ME Flexible Home Loan with Member Package
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.
Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.
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.
About this loan
What are the features and benefits 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 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 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.
What fees and charges come with this loan?
- Application fee: $0
- Valuation fee: $0
- Legal fee: $200
- Redraw fee: $0
- 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
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.