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ME Bank Member Package Flexible Loan

Features

The ME Bank Member Package Flexible Loan comes with a range of features that makes it suitable to a wide range of borrowers. The package offers up both fixed and variable rates which are fairly competitive in the market. The benefit of having your ME Bank home loan in the package deal is that you will receive discounts on the interest rate.

Depending on which loan you package the ME Bank Member Package Flexible Loan with, you could have access to a range of features. These include a 100 per cent offset account and a redraw facility. The redraw facility is particularly useful for borrowers who want to take advantage of the unlimited extra repayments offered with variable loans.

It is also possible to split a home loan within the ME Bank Member Package Flexible Loan into variable and fixed interest rate portions. This may assist borrowers who are unsure about the future of interest rates and want to lock in some security while they can, without giving up the possibility of future rate cut discounts.

Who is the ME Bank Member Package Flexible Loan good for?

The ME Bank Member Package Flexible Loan is good for customers considering taking out their mortgage with ME Bank. The package loan will allow borrowers to receive discounted interest rates on certain home loans.

The package consolidates ongoing fees into one moderate annual fee. Depending on whether the package is combined with a fixed or variable loan it will appeal to borrowers looking at both sides of the market.

Review - What RateCity says

The ME Bank Member Package Flexible Loan certainly comes with many attractive offerings, including low fees and no upfront payment. It is suitable for everyone and provides a range of tailored options to suit your needs. The ME Bank Member Package Flexible Loan also means the fees you normally pay with other banks are waived, from solicitor fee, valuation fee, fix/split loan variation fee to top-up fee. However, again it is important to remember that the type of home loan you choose may include other fees and charges.

The other downfall could be the high annual fee, which may deter some customers. If this is a factor in your decision, bear in mind that ME Bank does offer competitive rates on this home loan package so that might go some way towards making up for moderate annual fee. It is always important to do calculations before signing up to a loan to assure you will come out ahead.

ME Bank Member Package Flexible Loan Options

With such a wide range of home loans that can be combined with the ME Bank Member Package Flexible Loan there should be a loan to suit most needs.

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Fixed Rates from

3.84%

Advertised rate

4.21%

Comparison rate

Variable Rates from

3.74%

Advertised rate

4.15%

Comparison rate
Pros
  • No upfront fees.
  • Competitive interest rate.
  • Offset account available with certain loans.
Cons
  • Ongoing annual fee.
  • No branch access.
  • Discharge fee payable at conclusion of loan.
Eligibility

Must be 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet ME Bank’s serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $300
  • Ongoing fees: $395 annually

As with every loan, there are fees that you need to consider before making your decision. With a ME Bank Member Package, most of those fees will be waived, however you will still need to pay a relatively high annual fee for the life of your loan.

Depending on the type of home loan you choose, there may be other fees and charges, so be sure to read the fine print carefully before you sign the dotted line.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About ME Bank

ME Bank is a prominent player in the digital banking world who provide personal banking services over the web. ME Bank also makes it easy for you to withdraw from your debit card, with no ATM fees on any bank, anywhere in Australia. They are 100 per cent owned by the industry super funds. There are no ME Bank branches but customers can enjoy 24-hour online and phone banking. For potential home loan customers, a mobile lender will visit you upon request to discuss loans.

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