ME Bank Flexible Home Loan with Member Package

Rates and Fees verified correct on December 6th, 2016

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

ME Bank’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 Bank Flexible Home Loan With Member Package, which waives a number of fees and also entitles you to a discounted interest rate.

Owner Occupier BOB Special Offer

For a limited time new owner occupiers that take out the Flexible Home Loan with Members Package with ME Bank receive an additional discount off the variable interest rate.

Terms and conditions may apply, offer not applicable to refinancers, existing applications, top-ups or variations of existing loans.

Interest Rate Max Insured LVR Max LVR
< $150,000
4.73% p.a.
Comparison Rate
5.12% p.a.
90% 80%
LVR <=80% $150k up to $399,999 (Investor)
4.14% p.a.
Comparison Rate
4.55% p.a.
80% 80%
LVR <=80% $150k up to $399,999 (Owner Occupier)
3.89% p.a.
Comparison Rate
4.30% p.a.
80% 80%
LVR <=80% $400k up to $699,999 (Investor)
4.09% p.a.
Comparison Rate
4.50% p.a.
80% 80%
LVR <=80% $400k up to $699,999 (Owner Occupier)
3.84% p.a.
Comparison Rate
4.25% p.a.
80% 80%
LVR <=80% $700K+ (Investor)
4.04% p.a.
Comparison Rate
4.45% p.a.
80% 80%
LVR <=80% $700K+ (Owner Occupier)
3.79% p.a.
Comparison Rate
4.20% p.a.
80% 80%
LVR > 90% $400k up to $699,999 (Investor)
4.73% p.a.
Comparison Rate
5.12% p.a.
95% 90%
LVR > 90% $400k up to $699,999 (Owner Occupier)
4.63% p.a.
Comparison Rate
5.03% p.a.
95% 90%
LVR >80% & <=90% $150k up to $399,999 (Investor)
4.39% p.a.
Comparison Rate
4.79% p.a.
90% 80%
LVR >80% & <=90% $150k up to $399,999 (Owner Occupier)
4.19% p.a.
Comparison Rate
4.59% p.a.
90% 80%
LVR >80% & <=90% $400k up to $699,999 (Investor)
4.29% p.a.
Comparison Rate
4.69% p.a.
95% 80%
LVR >80% & <=90% $700K+ (Investor)
4.19% p.a.
Comparison Rate
4.59% p.a.
90% 80%
LVR >80% & <=90% $700K+ (Owner Occupier)
3.99% p.a.
Comparison Rate
4.40% p.a.
90% 80%
LVR >80% &<=90% $400k up to $699,999 (Owner Occupier)
4.09% p.a.
Comparison Rate
4.50% p.a.
90% 80%
LVR >90% $150k up to $399,999
4.73% p.a.
Comparison Rate
5.12% p.a.
95% 90%
LVR >90% $700k+ (Investor)
4.73% p.a.
Comparison Rate
5.12% p.a.
95% 90%
LVR >90% $700k+ (Owner Occupier)
4.54% p.a.
Comparison Rate
4.94% p.a.
95% 90%
Product NameME Bank 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 LVR80%
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 and Interest Only Options

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 Bank 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 Bank 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 Bank 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 Bank Flexible Home Loan With Member Package allows you up to borrow up to 80% 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 Bank 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 Bank 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.
  • 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 Bank’s solicitors need to get an external agent to oversee the settlement of your property.

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

If you want to apply for an ME Bank 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 Bank 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 Bank 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 Bank 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 Bank 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 Bank 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.

ME Bank Flexible Home Loan with Member Package Interest Rate History vs RBA Cash Rate Graph

Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 1 April 2016 at 6:27.

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

4 Responses to ME Bank Flexible Home Loan with Member Package

  1. Default Gravatar
    C | April 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
      Belinda | April 7, 2016

      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
    Paul | January 12, 2016

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

    • Staff
      Jodie | January 14, 2016

      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 Bank Flexible Home Loan With Member Package

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $395

  • Max LVR

    80%

Ask a question
feedback