% p.a. | $395.00 yearly | $200 | ||
| 3.17% p.a. | 3.61% p.a. | $395.00 yearly | $200 | ||
| 3.17% p.a. | 3.61% p.a. | $395.00 yearly | $200 | ||
| 4.11% p.a. | 4.52% p.a. | $395.00 yearly | $200 | ||
| 3.91% p.a. | 4.33% p.a. | $395.00 yearly | $200 | ||
| 4.46% p.a. | 4.86% p.a. | $395.00 yearly | $200 | ||
| 3.91% p.a. | 4.33% p.a. | $395.00 yearly | $200 | ||
| 3.91% p.a. | 4.33% p.a. | $395.00 yearly | $200 | ||
| 2.84% p.a. | 3.28% p.a. | $395.00 yearly | $200 | ||
| 4.71% p.a. | 4.77% p.a. | $395.00 yearly | $200 | ||
| 3.67% p.a. | 3.75% p.a. | $395.00 yearly | $200 | ||
| 3.62% p.a. | 3.59% p.a. | $395.00 yearly | $200 | ||
| 3.62% p.a. | 3.57% p.a. | $395.00 yearly | $200 | ||
| 3.07% p.a. | 3.51% p.a. | $395.00 yearly | $200 | ||
| 2.79% p.a. | 3.24% p.a. | $395.00 yearly | $200 | ||
| 4.11% p.a. | 4.52% p.a. | $395.00 yearly | $200 | ||
| 4.96% p.a. | 5.02% p.a. | $395.00 yearly | $200 | ||
| 3.69% p.a. | 3.98% p.a. | $395.00 yearly | $200 | ||
| 3.69% p.a. | 3.98% p.a. | $395.00 yearly | $200 | ||
| 3.69% p.a. | 3.98% p.a. | $395.00 yearly | $200 | ||
| 3.45% p.a. | 3.88% p.a. | $395.00 yearly | $200 | ||
| 3.45% p.a. | 3.88% p.a. | $395.00 yearly | $200 | ||
| 3.45% p.a. | 3.88% p.a. | $395.00 yearly | $200 | ||
| 4.36% p.a. | 4.77% p.a. | $395.00 yearly | $200 | ||
| 4.76% p.a. | 4.94% p.a. | $395.00 yearly | $200 | ||
| 3.49% p.a. | 3.80% p.a. | $395.00 yearly | $200 | ||
| 3.33% p.a. | 3.65% p.a. | $395.00 yearly | $200 | ||
| 3.33% p.a. | 3.65% p.a. | $395.00 yearly | $200 | ||
| 3.13% p.a. | 3.57% p.a. | $395.00 yearly | $200 | ||
| 3.28% p.a. | 3.71% p.a. | $395.00 yearly | $200 | ||
| 4.36% p.a. | 4.77% p.a. | $395.00 yearly | $200 |
‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.
With ME’s fixed and variable home loan options, there are no application or ongoing service fees. If you opt for the Member Package, you’ll be charged an annual fee.
If you want to pay your home loan off faster and reduce your interest payments, you can take advantage of extra repayment flexibility available with ME’s variable loan options. With the fixed loan, you’ll be able to make up to $30,000 p.a. in additional repayments but there is no redraw facility if you need to access these advanced payments.
Don’t let interest payments cut a hole in your monthly income by using the 100% offset transaction facility available with ME’s Flexible Home Loan. To be eligible, you’ll need to have an ME Everyday Transaction Account.
You could free up funds for future commitments by opting for an interest based repayment option which is available for up to 10 years. Keep in mind, interest only loans are capped at a maximum LVR of 80%.
With an ME home loan, you’ll have access to a Mobile Banking Manager that will visit you in the convenience of your home or workplace to discuss your home loan requirements. This service will not cost you a thing and is obligation free.
