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ME home loans

ME
ME's overall rating for home loans

(as rated by the Mozo community)

8.7 / 10

based on 910 reviews

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.

Rates and fees verified as correct at 21 November, 2019. Other information correct at the time of writing.

What home loans do ME offer?

Fixed Rate Home Loans 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 ‡

4.04% p.a.

5.72% p.a.

$0.00

$400

3.43% p.a.

5.06% p.a.

$0.00

$400

3.84% p.a.

5.53% p.a.

$0.00

$400

3.43% p.a.

4.85% p.a.

$0.00

$400

3.33% p.a.

4.49% p.a.

$0.00

$400

4.24% p.a.

4.73% p.a.

$0.00

$400

4.44% p.a.

5.14% p.a.

$0.00

$400

3.33% p.a.

4.27% p.a.

$0.00

$400


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Variable Rate Home Loans 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 ‡

3.94% p.a.

3.97% p.a.

$0.00

$400

3.70% p.a.

3.73% p.a.

$0.00

$400

3.74% p.a.

3.77% p.a.

$0.00

$400

3.53% p.a.

3.55% p.a.

$0.00

$400

3.77% p.a.

3.79% p.a.

$0.00

$400

4.42% p.a.

4.45% p.a.

$0.00

$400

3.42% p.a.

3.44% p.a.

$0.00

$400

5.62% p.a.

5.65% p.a.

$0.00

$400

6.32% p.a.

6.35% p.a.

$0.00

$400

6.12% p.a.

6.15% p.a.

$0.00

$400

5.32% p.a.

5.35% p.a.

$0.00

$400

4.86% p.a.

4.89% p.a.

$0.00

$400

5.36% p.a.

5.39% p.a.

$0.00

$400

4.56% p.a.

4.59% p.a.

$0.00

$400


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Fixed Package Home Loan 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 ‡  

3.89% p.a.

4.34% p.a.

$395.00 yearly

$200

3.28% p.a.

4.01% p.a.

$395.00 yearly

$200

3.69% p.a.

4.15% p.a.

$395.00 yearly

$200

3.28% p.a.

3.90% p.a.

$395.00 yearly

$200

3.18% p.a.

3.86% p.a.

$395.00 yearly

$200

3.18% p.a.

3.72% p.a.

$395.00 yearly

$200

Go to site

4.29% p.a.

4.43% p.a.

$395.00 yearly

$200

4.09% p.a.

4.37% p.a.

$395.00 yearly

$200


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Variable Package Home Loan 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 ‡  

5.21% p.a.

5.60% p.a.

$395.00 yearly

$200

3.94% p.a.

4.36% p.a.

$395.00 yearly

$200

3.94% p.a.

4.36% p.a.

$395.00 yearly

$200

3.94% p.a.

4.36% p.a.

$395.00 yearly

$200

3.70% p.a.

4.12% p.a.

$395.00 yearly

$200

3.70% p.a.

4.12% p.a.

$395.00 yearly

$200

3.70% p.a.

4.12% p.a.

$395.00 yearly

$200

4.61% p.a.

5.01% p.a.

$395.00 yearly

$200

5.01% p.a.

5.40% p.a.

$395.00 yearly

$200

3.74% p.a.

4.16% p.a.

$395.00 yearly

$200

3.74% p.a.

4.16% p.a.

$395.00 yearly

$200

3.74% p.a.

4.16% p.a.

$395.00 yearly

$200

3.53% p.a.

3.95% p.a.

$395.00 yearly

$200

3.53% p.a.

3.95% p.a.

$395.00 yearly

$200

3.48% p.a.

3.91% p.a.

$395.00 yearly

$200

4.61% p.a.

5.01% p.a.

$395.00 yearly

$200

3.52% p.a.

3.95% p.a.

$395.00 yearly

$200

3.42% p.a.

3.86% p.a.

$395.00 yearly

$200

3.42% p.a.

3.86% p.a.

$395.00 yearly

$200

4.36% p.a.

4.77% p.a.

$395.00 yearly

$200

4.16% p.a.

4.57% p.a.

$395.00 yearly

$200

4.71% p.a.

5.11% p.a.

$395.00 yearly

$200

4.16% p.a.

4.57% p.a.

