ME

ME home loans

ME Bank has home loans for owner-occupiers and investors, with rates starting from 2.03%.

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ME Bank is an online Australian bank owned by the Bank of Queensland. ME Bank offers various fixed and variable home loans online. Check out the full table of ME Bank products below or read more about the lender and its loans.

Compare ME Bank home loans for January 2022

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years
Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Monthly Payment

ME Flexible Home Loan Fixed with Members Package P&IHome 2Y Fixed≥ 20% Deposit

ME Flexible Home Loan Fixed with Members Package
2.29%
3%
  • App: $0
  • Ongoing: $395 p.a.
$578
$3,000 cashback when refinancing a loan of $250,000 or more. Other conditions apply. Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.

ME Flexible Home Loan With Member Package P&IHome≥ 40% Deposit

ME Flexible Home Loan With Member Package
2.03%
2.50%
  • App: $0
  • Ongoing: $395 p.a.
$558
Borrow from $400K up $699,999. Package loan for home buyers with 40% deposits or equity. $3,000 cashback when refinancing a loan of $250,000 or more. Other conditions apply.

ME Flexible Home Loan With Member Package P&IHome≥ 40% Deposit

ME Flexible Home Loan With Member Package
2.03%
2.50%
  • App: $0
  • Ongoing: $395 p.a.
$558
Borrow $700K or more with this package loan for home buyers with 40% deposits or equity. $3,000 cashback when refinancing a loan of $250,000 or more. Other conditions apply.

ME Flexible Home Loan Fixed P&IInvestment 2Y Fixed≥ 20% Deposit

ME Flexible Home Loan Fixed
2.84%
4.68%
  • App: $0
  • Ongoing: $0 p.a.
$621
$3,000 cashback when refinancing a loan of $250,000 or more. Other conditions apply. Lock in a competitive rate for 2 years, unlock package discounts and use a 100% offset account to minimise interest payments.

ME Flexible Home Loan Fixed with Members Package P&IHome 3Y Fixed≥ 20% Deposit

ME Flexible Home Loan Fixed with Members Package
2.69%
3.07%
  • App: $0
  • Ongoing: $395 p.a.
$609
$3,000 cashback when refinancing a loan of $250,000 or more. Other conditions apply. Get a low 3 year fixed rate with a 100% offset account and package discounts.
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ME Bank key facts

  • ME Bank's home loan rates are quite competitive, especially on its fixed rate package loans.
  • ME Bank is an online lender. The bank has phone and email support. If you want in-person help with your loan application, you might need to look elsewhere.
  • You need a 20% deposit to get most ME Bank home loans.
  • If you want a package home loan that offers a low rate bundled with other financial products in exchange for an annual fee, ME Bank is well worth considering.

Review by our senior home loans writer Richard Whitten

ME Bank home loan features

Here are the key features and details you need to know about ME's mortgage products.

FeatureDetails
Minimum depositMost ME Bank loans have 80% maximum LVRs. This means you can borrow up to 80% with an ME Bank mortgage. But it does have a couple of options for borrowers with low deposits (that is, deposits below 20%).
Offset accountYou can get an offset account on ME's package loans.
Repayment optionsME Bank's home loans allow you to make interest only repayments or principal and interest repayments.
Split rateMost ME Bank mortgages allow you to split your loan into fixed and variable portions.

Lenders like ME Bank

If you want to compare loans from lenders similar to ME Bank, then you can start with these online lenders. They all have competitive rates and may be a better match for your needs:

  • Athena. This digital fintech lender offers low-rate mortgages and an entirely online, convenient service.
  • Tic:Toc. This lender's online application tool can process your mortgage application fast. Backed by Bendigo and Adelaide Bank.
  • Homestar. A 100% online lender, Homestar has been providing mortgages to Australian borrowers since 2004.
  • loans.com.au. A Brisbane-based online lender, loans.com.au is backed by Firstmac, Australia's largest non-bank lender.
  • ING. This online bank is part of the global, Dutch-based financial group of the same name.
  • UBank. This online bank is actually owned by NAB.

