based on 2093 ME banking product reviews as rated by Mozo community

ME home loans

ME - formerly Member’s Equity Bank - is a national bank which was founded in 1994. It is now owned by Bank of Queensland.

ME prides itself on keeping things simple especially when it comes to home loans. You can be assured you won’t find any unnecessary bells and whistles or hidden fees with an ME home loan. There are no ME branches which means you’ll have to apply and manage your home loan wholly online, via the telephone or with the help of a bank manager whom you can organise to meet at a time and place of your convenience.

If you’re comfortable with managing your home loan in this way, an ME home loan could be right for you. This page will give you a run-down on all the stuff you need to know about an ME home loan including any special features to consider, how ME customers rated their homes loans and even what documents you’ll need for the application process.

Or if you’d prefer a mortgage provider with in branch service, head on over to Mozo’s comparison engine and search all home loans here.

Don't forget, ME took home an award in the 2022 Mozo Experts Choice Awards, winning in the Packaged Home Loan category.

What home loans do ME offer?

Rates and fees verified as correct at 1 July 2022. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

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.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

6.09% p.a.

5.59% p.a.

$0.00

$400

6.44% p.a.

5.68% p.a.

$0.00

$400

6.34% p.a.

5.44% p.a.

$0.00

$400

5.74% p.a.

5.27% p.a.

$0.00

$400

6.34% p.a.

6.21% p.a.

$0.00

$400

6.24% p.a.

6.18% p.a.

$0.00

$400

6.04% p.a.

5.90% p.a.

$0.00

$400

5.89% p.a.

5.86% p.a.

$0.00

$400

Variable Rate Home Loans

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.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

3.74% p.a.

3.76% p.a.

$0.00

$400

5.21% p.a.

5.23% p.a.

$0.00

$400

4.27% p.a.

4.29% p.a.

$0.00

$400

4.92% p.a.

4.91% p.a.

$0.00

$400

4.86% p.a.

4.88% p.a.

$0.00

$400

2.79% p.a.

3.35% p.a.

$0.00

$400

5.36% p.a.

5.38% p.a.

$0.00

$400

5.86% p.a.

5.43% p.a.

$0.00

$400

5.06% p.a.

5.08% p.a.

$0.00

$400

4.44% p.a.

4.32% p.a.

$0.00

$400

4.20% p.a.

4.20% p.a.

$0.00

$400

3.44% p.a.

3.69% p.a.

$0.00

$400

3.09% p.a.

4.05% p.a.

$0.00

$400

6.12% p.a.

6.14% p.a.

$0.00

$400

6.82% p.a.

6.45% p.a.

$0.00

$400

6.62% p.a.

6.19% p.a.

$0.00

$400

5.82% p.a.

5.84% p.a.

$0.00

$400

Fixed Package Home Loan

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.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

5.59% p.a.

4.15% p.a.

$395.00 yearly

$200

5.94% p.a.

4.96% p.a.

$395.00 yearly

$200

5.59% p.a.

4.37% p.a.

$395.00 yearly

$200

5.59% p.a.

4.15% p.a.

$395.00 yearly

$200

6.19% p.a.

4.53% p.a.

$395.00 yearly

$200

6.29% p.a.

5.52% p.a.

$395.00 yearly

$200

6.19% p.a.

5.16% p.a.

$395.00 yearly

$200

6.09% p.a.

5.13% p.a.

$395.00 yearly

$200

5.89% p.a.

4.95% p.a.

$395.00 yearly

$200

5.74% p.a.

4.91% p.a.

$395.00 yearly

$200

Variable Package Home Loan

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.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

3.04% p.a.

3.49% p.a.

$395.00 yearly

$200

4.74% p.a.

5.15% p.a.

$395.00 yearly

$200

2.89% p.a.

3.33% p.a.

$395.00 yearly

$200

2.89% p.a.

3.33% p.a.

$395.00 yearly

$200

4.02% p.a.

4.44% p.a.

$395.00 yearly

$200

4.86% p.a.

5.26% p.a.

$395.00 yearly

$200

3.92% p.a.

4.35% p.a.

$395.00 yearly

$200

3.92% p.a.

4.35% p.a.

$395.00 yearly

$200

4.66% p.a.

5.07% p.a.

$395.00 yearly

$200

5.21% p.a.

5.61% p.a.

$395.00 yearly

$200

4.66% p.a.

5.07% p.a.

$395.00 yearly

$200

4.66% p.a.

5.07% p.a.

$395.00 yearly

$200

3.04% p.a.

3.49% p.a.

$395.00 yearly

$200

4.74% p.a.

5.15% p.a.

$395.00 yearly

$200

2.84% p.a.

3.29% p.a.

$395.00 yearly

$200

2.84% p.a.

3.29% p.a.

$395.00 yearly

$200

2.94% p.a.

3.39% p.a.

$395.00 yearly

$200

4.42% p.a.

4.22% p.a.

$395.00 yearly

$200

5.46% p.a.

5.51% p.a.

$395.00 yearly

$200

4.37% p.a.

3.96% p.a.

$395.00 yearly

$200

4.37% p.a.

3.96% p.a.

$395.00 yearly

$200

3.34% p.a.

3.78% p.a.

$395.00 yearly

$200

4.86% p.a.

5.26% p.a.

$395.00 yearly

$200

2.94% p.a.

3.39% p.a.

$395.00 yearly

$200

4.44% p.a.

4.72% p.a.

$395.00 yearly

$200

5.71% p.a.

