ME Bank, originally short for Members Equity Bank, is an Australian bank now owned wholly by Bank of Queensland. It used to be owned by a consortium of superannuation funds, but was acquired by challenger bank BoQ in 2021.

Despite what the name technically stands for, ME is no longer customer-owned, and is instead a digital bank offering home loans, savings accounts, credit cards, term deposits, and transaction accounts.

What home loans does ME Bank offer?

Whether you're a first home buyer, a refinancer, a property investor or another type of borrower, ME could have plenty of mortgage products to suit your needs.

ME offers a range of home loans to both owner-occupiers and investors, including:

  • The Flexible Home Loan: As the name suggests, this is a low-rate flexible home loan that has numerous extra features like a 100% offset account and free redraws, complete with no fees for valuing, and the option of fixing or splitting the loan.

  • The Flexible + Member Package Home Loan: The Flexible Home Loan with extra products linked, such as a credit card.

  • The Basic Home Loan: A no-frills home loan with no monthly account-keeping fees, and no application fee, but could attract a higher advertised rate than Flexible loans.

  • Fixed Home Loans: ME also offers the Flexible and Package home loans for fixed terms ranging from one to seven years.

ME Bank also offers different types of repayments (e.g. interest-only, or principal and interest) to suit different circumstances.

Compare some of ME’s home loans for owner occupiers in the table below:

Rates
Features
Fees
Other
Lender
Variable
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ME Bank – Basic Home Loan ($150k+, LVR < 80%)

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    Variable
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    ME Bank – Basic Investment Loan (Principal and Interest) (LVR < 80%)

      More details
      Variable
      More details

      ME Bank – Basic Home Loan ($150k+, LVR 80%-90%)

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        Variable
        More details

        ME Bank – Basic Home Loan ($150k+, LVR 90%-95%)

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          • Immediate cashback upon settlement
          • $2000 for loans up to $700,000
          • $4000 for loans over $700,000

          More details
          Important Information and Comparison Rate Warning

          Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of December 2, 2023. View disclaimer.

          ME Bank mortgage features

          Accompanying some of ME's home loan products are the following features:

          • Redraw facility: Redraw extra repayments at no cost on variable rate loans. On fixed loans you can make up to $30,000 in extra repayments during the fixed rate period.

          • Offset accounts: ME bank offers a 100% offset account to help borrowers save on interest.

          • Early, extra and more frequent repayments: You can change your repayment amount and frequency with ME Bank to suit your own schedule

          • 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 to get the best of both worlds.

          • Interest in advance: If you’re an investor, you can pay an interest chunk upfront, which could be more tax effective.

          ME also offers a home loan health check-up where you can check the progress of your loan repayments with one of ME’s experts.

          ME Bank home loan pre-approval

          Conditional approval, or pre-approval, tends to take less time than unconditional approval, and you should receive a pre-approval within one business day of completing your application with ME. Pre-approval is also called ‘approval in principle’.

          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.

          Image from ME Bank



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