ME Bank (Members Equity Bank) is a national bank which was founded in 1994 with the vision to help everyday Australians fulfil their dreams of having their own home. ME was created by a group of industry super funds. As such, all profits are distributed back to the 26 super funds that own the bank.
|Advertised rate||Comparison rate*||Monthly repayment||Rate Type||Offset||Redraw||Ongoing Fee||Upfront Fees||LVR||Lump Sum Repayment||Additional Repayments||Pre-approval|
Member Package Flexible Home Loan (Principal and Interest) ($400k-$700k, LVR 70%-80%)
Basic Home Loan ($150k+, LVR < 80%)
Member Package Flexible Investment Loan (Principal and Interest) ($400k-$700k, LVR < 80%)
Basic Home Loan ($150k+, LVR 80%-90%)
Member Package Flexible Home Loan (Principal and Interest) ($400k-$700k, LVR 80%-90%)
Member Package Flexible Investment Loan (Interest Only) ($400k-$700k) (LVR < 80%)
Basic Home Loan ($150k+, LVR 90%-95%)
Member Package Flexible Home Loan (Interest Only) ($400k-$700k)
- Fast turnaround times, can meet 30-day settlement
- For purchase and refinance, min 20% deposit
- No ongoing or monthly fees, add offset for 0.10%
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 made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. 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. *Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given Rates correct as of January 27, 2022.
ME has won numerous awards, including Money magazine’s prestigious 2018 Money Minder of the Year award. ME supports a wide range of progressive causes in Australia, from marriage equality and paperless statements to a refusal to invest in fossil fuels. If you like your lender to be conscientious and forward-thinking, ME may be the bank for you.
ME is an online-only bank with access to a network of mobile bankers instead of branches.
ME Bank offers its customers a wide range of award-winning home loans, bank and transaction accounts, credit cards and business banking products. In terms of home loans, it provides owner-occupier mortgages, investor mortgages, refinancing loans and high-LVR loans.
To apply for a home loan with ME Bank, you will need to go online or reach out to one of its mobile bankers through its customer contact centre.
As always, it is best to be prepared before you apply for a mortgage, so double-check that you have all the necessary information ready and available before you apply. Here are some important things to know before applying for a loan:
- You will need to be at least 18 years of age to apply for a home loan
- You will need to be able to provide evidence of your income when you apply
- Alongside your income, ME Bank will want to examine your assets and debts
Once you have decided a home loan with ME Bank is right for you, you will need to fill out and submit an application form. Some of the details you may be asked to provide include:
- Personal details including email address, residential status and driver’s licence number
- Employment details including employer’s name and address, or if self-employed, you will need to provide the business name and ABN
- Salaried employee: PAYG summary, tax return, notice of assessment, payslips and other income, i.e. bank and other statements
- Self-employed: Financial statements, business and personal tax returns, tax assessment notice and other income
- Loan Purpose
- Property purchase: Evidence of deposit, contract of sale and vendors statement
- Construction: Evidence of deposit and building contracts
- Refinancing/consolidating debt: Loan statements and credit card statements
Collections: Home Loan Lender