ME Flexible Home Loan with Member Package

Rates and fees last updated on

Access a discounted interest rate and a range of flexible borrowing features when you take out an ME Flexible Home Loan With Member Package

ME’s Flexible Home Loan offers a competitive variable rate, flexible repayment options, a 100% offset facility and a range of other features to make it as easy as possible to purchase your next home. However, if you pay an annual fee of $395 you can take out an ME Flexible Home Loan With Member Package, which waives a number of fees and also entitles you to a discounted interest rate.

Interest Rate Max Insured LVR Max LVR
LVR <=80% $150k up to $399,999 (Investor, P&I)
4.54% p.a.
Comparison Rate
4.94% p.a.
80% 80%
LVR <=80% $150k up to $399,999 (Owner Occupier, P&I)
3.79% p.a.
Comparison Rate
4.20% p.a.
80% 80%
LVR <=80% $400k up to $699,999 (Investor, P&I)
4.49% p.a.
Comparison Rate
4.89% p.a.
80% 80%
LVR <=80% $400k up to $699,999 (Owner Occupier, P&I)
3.74% p.a.
Comparison Rate
4.15% p.a.
80% 80%
LVR <=80% $700K+ (Investor, P&I)
4.39% p.a.
Comparison Rate
4.79% p.a.
80% 80%
LVR <=80% $700K+ (Owner Occupier, P&I)
3.74% p.a.
Comparison Rate
4.15% p.a.
80% 80%
LVR > 90% $400k up to $699,999 (Owner Occupier, P&I)
5.18% p.a.
Comparison Rate
5.57% p.a.
95% 80%
LVR >80% & <=90% $150,000 (Owner Occupier, P&I)
4.83% p.a.
Comparison Rate
5.22% p.a.
95% 80%
LVR >80% & <=90% $150k up to $399,999 (Investor, P&I)
4.74% p.a.
Comparison Rate
5.13% p.a.
90% 80%
LVR >80% & <=90% $150k up to $399,999 (Owner Occupier, P&I)
4.29% p.a.
Comparison Rate
4.69% p.a.
90% 80%
LVR >80% & <=90% $400k up to $699,999 (Investor, P&I)
4.64% p.a.
Comparison Rate
5.04% p.a.
95% 80%
LVR >80% & <=90% $700K+ (Investor, P&I)
4.54% p.a.
Comparison Rate
4.94% p.a.
90% 80%
LVR >80% & <=90% $700K+ (Owner Occupier, P&I)
4.09% p.a.
Comparison Rate
4.50% p.a.
90% 80%
LVR >80% &<=90% $400k up to $699,999 (Owner Occupier, P&I)
4.19% p.a.
Comparison Rate
4.59% p.a.
90% 80%
LVR >90% < $150,000 (Owner Occupier, P&I)
5.18% p.a.
Comparison Rate
5.57% p.a.
95% 80%
LVR >90% $150k up to $399,999 (Owner Occupier, P&I)
5.18% p.a.
Comparison Rate
5.57% p.a.
95% 80%
LVR >90% $700k+ (Owner Occupier, P&I)
5.18% p.a.
Comparison Rate
5.57% p.a.
95% 80%
LVR 80% or less < $150,000 (Investor, P&I)
5.08% p.a.
Comparison Rate
5.47% p.a.
95% 80%
LVR 80% or less < $150,000 (Owner Occupier, P&I)
4.83% p.a.
Comparison Rate
5.22% p.a.
95% 80%
LVR 80% to 90% < $150,000 (Investor, P&I)
5.08% p.a.
Comparison Rate
5.47% p.a.
90% 80%
Product NameME Flexible Home Loan With Member Package
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$40,000
Minimum Loan Term5 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest

Application Fee$0
Valuation Fee$200
Ongoing Fees$395 p.a.
Discharge Fee$300

Pros

  • No valuation fee
  • No solicitor fee
  • Discounted interest rates
  • 100% offset account
  • Interest only options

Cons

  • Annual fee of $395

Things to consider about ME Flexible Home Loan With Member Package

It waives the solicitor fee, valuation fee, and fees for fixing or splitting your loan that apply to the lender’s standard Flexible Home Loan. In exchange for these savings, you’re required to pay an annual fee of $395.

