ME Bank Standard Fixed Rate Home Loan

Rates and Fees verified correct on July 22nd, 2016

Choose a fixed interest rate and take comfort that your repayments can’t change for that entire time

Locking in your interest rate for a certain amount of years gives you an opportunity to avoid any future interest rate increases throughout that time. Choosing a fixed interest rate means you don’t have to worry what variable rates are doing until your term has ended.

Important notice

Please note that this product is no longer offered by ME Bank, and this page is provided only for informational purposes.

Things to consider about this home loan

This loan can be suitable for first home buyers, personal use or for investments. It’s also acceptable to purchase an established home or to refinance your home loan over from another bank or lender. It is only available a full documentation loan.

ME Bank won’t allow you to choose this loan type for construction purposes.

You can elect to keep your repayments at the standard Principal and Interest payments if you wish. This means some of your repayment amount covers any interest charges that may be due, while the remaining portion pays down your loan balance a bit further each time you make a payment. These types of payments are automated to be made monthly, but you can choose to set them to weekly or fortnightly, if these options are more convenient for you.

There is also an Interest-only option available, but this only applies for the Interest-only Investment Loan. Your payment only ever covers the amount of interest accrued to the loan, so you won’t be reducing your principal balance at all. This is usually a good option for some investors wishing to maximise the deductible portion of an investment loan via an interest-only loan option.

ME Bank does offer a Member’s Package that offers discounts off the advertised rates, as well as waiving a range of standard fees that would normally need to be paid.

Who is ME Bank?

ME Bank is a 100% Australian owned bank. ME Bank is regulated by the same industry authorities as larger banks, including the Australian Prudential Regulation Authority (APRA). ME Bank won the 2014 Smart Investor Blue Ribbon Award for regional bank of the year.

Features of the ME Bank SMHL Fixed rate home loan

  • Loan term. A minimum of 5 years to a maximum of 30 years, with a loan minimum of $40,000.
  • Loan to value ratio (LVR). Borrow up to 95% of the value of the property, but be mindful that if you borrow up to 80% LVR for full documentation loans then it will incur Lender’s Mortgage Insurance (LMI).
  • Repayments. You can elect to keep your repayments at the standard principal and interest payments if you wish. This means some of your repayment amount covers any interest charges that may be due, while the remaining portion pays down your loan balance a bit further each time you make a payment. These types of payments are automated to be made monthly, but you can choose to set them to weekly, fortnightly or monthly through direct debit, BPAY or cheque, if these options are more convenient for you.
  • Extra repayments. You can make up to $30,000 in extra repayments on your fixed rate home loan from ME Bank during the course of your loan.
  • Split loan option. This means you can opt to fix a portion of your loan to ensure that you benefit from a competitive fixed interest rate. You then leave the other portion on a variable rate so you can take advantage of the flexible features available. You can also have the benefits of an offset account with your variable portion, helping you save on interest.
  • Interest-only Investment Loan. There is also an interest-only option available, but this only applies for the Interest-only Investment Loan. Your payment only ever covers the amount of interest accrued to the loan, so you won’t be reducing your principal balance at all. This is usually a good option for some investors wishing to maximise the deductible portion of an investment loan via an interest-only loan option.
  • Consider the Member’s Package. ME Bank offers the Member’s Package, which offers discounts off the advertised rates, as well as waiving a range of standard fees that would normally need to be paid, for an annual fee.

Fees and charges:

Fees you can avoid

  • Application fee and account-keeping fee. $0. This is to cover the cost of handling your application and the maintenance of your account. ME Bank have waived these fees which can range from $150-$200.
  • Lenders mortgage insurance. This is payable if your LVR is 80% or more and protects the lender not the borrower in the case that the borrower defaults.

Fees you can’t avoid

  • Valuation fee $150. This is to cover the cost of the lender sending a professional to the property to determine its value. It’s important because this is what your home loan will be assessed against.
  • Legal fees $150. Legal fees are used to cover the cost of a solicitor preparing the mortgage and attending the settlement of your property.

Get an idea of what your loan repayments could be

How to apply for the ME Bank SMHL Fixed rate home loan

If this sounds like the ideal loan for your needs, you can simply make a booking with an ME Bank mobile banker via their website. Your information remains secure and they only use your details to contact you to make an appointment with you. They’ll discuss your loan options with you at a time that’s convenient for you.

  • Securely transfer yourself to ME Bank's Enquiry page. To get yourself started simply click ‘enquire’ - you will then be securely directed to ME Bank where you can ‘book a mobile banker’ for an appointment.
  • Fill in the enquiry form. Fill in your relevant fields - be sure to provide some details around your enquiry.
  • ME Bank will get in touch and arrange an appointment. After you submit your enquiry form, you will be contacted by a ME Bank Mobile Banking Manager shortly after and they’ll arrange an appointment at a suitable time and place that suits you.

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This page was last modified on 22 July 2015 at 2:01.

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24 Responses to ME Bank Standard Fixed Rate Home Loan

  1. Default Gravatar
    Jeffrey | July 3, 2015

    HI I BANK WITH ANZ IN MELBOURNE

    • Staff
      Belinda | July 6, 2015

      Hi Jeffrey,

      Thanks for reaching out.

      I’ve emailed you regarding this enquiry.

      Thanks,
      Belinda

  2. Default Gravatar
    David | March 3, 2015

    If you are member of ALP does that suffice or do you need to be a member of a Union or Industry Fund.?

