ME Bank home loan repayment calculator

Thinking about taking out a home loan with ME Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how ME Bank home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.58 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Loans have flexible options
  • Award-winning customer service
  • Opportunity to bundle loans with other products
  • Some loans offer discounts on interest rates
Cons
  • Limited branch network
  • Some loans include fees
  • Some loans have higher interest rates

ME Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Company
Comparison Rate*
Ongoing fee
Go to site

2.58%

Variable

$400
ME Bank

2.60%

$0
More details

2.99%

Variable

$400
ME Bank

3.01%

$0
More details

4.17%

Variable

$400
ME Bank

3.24%

$0
More details

2.19%

Fixed - 3 years

$200
ME Bank

3.30%

$395 annually
More details

3.28%

Variable

$400
ME Bank

3.30%

$0
More details

2.19%

Fixed - 2 years

$200
ME Bank

3.36%

$395 annually
More details

2.69%

Fixed - 5 years

$200
ME Bank

3.37%

$395 annually
More details

2.69%

Fixed - 4 years

$200
ME Bank

3.39%

$395 annually
More details

3.49%

Variable

$400
ME Bank

3.39%

$0
More details

2.19%

Fixed - 1 year

$200
ME Bank

3.44%

$395 annually
More details

3.45%

Variable

$400
ME Bank

3.47%

$0
More details

3.07%

Variable

$200
ME Bank

3.51%

$395 annually
More details

3.49%

Fixed - 1 year

$0
ME Bank

3.55%

$395 annually
More details

3.69%

Variable

$400
ME Bank

3.57%

$0
More details

3.49%

Fixed - 2 years

$0
ME Bank

3.59%

$395 annually
More details

2.89%

Fixed - 3 years

$200
ME Bank

3.62%

$395 annually
More details

2.79%

Fixed - 2 years

$200
ME Bank

3.63%

$395 annually
More details

2.99%

Fixed - 2 years

$0
ME Bank

3.67%

$395 annually
More details

3.09%

Fixed - 3 years

$0
ME Bank

3.67%

$395 annually
More details

3.69%

Fixed - 3 years

$0
ME Bank

3.67%

$395 annually
More details

2.89%

Fixed - 1 year

$200
ME Bank

3.68%

$395 annually
More details

3.09%

Fixed - 1 year

$0
ME Bank

3.70%

$395 annually
More details

3.09%

Fixed - 1 year

$0
ME Bank

3.70%

$395 annually
More details

3.27%

Variable

$200
ME Bank

3.71%

$395 annually
More details

3.28%

Fixed - 4 years

$200
ME Bank

3.72%

$395 annually
More details

3.28%

Fixed - 5 years

$200
ME Bank

3.72%

$395 annually
More details

3.28%

Variable

$200
ME Bank

3.72%

$395 annually
More details

2.84%

Fixed - 5 years

$400
ME Bank

3.74%

$0
More details

3.67%

Variable

$0
ME Bank

3.75%

$395 annually
More details

3.89%

Fixed - 4 years

$0
ME Bank

3.78%

$395 annually
More details

3.49%

Variable

$0
ME Bank

3.80%

$395 annually
More details

2.34%

Fixed - 3 years

$400
ME Bank

3.82%

$0
More details

2.84%

Fixed - 4 years

$400
ME Bank

3.84%

$0
More details

3.19%

Fixed - 2 years

$0
ME Bank

3.84%

$395 annually
More details

3.29%

Fixed - 3 years

$0
ME Bank

3.84%

$395 annually
More details

3.89%

Fixed - 5 years

$0
ME Bank

3.84%

$395 annually
More details

3.69%

Fixed - 4 years

$0
ME Bank

3.85%

$395 annually
More details

3.29%

Fixed - 1 year

$0
ME Bank

3.87%

$395 annually
More details

3.29%

Fixed - 1 year

$0
ME Bank

3.87%

$395 annually
More details

3.45%

Variable

$200
ME Bank

3.88%

$395 annually
More details

3.69%

Fixed - 5 years

$0
ME Bank

3.88%

$395 annually
More details

2.34%

Fixed - 2 years

$400
ME Bank

3.98%

$0
More details

3.69%

Variable

$0
ME Bank

3.98%

$395 annually
More details

3.89%

Fixed - 4 years

$0
ME Bank

4.03%

$395 annually
More details

3.89%

Fixed - 5 years

$0
ME Bank

4.06%

$395 annually
More details

2.34%

Fixed - 1 year