Available for owner-occupier and investment borrowers, the ME Flexible Home Loan With Member Package also features a 100% offset account and a choice of flexible repayment options. Construction lending is also available.

Features of the ME Flexible Home Loan With Member Package

  • Maximum loan amount. While no maximum loan amount is listed, the minimum amount you can borrow is $40,000.
  • Maximum LVR. The ME Flexible Home Loan With Member Package allows you up to borrow up to 95% of the value of your property, but borrowing more than 80% LVR means you will also have to manage the cost of lender’s mortgage insurance (LMI).
  • 100% offset account. You can link the variable component of your loan to an ME EveryDay Transaction Account, which can be used to offset the amount you have borrowed and minimise the interest payments you are required to make.
  • Repayment options and flexibility. The loan allows you to make principal and interest or interest-only repayments, and you can choose to repay the amount you borrow on a weekly, fortnightly or monthly schedule. Additional repayments can be made on the ME Flexible Home Loan With Member Package at any time without having to worry about extra fees, and the same goes for paying your loan off ahead of schedule. Keep in mind that electing to make interest only payments can change the interest rate offered with this loan.
  • Redraw facility. You can access the extra repayments you have made at any time without incurring a fee. The minimum redraw amount is $500.
  • Interest rate discount. Paying the annual Member Package fee entitles you to a 0.20% p.a. interest rate discount.

Fees

Fees you can avoid

  • Application fee: $0
  • Valuation fee: $200
  • Legal fee: 
  • Redraw fee: $0

Fees you can’t avoid

  • Annual package fee: $395. Paying this fee entitles you to the interest rate discount and to have legal and valuation fees waived.
  • Agent fee: $110. You’ll need to pay this fee if ME’s solicitors need to get an external agent to oversee the settlement of your property.

How to apply for the ME Flexible Home Loan With Member Package

If you want to apply for an ME home loan, you’ll need to be at least 18 years of age and a citizen or permanent resident of Australia or New Zealand. So if you’ve compared your borrowing options and decided that the ME Flexible Home Loan With Member Package sounds like the right loan for you, click the link on this page to be redirected to the ME website.

Once there you can fill out an enquiry form and provide:

  • Your name
  • Your email address and phone number
  • Your state and postcode

An ME mobile banking expert will be in touch with you shortly after you submit the form to arrange a convenient time to meet and help you find the right mortgage.

To apply for an ME home loan you’ll need to supply:

  • Details of your income and your most recent tax return
  • The purpose of the loan
  • Information about your assets, liabilities and ongoing expenses
  • Details about the property you plan to purchase

The ME Flexible Home Loan With Member Package has plenty to offer to the right borrower, so make sure to compare it with similar mortgage products to find out if it’s the right loan for you.

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This page was last modified on 3 July 2017 at 12:00pm.

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4 Responses

  1. Default Gravatar
    CApril 2, 2016

    If I want to have a credit card with ME bank along with my home loan account and everyday transaction account- is that possible? ie. so I can see all three accounts on my online banking.

    Would the credit card & rewards program cost extra?

    • Staff
      BelindaApril 7, 2016Staff

      Hi C,

      Thanks for getting in touch.

      Unfortunately you can’t combine other ME products with the Flexible Home Loan with the Member Package. However, you could have these as stand-alone accounts.

      With the Member Package, please note that you would pay an annual $395 fee while valuation and solicitor fees are waived.

      Please get in touch with ME Bank directly if you have further enquiries.

      Kind regards,
      Belinda

  2. Default Gravatar
    PaulJanuary 12, 2016

    Is there a maximum additional payments amount into the offset account?

    • Staff
      JodieJanuary 14, 2016Staff

      Hi Paul,

      Thank you for contacting finder.com.au a financial comparison website and general information service.

      The offset account that you can link to the variable portion of this loan is the ME Bank EveryDay Transaction account so similar to other transaction accounts there is no limit to the payments you make into it, if you would like more information on the account please see our page on it here.

      Regards
      Jodie

ME Flexible Home Loan With Member Package

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $395

  • Max LVR

    80%

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