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 18 January, 2020. Other information correct at the time of writing.
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 ‡ |
|---|---|---|---|---|---|
| 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 |
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 ‡ |
|---|---|---|---|---|---|
| 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 |
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 ‡ |
|---|---|---|---|---|---|
| 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 | ||
| 4.29% p.a. | 4.43% p.a. | $395.00 yearly | $200 | ||
| 4.09% p.a. | 4.37% 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 ‡ |
|---|---|---|---|---|---|
| 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 | ||
| 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 | ||
| 3.14% p.a. | 3.58% 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.
| 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. |
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.
Efficient bank to work with, but the app is too slow.
Efficient bank to work with, but the app is too slow.
Sally, New South Wales, reviewed about 1 month ago
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.
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.
Robert, Australian Capital Territory, reviewed about 2 months ago
Great online bank, with mobile officers to assist as well. Convenient and competitively priced.
Great online bank, with mobile officers to assist as well. Convenient and competitively priced.
Sue, Queensland, reviewed 2 months ago
Industry funds it, online easy to use.
Industry funds it, online easy to use.
Scott, Western Australia, reviewed 2 months ago
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.
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.
Chris, Western Australia, reviewed 3 months ago
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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
