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
Can you have a 30 year mortgage at 60
Hi Les,
It may be possible to take out a home loan, but it may be harder. Please see our guide here on home loans for borrowers over 55.
If you’re interested in this home loan from ME Bank, it is best to speak to the bank directly to get an understanding of what its credit assessors would look for. You can call 1300 490 540 to speak to a member of the team.
Alternatively, you could talk to a mortgage broker to go through your circumstances and all of your options.
Kind Regards,
Rebecca
Hi,
I have a block of land, that I own. I need to borrow to build my new home. All plans are council approved ready to go.
I am aware some banks won’t lend for new builds. Is this correct?
Can you point me in the right direction?
Thank you.
Kind regards
Tracy
Hi Tracy,
The home loan required to fund a new home build is called a construction loan. Some lenders may not offer these products, but many do, including the Big Four banks. It’s a good idea to ask a lender if they offer construction loans before submitting any applications. Alternatively, you can talk to a mortgage broker who can help you find suitable mortgage options.
Kind regards,
Richard
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.
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
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.
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
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.
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