    • Staff
      Shirley | March 3, 2015

      Hi David,

      Thanks for your question.

      Please note that ME Bank have recently changed their eligibility requirements for their range of home loans.

      Applicants must be 18+ years of age and a Permanent Resident or Australian or New Zealand citizen living in Australia (other residency statuses accepted).

      Cheers,
      Shirley

  3. Default Gravatar
    sans | September 9, 2014

    we want to refinance as we aren’t happy with a the bank we are with but we are always behind by two weeks we have asked about them changing the date that we pay the mortgage but they wont change it. so just wondering if that would go against us

    • Staff
      Marc | September 10, 2014

      Hi Sans,
      thanks for the question.

      You may want to contact ME Bank directly to find out if they would allow you to apply for a home loan with your credit history. In general, most lenders will require a good credit history which includes on time payments, although some specialist lenders will still grant loans to those with less than perfect credit histories.

      I hope this helps,
      Marc.

  4. Default Gravatar
    Therese | July 29, 2014

    I want to refinance but my current home loan is in my previous name ( I have remarried)

    Do I need to change my name with the city council before I refinance or will this automatically be done at the same time that I refinance

    • Staff
      Shirley | July 29, 2014

      Hi Therese,

      Thanks for your question.

      Please check with your lender first, as they should be able to do this in the process of refinancing. If they can’t, then you may want to consider changing your name with the city council.

      Cheers,
      Shirley

    • Default Gravatar
      Jeffrey | June 27, 2015

      Could you tell me where is your bank

    • Staff
      Belinda | June 30, 2015

      Hi Jeffrey,

      Thanks for your enquiry.

      You’ve come through to finder.com.au, an online comparison website so please note that we don’t represent ME Bank.

      To locate your nearest ME Bank ATM, you can visit their website and click on the ‘Find an ATM’ tab, or alternatively you can view the location of their service centres on their website.

      Thanks,
      Belinda

  5. Default Gravatar
    Heather | June 10, 2014

    Which unions and superfunds qualify for membership?

    • Staff
      Marc | June 11, 2014

      Hi Heather,
      thanks for the question.

      There are a large number of super funds and unions whose members are eligible, including AustralianSuper, REST and Unisuper. I’ve emailed you the full list.

      Cheers,
      Marc.

  6. Default Gravatar
    joe | May 29, 2014

    Hi,
    In the event that i either pay off my loan earlier or decided to go with another bank what penalties i will incur.

    Kind regards
    joe

    • Staff
      Marc | May 29, 2014

      Hi Joe,
      thanks for the question.

      This depends on the circumstances around your loan. In some cases, ME Bank might charge you a fee if costs arise out of the termination of your loan. For more information about break costs visit this page.

      I hope this helps,
      Marc.

  7. Default Gravatar
    Kaye | April 19, 2014

    REfinance current loan of $340K – variable low rate of 4.49 fixed for 3 years.

    1. How do I become a member of ME Bank
    2. What rate will apply after the 3 years

    • Staff
      Marc | April 22, 2014

      Hi Kaye,
      thanks for the question.

      You’ll become a member of ME Bank at the time of application if you’re not already one. Remember that you need to be a member of an eligible super fund or union to be able to apply for an ME Bank home loan.

      Once the fixed rate ends your rate will revert to the standard variable rate.

      I hope this helps,
      Marc.

  8. Default Gravatar
    Helen | April 17, 2014

    I would like to get a low interest loan with offset account. I already signed the contract and in the process to find the best deal.

    • Staff
      Shirley | April 17, 2014

      Hi Helen,

      Thanks for your question.

      If you’ve already signed the contract to another mortgage, then you’re legally bound to that contract. You may want to contact that lender to enquire about a cooling off period.

      If you’d like to compare home loans with an offset account, please see this page.

      Cheers,
      Shirley

  9. Default Gravatar
    Siobhan | February 3, 2014

    Hi,
    Is it possible to refinance through ME Bank if I am being paid through my Income Protection Insurance Policy. I have been paid through this for almost 9 years and will continue to do so due to health condition. I have my first mortgage almost paid (little over $2000 left) and I have $570000 left on another mortgage which I am looking at possible refinancing ?

    • Staff
      Marc | February 4, 2014

      Hi Siobhan,
      thanks for the question.

      After speaking with ME Bank they stated that this is unfortunately not a form of income which can be used to apply for this loan. You may wish to speak to a mortgage broker to find a lender who might accept this form of payment.

      I hope this helps,
      Marc.

    • Default Gravatar
      Mike | March 13, 2014

      What do you need for the members package

    • Staff
      Marc | March 13, 2014

      Hi Mike,
      thanks for the question.

      In addition to being a part of an eligible super fund or union, the Member Package comes with an annual fee of $395, but comes with a range of discounts, including a discount on the variable rate of the Standard Home Loan, Ultimate Offset Account Loan and the Interest Only Investment Loan. It also comes with waivers for credit card fees, valuation fees, solicitor fees and interest rate variation fees.

      I hope this helps,
      Marc.

    • Default Gravatar
      Mike | March 13, 2014

      Do you know which unions or superfund qualify

    • Staff
      Shirley | March 13, 2014

      Hi Mike,

      Thanks for your question.

      I’ve emailed you two links that lists the eligible super funds and unions.

      Cheers,
      Shirley

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