ME Basic Home Loan review

With no account-keeping fees and no frills, the ME Basic Home Loan gets the job done with a minimum of fuss.

If you want a home loan that offers a selection of essential features and no unnecessary extras, the ME Basic Home Loan has been designed with you in mind. This no-frills loan combines a competitive variable rate with no application fee and no ongoing account-keeping fees. With all the features you need and nothing you don’t, the ME Basic Home Loan aims to help you pay off your mortgage as quickly as possible.

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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

The ME Basic Home Loan is a full doc loan and is available for both owner-occupiers and investors. Offering loan amounts from $40,000 and above, this mortgage product allows you to choose a repayment schedule that suits your financial situation and also to redraw cash from your available funds whenever required.

Interest-only repayments are an option on all loans for periods of up to 10 years, while a maximum LVR (loan-to-value ratio) of 95% gives you increased borrowing power.

About this loan

What are the features and benefits of the ME Basic Home Loan?

  • Maximum loan amount. This loan allows you to borrow up to 95% of the purchase price or ME's valuation of the property. However, your borrowing power is also based on your income, your existing financial commitments and your ability to make on-time repayments towards the amount you borrow.
  • Maximum LVR. The maximum LVR offered on the ME Basic Home Loan is 95%. Of course, lender's mortgage insurance (LMI) is an essential requirement when you borrow in excess of 80% LVR.
  • Repayment options. You can choose to pay your loan off on a weekly, fortnightly or monthly repayment schedule - whichever suits your income and budget.
  • Additional repayments. You can make extra repayments or lump sum repayments on our ME Basic Home Loan at any time without incurring a penalty. You will also not have to worry about a fee if you pay your loan out early.
  • Redraw. You can access your extra repayments through the redraw facility for free at any time, but your redraw amount must be $500 or greater.
  • Top up. If you need extra funds to renovate, buy a car or pay off other debts, you can apply to top up your home loan. Rather than having to take out another loan, this allows you to take advantage of the equity in your existing loan.

What fees and charges come with this loan?

  • Application fee: $0
  • Account-keeping fee: $0
  • Redraw fee: $0
  • Early repayment fee: $0
  • LMI: $0. If you borrow less than 80% LVR you will not have to cover the cost of lender's mortgage insurance.
  • Solicitors fee: $200. This fee covers the cost of ME's solicitors preparing your mortgage and arranging the settlement of your property.
  • Valuation fee: $200. This fee is charged to cover third-party costs when the lender needs to have the value of your property appraised.
  • Agent fee: $110. In cases where ME's solicitors need to instruct an agent to finalise the settlement, for example for properties sold in remote areas, you will have to pay this fee.

How to apply

To be eligible for the ME Basic Home Loan you will need to be 18 years of age or older and applying in your personal name. You'll also need to be a citizen or permanent resident of Australia or New Zealand.

If this loan sounds ideal for your needs and you'd like to find out more, click on the link on this page to be redirected to the ME website where you can arrange a time for a mobile banking manager to come to you.

If you'd like to apply for the loan, an application form can be downloaded from the ME website. This form requires you to provide your personal details, the loan purpose and the loan product you want, the amount you wish to borrow and your repayment details.

You'll also need to provide a range of supporting documents, including:

  • Your most recent PAYG summary, tax return and notice of assessment.
  • Copies of recent payslips.
  • Evidence of any other income you earn.
  • Self-employed applicants can supply certified annual financial statements, business and personal tax returns, and tax assessment notices.

The ME Basic Home Loan is definitely worth considering if you want a home loan that offers only the features you need in a mortgage and nothing you don't. However, comparing a range of home loans is an essential step to finding the best available mortgage for your needs.

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    Default Gravatar
    January 5, 2023

    do you lend for a small rural farm 55Ha

      January 11, 2023

      Hi Peter,

      At Finder, we can help you compare your options but we are not a lender. If you’re looking for rural or hobby farm home loans, you can check your options here.

      You can also consider speaking with a mortgage broker to help you find the most suitable loan.

      Kind regards,

    Default Gravatar
    September 25, 2016

    Hi as a single parent on Centrelink single parenting payments is there anyway to get a home loan to build my own house?

      September 26, 2016

      Hi Sarah,

      Thanks for reaching out.

      Our single-parent home loan guide will help you know how a single parent can afford a home.

      It is also best if you get in touch with a licensed mortgage broker who can give you expert advice and consider your personal situation in finding a suitable home loan product.


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