ME Bank Flexible Loan


ME Bank’s Flexible Loan is offered as both a variable rate loan and a fixed rate loan. You also have the option to split your loan between the two interest rates.

The variable rate home loan option comes with a ME Bank Everyday Transaction Account which can be used as your 100 per cent offset account. It is free to transact through this account.

You may also make additional repayments into your loan whenever you like, without penalty. You can redraw this money at any time. Redraws are free, as long as your redraw amount meets the minimum allowed amount.

This loan allows for flexible repayments so you can elect to make your repayments weekly, fortnightly or monthly. With your variable rate loan you also have the option to pay up to a years’ interest in advance – and take a repayment holiday later down the track if you require – although you should be aware that fees do apply for this.

Your ME Bank Flexible Loan can also be taken up as an interest only loan for up to ten years, and it can be used as construction loan. The loan is available to investors but be prepared to pay higher rates of interest, depending on the size of your deposit.

While the fixed rate version of ME Bank’s Flexible Loan offers much the same features as the variable rate loan – including the ability to set up your Everyday Transaction Account as your offset facility – there are some differences.

You can choose a fixed rate loan option for between one to seven years. The applicable interest rate will differ greatly depending on the time frame you choose for your fixed rate loan. In addition you have the ability to make up to $30,000 of additional repayments into your fixed rate loan, or the fixed rate portion of your split loan, without incurring break fees. This can make a big difference to the way you manage your finances.

While investors can also access ME Bank’s Flexible Loan at a fixed interest rate, they will pay a higher interest rate than owner occupiers. You cannot pay up to 12 months’ interest advance on the fixed rate versions of this loan, nor is the repayment holiday option available.

The other important thing to note about the fixed rate version of this loan is that there is the option to lock in a good fixed rate – for which you will pay a fee. Be aware however that this will only ‘lock’ your rate for a period of 90 days.

Who is the ME Bank Flexible Loan good for?

The ME Bank’s Flexible Loan is good for borrowers looking for a competitive interest rate with included options for paying their debt down as quickly and simply as possible.

The ability to make additional repayments can save you money and years off the life of your loan – likewise the flexibility to withdraw this ‘spare money’ can come in handy when life surprises you.

Review - What RateCity says

ME Bank’s Flexible Loan does not offer the most competitive interest rate in the market.

However, if you’re looking for a range of loan options and the flexibility to split or fix your loan, then it could be a good choice for you.

Your upfront fees can add up though and while your loan maintenance costs are low, you will need to do your numbers in order to assess if this is the best loan option for you, and which loan term you would prefer.

ME Bank Flexible Loan Options

ME Bank’s Flexible Loan options give you a lot to choose from. Click on the links below to find the loan that best suits your financial needs.

Fixed Rates from


Advertised rate


Comparison rate

Variable Rates from


Advertised rate


Comparison rate
  • Can make unlimited additional repayments and redraws.
  • No ongoing fees.
  • 100 per cent offset account available.
  • Entry and exit fees.
  • Minimum amount for redraw facility.
  • Limit on extra repayments for fixed rate option.

Minimum borrowing amount is $40,000.

Must meet serviceability criteria.

To qualify for the best interest rates associated with this loan you need to be an owner-occupier with at least a 20 per cent deposit or more.


Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $400.00
  • Discharge fees: $300
  • Ongoing fees: $0

There is no application fee associated with ME Bank’s Flexible Loan, nor are there any ongoing account keeping fees, which is good news for borrowers. However, you will find you need to pay out for solicitor’s fees and the bank’s valuation fee.

If you intend to split your loan there is also a splitting fee charged, and a rate-lock fee if you choose to lock in your fixed interest rate.

There are also no fees associated with ME Bank’s Everyday Transaction Account, as long as you use their ATMs, or any in the Westpac / St George network.

ME Bank also currently offer a fee refund if you transact at an ATM that is not in their network, provided you claim your refund within 30 days of making your transaction.

  • 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 bank owned by industry superannuation funds. While it has a head office based in Melbourne, there is no branch network so most of transactions need to be done online or via phone banking.

The ME Bank customer call centre is open six days a week and they have a team of mobile bankers.

You can access funds via any ME or Westpac Group ATM for free, giving you easy access to your money.

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