$395.00 yearly

$200

4.16% p.a.

4.57% p.a.

$395.00 yearly

$200

3.19% p.a.

3.63% p.a.

$395.00 yearly

$200

Go to site

4.96% p.a.

5.35% p.a.

$395.00 yearly

$200

3.92% p.a.

4.34% p.a.

$395.00 yearly

$200

3.87% p.a.

4.29% p.a.

$395.00 yearly

$200

3.87% p.a.

4.29% p.a.

$395.00 yearly

$200

3.32% p.a.

3.75% p.a.

$395.00 yearly

$200

Go to site

3.14% p.a.

3.58% p.a.

$395.00 yearly

$200

Go to site

4.36% p.a.

4.77% p.a.

$395.00 yearly

$200


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*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

No application or service feesNo 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.

Additional repaymentsAdditional 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.

100% offset transaction facility100% 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.

Interest only repaymentsInterest 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%.

Mobile Banking ManagerMobile 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?

Buying a property is an exciting time, however choosing the right mortgage provider can be stressing. Thankfully you have Mozo’s rate and review service which gives you all the insight into how ME customers rate their home loan in terms of price, features and customer service (just to name a few). You can see how well ME fared here.

ME home loans

Overall 8.7

Price

Features

Customer service

Convenience

Trust

907 Reviews

Recent ME home loan reviews Recent ME home loan reviews

ME

ME Flexible Home Loan (Member Package) review

Overall rating   8 / 10

It's the right bank for ME.

Great product and even better provider. The loan application process was straightforward with no pressure or fuss, and very low fees. I've been with ME for many years having 3 home and investment loans.

Full review

Great product and even better provider. The loan application process was straightforward with no pressure or fuss, and very low fees. I've been with ME for many years having 3 home and investment loans.

    Price   5 / 10

    Features   8 / 10

    Customer service   8 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Robert, Australian Capital Territory, reviewed about 19 hours ago

ME

ME Flexible Home Loan (Member Package) review

Overall rating   7 / 10

Good bank.

Great online bank, with mobile officers to assist as well. Convenient and competitively priced.

Full review

Great online bank, with mobile officers to assist as well. Convenient and competitively priced.

    Price   8 / 10

    Features   7 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   6 / 10

Less

Sue, Queensland, reviewed 14 days ago

ME

ME Flexible Home Loan review

Overall rating   9 / 10

Great customer service.

Industry funds it, online easy to use.

Full review

Industry funds it, online easy to use.

    Price   7 / 10

    Features   9 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Scott, Western Australia, reviewed 17 days ago

ME

ME Flexible Home Loan (Member Package) review

Overall rating   1 / 10

Wolf in sheep's clothing.

ME get you in a lower fixed rate, then are very inflexible to dropping rates once you go to variable. They offer far better rates to new customers rather than looking after existing. They pretend to be a small bank but behave like a big one.

Full review

ME get you in a lower fixed rate, then are very inflexible to dropping rates once you go to variable. They offer far better rates to new customers rather than looking after existing. They pretend to be a small bank but behave like a big one.

    Price   3 / 10

    Features   3 / 10

    Customer service   3 / 10

    Convenience   2 / 10

    Trust   4 / 10

Less

Chris, Western Australia, reviewed 21 days ago

ME

ME Home Loan review

Overall rating   4 / 10

Helpful staff, good for straightforward loans.

This bank was far better before the removal of an exit fee, introduced by the government. The mortgage department loans people got greedy and tried boosting our interest rates twice while the outlook was for them to fall. An archaic assessment...

Full review

This bank was far better before the removal of an exit fee, introduced by the government. The mortgage department loans people got greedy and tried boosting our interest rates twice while the outlook was for them to fall. An archaic assessment process meant they weren't good on multiple properties. The loans may have changed now with the new laws but I'd recommend you do check. Ringing up and challenging their increases led to success in dropping interest rates so don't be shy. The phone in contact process works well and the staff have always been as helpful as they can be, so top marks there. For a forward thinking bank for investment loans go to Commonwealth.

    Price   3 / 10

    Features   8 / 10

    Customer service   8 / 10

    Convenience   7 / 10

    Trust   4 / 10

Less

Bernie, Western Australia, reviewed 23 days ago

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