How do I apply for an ME Bank mortgage?

When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.

Eligibility

Each ME Bank product has specific eligibility criteria but some will apply to all products. For example:

  • Age. You must be over 18 years of age.
  • Residency. You should be a resident of Australia.
  • Employment. You should have a regular source of income.

Documents required

When you apply for a mortgage with ME Bank you are required to provide certain information, so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:

📄 Property details. You can start a loan enquiry before you've bought a property, but to complete an application you need the address of the property and a signed contract of sale.

📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.

📄 Proof of income documents. Recent payslips can establish your income.

📄 Asset and liability documents. You need to provide documents showing your current assets (such as savings accounts and investments) and liabilities (for example, any outstanding debt you may have).

How to apply for a home loan

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20 Responses

    Default Gravatar
    DamianOctober 6, 2017

    I have a Flexible Home Loan with ME Bank and I would like to switch it to Basic Home Loan with lower interest rate. What would be right procedure to go about it? Thanks.

      Avatarfinder Customer Care
      JhezOctober 6, 2017Staff

      Hi Damian,

      Thank you for your comment.

      Generally, banks do offer flexible ways to help you with your loans considering your current situation. Regarding the procedure on how to go about switching your home loan from Flexible to Basic, it might be time to talk to your bank about getting a loan check up. One of their specialists can take a look through your current loan situation and help bring it up to speed. Hoping for the best.

      Regards,
      Jhezelyn

    Default Gravatar
    SangitaMay 29, 2017

    Hi, I do have loan and its 2 years fixed. But I do have few extra saving at the end of the year which I want to put to reduce my loan will I be able to do it.
    Hope to get answer for my question.

      Default Gravatar
      LiezlMay 30, 2017

      Hi Sangita,

      Thanks for reaching out.

      Yes, you can make extra repayments up to $30,000 during the fixed interest rate period. Kindly note that you are not able to redraw from a fixed interest rate facility during the fixed rate period.

      I hope this helps.

      Cheers,
      Liezl

    Default Gravatar
    FrancisApril 15, 2016

    I have a unencumbered property worth 1.2 m. My wife and I receive Centrelink benefits. Would we be eligible for a loan up to $150,000.

      Default Gravatar
      BelindaApril 15, 2016

      Hi Francis,

      Thanks for reaching out.

      You can read our guide about home loans for Centrelink recipients which explains how you can go about applying for a home loan. Here, you can also view which Centrelink benefits are accepted by lenders and you can enquire with a mortgage broker to discuss your borrowing options.

      Please note that most lenders only accept government benefits as a secondary source of income and they treat these types of applications on a case-by-case basis.

      If you can prove to the lender that you have sufficient assets and savings to service the loan, you may be able to qualify for finance. However, keep in mind that a lender will also review your credit history and any existing debts that you have (e.g. personal loans or credit cards) when determining your propensity to repay the loan.

      All the best,
      Belinda

    Default Gravatar
    VijayJune 10, 2015

    I have fixed interest home loan for 3yrs.can I make 100% offset account, and what will be the procedure . I have zero knowledge in this matter.
    Rgds

      Default Gravatar
      BelindaJune 11, 2015

      Hi Vijay,

      Thanks for your enquiry.

      Fixed-rate home loans don’t typically offer features such as 100% offset accounts, however, there are some fixed home loans that do offer this feature or alternatively, a partial offset account.

      To find out whether your lender offers a 100% offset account as part of your home loan, you’ll need to contact them directly.

      Otherwise, you can compare different lenders that offer fixed loans with 100% offset accounts.

      I also recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.

      Thanks,
      Belinda

    Default Gravatar
    trentNovember 17, 2014

    how do i go about using some of my super as a deposit with savings i already have

      Avatarfinder Customer Care
      ShirleyNovember 18, 2014Staff

      Hi Trent,

      Thanks for your question.

      Are you referring to an SMSF home loan? At this current point in time, ME Bank doesn’t have this facility available. If you’d like, you can compare a range of SMSF home loans.

      Cheers,
      Shirley

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