8.4 / 10

based on 2050 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 owned by 30 not for profit industry super funds. 

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.

What home loans do ME offer?

Rates and fees verified as correct at 22 January, 2021. 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 ‡

2.34% p.a.

4.05% 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

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 ‡

2.99% p.a.

3.01% p.a.

$0.00

$400

4.46% p.a.

4.48% p.a.

$0.00

$400

3.52% p.a.

3.54% p.a.

$0.00

$400

4.17% p.a.

3.60% p.a.

$0.00

$400

4.11% p.a.

4.14% 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

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 ‡

2.19% p.a.

3.43% 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.

3.74% 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

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 ‡

3.17% p.a.

3.61% p.a.

$395.00 yearly

$200

3.17% p.a.

3.61% p.a.

$395.00 yearly

$200

3.27% p.a.

3.70% p.a.

$395.00 yearly

$200

4.11% p.a.

4.52% 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

3.91% p.a.

4.33% p.a.

$395.00 yearly

$200

2.59% p.a.

3.05% p.a.

$395.00 yearly

$200

3.62% p.a.

3.51% p.a.

$395.00 yearly

$200

3.62% p.a.

3.54% p.a.

$395.00 yearly

$200

3.67% p.a.

3.75% p.a.

$395.00 yearly

$200

4.71% p.a.

4.78% p.a.

$395.00 yearly

$200

4.11% p.a.

4.52% p.a.

$395.00 yearly

$200

2.49% p.a.

2.95% p.a.

$395.00 yearly

$200

3.07% p.a.

3.51% 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

4.96% p.a.

5.02% 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

3.18% p.a.

3.50% p.a.

$395.00 yearly

$200

3.18% p.a.

3.50% p.a.

$395.00 yearly

$200

2.98% p.a.

3.43% 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

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.

‡ 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.

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
8.5/10
Price
Features
Customer service
Convenience
Trust

942 Reviews

Recent ME home loan reviews

ME Flexible Home Loan (Fixed, Member Package) review
Overall 1/10
Do not go with this bank

I cannot stress to you enough, do not go with this bank. The process was an absolute nightmare from start to finish. To begin, our lender stuffed up basically all of our paperwork after we signed the contract which delayed our settlement. Trying to contact the bank for indiscretions with our payments was a nightmare. We had a fixed rate only to then be told there was a system error and our payments had reverted to variable. This took weeks to rectify and the surplus funds were not credited to our account as they were of the belief the system error was “out of their control”. We had issue after issue and decided to refinance with a better bank with a much better rate. Well, this was absolute chaos. As described in the PDS there were several fees associated with breaking a fixed rate. This was not an issue as we understood our terms and conditions and we set the money aside waiting for settlement. They delayed settlement three times and when settlement was finally due to occur, they attempted to charge us nearly $4000 extra and were charging us three solicitor fees when it took the work of one. When I called to discuss this, the operator was abrupt, rude and condescending. The operator was insisting it was my mistake even though I had the previous break cost paperwork which clearly proved that this was a mistake on their end. After speaking to eight different people (as this is what you have to do to get a correct answer as they all believe they are right and have no idea what is going on), they came to the conclusion that this was another system error and the right fees were adjusted. That is only the half of it. I lodged several complaints and I am yet to receive any form of correspondence from an employee of ME Bank. Unless you want to experience an absolute nightmare, extremely poor attitudes, 50 different stories every time you make contact and be consistently shown that employees are competently incompetent and lack the knowledge, training and skills to be able to provide factual information, DO NOT choose ME Bank.

Read full review

I cannot stress to you enough, do not go with this bank. The process was an absolute nightmare from start to finish. To begin, our lender stuffed up basically all of our paperwork after we signed the contract which delayed our settlement. Trying to contact the bank for indiscretions with our payments was a nightmare. We had a fixed rate only to then be told there was a system error and our payments had reverted to variable. This took weeks to rectify and the surplus funds were not credited to our account as they were of the belief the system error was “out of their control”. We had issue after issue and decided to refinance with a better bank with a much better rate. Well, this was absolute chaos. As described in the PDS there were several fees associated with breaking a fixed rate. This was not an issue as we understood our terms and conditions and we set the money aside waiting for settlement. They delayed settlement three times and when settlement was finally due to occur, they attempted to charge us nearly $4000 extra and were charging us three solicitor fees when it took the work of one. When I called to discuss this, the operator was abrupt, rude and condescending. The operator was insisting it was my mistake even though I had the previous break cost paperwork which clearly proved that this was a mistake on their end. After speaking to eight different people (as this is what you have to do to get a correct answer as they all believe they are right and have no idea what is going on), they came to the conclusion that this was another system error and the right fees were adjusted. That is only the half of it. I lodged several complaints and I am yet to receive any form of correspondence from an employee of ME Bank. Unless you want to experience an absolute nightmare, extremely poor attitudes, 50 different stories every time you make contact and be consistently shown that employees are competently incompetent and lack the knowledge, training and skills to be able to provide factual information, DO NOT choose ME Bank.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Less
Britt, New South Wales, reviewed 4 days ago
ME Flexible Home Loan (Member Package) review
Overall 6/10
Need to be competitive with rates.

Good product but needs to be more competitive with current rates.

Read full review

Good product but needs to be more competitive with current rates.

Price
4/10
Features
7/10
Customer service
9/10
Convenience
9/10
Trust
6/10
Less
Katherina, Australian Capital Territory, reviewed 10 days ago
ME Home Loan review
Overall 5/10
Interest rates could be better.

The customer service has always been good when ringing with an issue. I would like to see interest rates improving for loyal customers.

Read full review

The customer service has always been good when ringing with an issue. I would like to see interest rates improving for loyal customers.

Price
3/10
Features
4/10
Customer service
6/10
Convenience
6/10
Trust
5/10
Less
Catherine, Queensland, reviewed 10 days ago
ME Home Loan review
Overall 4/10
Very average - not reliable in the long term

Very average offer. Attractive at first and then degrading very quickly.

Read full review

Very average offer. Attractive at first and then degrading very quickly.

Price
5/10
Features
4/10
Customer service
5/10
Convenience
4/10
Trust
4/10
Less
Fredo, Australian Capital Territory, reviewed 11 days ago
ME Flexible Home Loan (Fixed) review
Overall 1/10
Really bad.

Don't use this bank, they rip you off at every opportunity. I've been a loyal customer for 20 years and they will not help or show you any respect, plus the fees are outrageous.

Read full review

Don't use this bank, they rip you off at every opportunity. I've been a loyal customer for 20 years and they will not help or show you any respect, plus the fees are outrageous.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Manfred, Queensland, reviewed 11 days 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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