Mozo users have rated ME home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
Initial loan set up etc was great. But now 5 years into the loan it's quite different. Because they didn't take my payment out for loan for a number of weeks (their fault, not ours), my end on statement looked like it was fine. Anyway they took all my extra/advance payment out to cover as well as taking money out of savings, leaving us short. It was their fault (we had auto payments set up) this happened. But in the end we owed the money and had to catch up on payments. Which we did. But after me ringing over and over, asking for explanations on what happened. I finally got the info, but after taking many weeks. Even after filing a complaint they never did anything. But what got me more angry was that there was no communication with what happened. They took it on themselves to go into our accounts and take out the money owed. No contact at all. We should be more advanced on our home loan. Because of their mistake we are thousands behind. I also sent an email asking them to stop loan payments during Covid. No response. So the communication is terrible. If I get an opportunity to change banks I would just because of this.
Read full reviewInitial loan set up etc was great. But now 5 years into the loan it's quite different. Because they didn't take my payment out for loan for a number of weeks (their fault, not ours), my end on statement looked like it was fine. Anyway they took all my extra/advance payment out to cover as well as taking money out of savings, leaving us short. It was their fault (we had auto payments set up) this happened. But in the end we owed the money and had to catch up on payments. Which we did. But after me ringing over and over, asking for explanations on what happened. I finally got the info, but after taking many weeks. Even after filing a complaint they never did anything. But what got me more angry was that there was no communication with what happened. They took it on themselves to go into our accounts and take out the money owed. No contact at all. We should be more advanced on our home loan. Because of their mistake we are thousands behind. I also sent an email asking them to stop loan payments during Covid. No response. So the communication is terrible. If I get an opportunity to change banks I would just because of this.
Great rates, excellent service and easy to use internet banking. What more could you want?
Read full reviewGreat rates, excellent service and easy to use internet banking. What more could you want?
Have been with ME Bank for 22 years. Have been laughed at and ridiculed for being on a disability pension, along with not being able to send emails through their web page. Have been waiting for 10 days for them to send a discharge form emailed through so we can start settlement process on selling our investment block. They wont answer the phone or cut you off if you do get through. Their customer service is non existent. They will end up losing all their customers. You never hear anything positive about their service anymore. Used to be awesome but now just really really really bad. Hope the new CEO has an interest in customer service.
Read full reviewHave been with ME Bank for 22 years. Have been laughed at and ridiculed for being on a disability pension, along with not being able to send emails through their web page. Have been waiting for 10 days for them to send a discharge form emailed through so we can start settlement process on selling our investment block. They wont answer the phone or cut you off if you do get through. Their customer service is non existent. They will end up losing all their customers. You never hear anything positive about their service anymore. Used to be awesome but now just really really really bad. Hope the new CEO has an interest in customer service.
Of all the banks that we've had home loan dealings with, ME have been an absolute headache. We took out a construction loan and it took them 1 month (normally 7 days) to make the first progress payment. Builder had to put works on hold. All the people we spoke to on the phone had no idea and instead of listening to our questions and concerns they would talk over the top of us. Once construction is complete we'll be going elsewhere.
Read full reviewOf all the banks that we've had home loan dealings with, ME have been an absolute headache. We took out a construction loan and it took them 1 month (normally 7 days) to make the first progress payment. Builder had to put works on hold. All the people we spoke to on the phone had no idea and instead of listening to our questions and concerns they would talk over the top of us. Once construction is complete we'll be going elsewhere.
I would not recommend Me Bank to anyone. I have a home investment loan with them which the term ends early next year and I will be refinancing with another provider. Their customer service is poor and the call centre staff are not well trained to deal with the situation particularly during the COVID pandemic.
Read full reviewI would not recommend Me Bank to anyone. I have a home investment loan with them which the term ends early next year and I will be refinancing with another provider. Their customer service is poor and the call centre staff are not well trained to deal with the situation particularly during the COVID pandemic.
Once you’ve decided a home loan with ME Bank is right for you, you’ll need to fill out and submit an application form. Some of the details you may be asked to provide include:
Income
Loan Purpose