5.77% p.a.

$395.00 yearly

$200

4.44% p.a.

4.72% p.a.

$395.00 yearly

$200

4.44% p.a.

4.72% p.a.

$395.00 yearly

$200

4.20% p.a.

4.63% p.a.

$395.00 yearly

$200

5.11% p.a.

5.52% p.a.

$395.00 yearly

$200

4.20% p.a.

4.63% p.a.

$395.00 yearly

$200

4.20% p.a.

4.63% p.a.

$395.00 yearly

$200

5.51% p.a.

5.68% p.a.

$395.00 yearly

$200

3.29% p.a.

3.74% p.a.

$395.00 yearly

$200

3.74% p.a.

4.17% p.a.

$395.00 yearly

$200

3.34% p.a.

3.79% p.a.

$395.00 yearly

$200

4.24% p.a.

4.54% p.a.

$395.00 yearly

$200

3.93% p.a.

4.24% p.a.

$395.00 yearly

$200

3.93% p.a.

4.10% p.a.

$395.00 yearly

$200

4.03% p.a.

4.45% p.a.

$395.00 yearly

$200

5.11% p.a.

5.51% p.a.

$395.00 yearly

$200

3.73% p.a.

4.17% p.a.

$395.00 yearly

$200

ME home loan features in a glance

Free icon

No application or service fees

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.

Repayment Icon

Additional repayments

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.

Free icon

100% offset transaction facility

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.

Rate icon

Interest only repayments

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%.

Manager icon

Mobile Banking Manager

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.

How are ME home loans rated?

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.

Icon of home-loans
ME home loans
Overall
Price
Features
Customer service
Convenience
Trust

960 Reviews

Recent ME home loan reviews

ME Home Loan
Overall 1/10
Stay away from this Bank

This Bank is quite literally the worst customer experience I have ever had. I have been with them for 5 years. No one has any idea how to answer basic questions. I was always told they would get another team to call back. They never do and then when you call them again they say that they have tried to call back and you were unavailable. So frustrating. When you do finally get to speak to someone they can never help due to bank changing policies after they get your business. Stay away from this bank. I cannot stress this enough.

Read full review

This Bank is quite literally the worst customer experience I have ever had. I have been with them for 5 years. No one has any idea how to answer basic questions. I was always told they would get another team to call back. They never do and then when you call them again they say that they have tried to call back and you were unavailable. So frustrating. When you do finally get to speak to someone they can never help due to bank changing policies after they get your business. Stay away from this bank. I cannot stress this enough.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Amanda, New South Wales, reviewed about 1 month ago
ME Flexible Home Loan (Member Package)
Overall 1/10
Inept and slow

Trying to get the bank to Discharge the mortgage so we can settle. You'd think they want their money! But no, so lazy and inept that we're likely to miss settlement and lose thousands. DON'T BANK WITH THEM.

Read full review

Trying to get the bank to Discharge the mortgage so we can settle. You'd think they want their money! But no, so lazy and inept that we're likely to miss settlement and lose thousands. DON'T BANK WITH THEM.

Price
1/10
Features
4/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Nathan, Western Australia, reviewed 6 months ago
ME Home Loan
Overall 1/10
Worst execution ever

Transferred from ING, and started a construction loan. Worst experience ever. Use as super, and wanted to support me, but so many mistakes, over it. Switching back to ING asap.

Read full review

Transferred from ING, and started a construction loan. Worst experience ever. Use as super, and wanted to support me, but so many mistakes, over it. Switching back to ING asap.

Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Patrick, New South Wales, reviewed 7 months ago
ME Home Loan
Overall 1/10
40

Cannot wait to refinance with a proper lender, my laziness has cost me thousands staying with a bank that claims to be for the people. Stay well away as they will suck you dry if you let them. ON many occasions I’ve contacted this bank and clearly they employ people with no communication skills or knowledge of their own products. PATHETIC STAY WELL AWAY. It will only cost you thousands in the long term

Read full review

Cannot wait to refinance with a proper lender, my laziness has cost me thousands staying with a bank that claims to be for the people. Stay well away as they will suck you dry if you let them. ON many occasions I’ve contacted this bank and clearly they employ people with no communication skills or knowledge of their own products. PATHETIC STAY WELL AWAY. It will only cost you thousands in the long term

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Andrew, Victoria, reviewed 11 months ago
ME Home Loan
Overall 1/10
Under Staffed

Takes more than a month for a simple loan rate fix. They then fix the wrong loan with wrong rate. They tried to renege on the phone call that was made to fix the rate. You can never speak to a supervisor. Thank goodness for the AFCA Ombudsman.

Read full review

Takes more than a month for a simple loan rate fix. They then fix the wrong loan with wrong rate. They tried to renege on the phone call that was made to fix the rate. You can never speak to a supervisor. Thank goodness for the AFCA Ombudsman.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Michael, Western Australia, reviewed 11 months ago

What do you need to apply for a ME home loan?

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:

  • Personal details including email address, residential status and driver’s licence number
  • Employment details including employer’s name and address, or if self employed you’ll need to provide the business name and ABN.

Income

  • Salaried employee: PAYG summary, tax return, notice of assessment, payslips and other income i.e. bank and other statements
  • Self employed: Financial statements, business and personal tax returns, tax assessment notice and other income.

Loan Purpose

  • Property purchase: Evidence of deposit, contract of sale and vendors statement
  • Construction: Evidence of deposit and building contracts
  • Refinancing/Consolidating debt: Loan statements and credit card statements.

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