- ME Bank is a digital bank wholly owned by Bank of Queensland
- It is known for its competitive home loan products
- The bank has a long-standing $3,000 cashback offer to refinancers
ME Bank (once Members' Equity Bank) was founded in 1994 by a consortium of superannuation funds looking to provide Australians with low-cost home loans outside of the big banks.
It is now wholly owned by Bank of Queensland and is a solid contributor to the regional bank's position in the top 10 home lenders in Australia.
While ME Bank is no longer member-owned, it has retained its focus on providing low-cost home loans with competitive interest rates.
Compare ME Bank interest rates
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.99% p.a. | 6.01% p.a. | $2,995 | Principal & Interest | Variable | $0 | $350 | 60% | |||||||||||||
6.04% p.a. | 6.42% p.a. | $3,011 | Principal & Interest | Variable | $0 | $350 | 60% | |||||||||||||
6.04% p.a. | 6.42% p.a. | $3,011 | Principal & Interest | Variable | $0 | $350 | 60% | |||||||||||||
6.04% p.a. | 6.42% p.a. | $3,011 | Principal & Interest | Variable | $0 | $350 | 60% | |||||||||||||
6.04% p.a. | 6.06% p.a. | $3,011 | Principal & Interest | Variable | $0 | $350 | 80% | |||||||||||||
6.18% p.a. | 6.20% p.a. | $3,056 | Principal & Interest | Variable | $0 | $350 | 60% | |||||||||||||
6.23% p.a. | 6.25% p.a. | $3,072 | Principal & Interest | Variable | $0 | $350 | 60% | |||||||||||||
6.24% p.a. | 6.46% p.a. | $3,075 | Principal & Interest | Fixed | $0 | $350 | 60% | |||||||||||||
6.24% p.a. | 6.62% p.a. | $3,075 | Principal & Interest | Variable | $0 | $350 | 60% | |||||||||||||
6.24% p.a. | 6.62% p.a. | $3,075 | Principal & Interest | Variable | $0 | $350 | 60% |
ME Bank home loans
ME Bank offers two home loan products available to owner-occupiers and investors:
EconoME
- basic home loan
- no annual fees
- up to 95% loan-to-value ratio (LVR)
- redraw facility
- competitive variable rate
- low comparison rate
- unlimited additional payments when loan is variable-rate
- flexible repayment frequency (weekly, fortnightly, or monthly)
- choice of repayment day for monthly repayments
- ability to fix loan for 1-5 years (up to $10,000 in extra payments permitted per year)
- 30-year loan term
CompleteME
- competitive variable rate
- 100% offset account (up to 10 linked accounts available)
- up to 95% LVR
- split loan options
- unlimited additional payments on variable rate portion
- ability to fix rate on all or part of the loan (up to $10,000 in extra payments permitted per year)
- flexible repayment frequency (weekly, fortnightly, or monthly)
- choice of repayment day for monthly repayments
- up to 5 years interest-only repayments for owner occupiers
- up to 10 years interest-only repayments for investors
- rate lock available
- 30-year loan term
- annual fee applies ($395 as at August 2026) providing access to lower interest rates, no valuation fee, no fee for loan top-ups
Lenders Mortgage Insurance (LMI) applies to borrowers with less than 20% of the property's value as a deposit (more than 80% LVR).
ME Bank mortgage features
Redraw facility: Redraw extra repayments at no cost on variable-rate loans. [On fixed loans you can make up to $10,000 in extra repayments during the fixed-rate term.]
Offset accounts: Ability to link up to 10 100% offset accounts on CompleteME loans
Early, extra, and flexible repayments: Ability to determine payment frequency and choose repayment date for monthly payments
Repayment holidays: You can take a break from your repayments for up to 12 months at a time (although interest will still accrue)
Split repayments: You can split your repayments between fixed- and variable-rate portions to get the best of both worlds
- Home loan top-ups: Allows you to extend your home loan for approved purposes (no top-up fee for CompleteME loan)
Interest in advance: If you’re an investor, you can pay an interest chunk upfront, which could be more tax effective
Other home loan considerations
- Debt consolidation: Other debts can be consolidated into a ME Bank home loan
- Essential workers' overtime: ME Bank will count 100% of essential workers' overtime, penalty rate payments, and allowances as income for home loan applicants
- Parental leave: New and prospective parents can have their parental leave included in serviceability assessments. Borrowers may need to demonstrate their capacity to service their loans over this period, either through savings or investments or other means.
- All postcodes: ME Bank will consider homes in all postcodes for a home loan provided a satisfactory valuation is provided and the property is zoned residential. (Any located on an island need to be connected by a vehicular bridge.)
ME Bank home loan 'approval in principle'
Known as pre-approval at some lenders, 'approval in principle' can be the first step to getting an approved ME Bank home loan. Applying for approval in principle through ME Bank is free and requires a full credit assessment and responsible lending assessment.
Approval in principle is not a 100% guarantee you'll be approved for a loan but it can increase your chances, provided your financial circumstances don't change and you're wanting to buy a similar type of property (and in a similar location) to what was proposed in your assessment.
Approval in principle is valid for 120 days (or 90 days for refinancers).
ME Bank cashback offer
ME Bank has a longstanding cashback offer up to the value of $3,000. This applies to the refinancing of both owner occupier and investor home loans. Applicants must settle within 120 days of the loan application date and be borrowing a minimum of $700k with a maximum LVR of 80%.
The cashback will be paid within 60 days to a linked ME transaction account. For those without a transaction account, it will be paid into the home loan.
How to apply for an ME Bank home loan
Eligibility criteria
To be eligible to apply for a home loan with ME you generally need to:
be 18 years old or over
be an Australian citizen or permanent resident
have a regular source of income
demonstrate your ability to service the loan
have a clean credit history (never been bankrupt)
You can apply for an ME Bank home loan online or by phone on 13 15 63. You can also call ME to book a chat with a mobile expert.
Like with all home loans, your home loan application can be unsuccessful if you don't meet the eligibility criteria or haven't supplied all the documentation required for the process to move forward.
Documents and information needed
To ensure your home loan application with ME is successful you should have the following documents ready:
A form of identification document (e.g. drivers licence, birth certificate, passport)
Your annual income and estimated assets
Your estimated expenses and liabilities
A current email address and mobile phone number
ME can verify your identity electronically or over the phone, using the personal details you provided during your application. But you can also verify your ID with ME directly by filling out its identification verification form on its website.