$400
ME Bank

4.15%

$0
More details

3.64%

Fixed - 2 years

$400
ME Bank

4.21%

$0
More details

3.84%

Fixed - 3 years

$400
ME Bank

4.21%

$0
More details

4.04%

Fixed - 5 years

$400
ME Bank

4.22%

$0
More details

4.04%

Fixed - 4 years

$400
ME Bank

4.24%

$0
More details

3.64%

Fixed - 1 year

$400
ME Bank

4.27%

$0
More details

3.91%

Variable

$200
ME Bank

4.33%

$395 annually
More details

4.31%

Variable

$400
ME Bank

4.33%

$0
More details

3.43%

Fixed - 5 years

$400
ME Bank

4.42%

$0
More details

3.43%

Fixed - 4 years

$400
ME Bank

4.53%

$0
More details

3.04%

Fixed - 3 years

$400
ME Bank

4.55%

$0
More details

3.84%

Fixed - 5 years

$400
ME Bank

4.58%

$0
More details

3.24%

Fixed - 3 years

$400
ME Bank

4.61%

$0
More details

4.61%

Variable

$400
ME Bank

4.63%

$0
More details

5.11%

Variable

$400
ME Bank

4.66%

$0
More details

3.84%

Fixed - 4 years

$400
ME Bank

4.67%

$0
More details

4.09%

Fixed - 1 year

$0
ME Bank

4.67%

$395 annually
More details

5.49%

Fixed - 6 years

$200
ME Bank

4.67%

$395 annually
More details

2.94%

Fixed - 2 years

$400
ME Bank

4.70%

$0
More details

3.14%

Fixed - 2 years

$400
ME Bank

4.74%

$0
More details

5.49%

Fixed - 7 years

$200
ME Bank

4.82%

$395 annually
More details

4.04%

Fixed - 4 years

$400
ME Bank

4.84%

$0
More details

4.04%

Fixed - 5 years

$400
ME Bank

4.84%

$0
More details

4.09%

Fixed - 1 year

$0
ME Bank

4.85%

$395 annually
More details

3.44%

Fixed - 3 years

$400
ME Bank

4.87%

$0
More details

3.04%

Fixed - 1 year

$400
ME Bank

4.90%

$0
More details

3.24%

Fixed - 1 year

$400
ME Bank

4.92%

$0
More details

3.24%

Fixed - 1 year

$1000
ME Bank

4.92%

$0
More details

6.09%

Fixed - 6 years

$0
ME Bank

4.97%

$395 annually
More details

5.64%

Fixed - 6 years

$400
ME Bank

4.98%

$0
More details

3.34%

Fixed - 2 years

$400
ME Bank

5.01%

$0
More details

5.64%

Fixed - 7 years

$400
ME Bank

5.06%

$0
More details

5.07%

Variable

$400
ME Bank

5.09%

$0
More details

6.09%

Fixed - 7 years

$0
ME Bank

5.16%

$395 annually
More details

6.29%

Fixed - 6 years

$200
ME Bank

5.18%

$395 annually
More details

3.44%

Fixed - 1 year

$1000
ME Bank

5.20%

$0
More details

3.44%

Fixed - 1 year

$400
ME Bank

5.20%

$0
More details

4.09%

Fixed - 1 year

$0
ME Bank

5.28%

$395 annually
More details

6.24%

Fixed - 6 years

$400
ME Bank

5.28%

$0
More details

6.29%

Fixed - 7 years

$200
ME Bank

5.37%

$395 annually
More details

5.37%

Variable

$400
ME Bank

5.39%

$0
More details

6.69%

Fixed - 6 years

$0
ME Bank

5.39%

$395 annually
More details

6.24%

Fixed - 7 years

$400
ME Bank

5.41%

$0
More details

5.87%

Variable

$400
ME Bank

5.43%

$0
More details

6.89%

Fixed - 6 years

$0
ME Bank

5.58%

$395 annually
More details

6.69%

Fixed - 7 years

$0
ME Bank

5.61%

$395 annually
More details

6.07%

Variable

$400
ME Bank

5.69%

$0
More details

6.44%

Fixed - 6 years

$400
ME Bank

5.78%

$0
More details

6.89%

Fixed - 7 years

$0
ME Bank

5.80%

$395 annually
More details

6.44%

Fixed - 7 years

$400
ME Bank

5.86%

$0
More details

6.84%

Fixed - 6 years

$400
ME Bank

6.09%

$0
More details

6.84%

Fixed - 7 years

$400
ME Bank

6.09%

$0
More details

7.04%

Fixed - 6 years

$400
ME Bank

6.24%

$0
More details

7.04%

Fixed - 7 years

$400
ME Bank

6.34%

$0
More details

ME Bank customer service

ME customers can contact the bank by either calling the National Customer Contact Centre or by requesting a call back. Customers wanting to book a mobile banker can do so through the ME website or by emailing customer support directly. ME Bank does not have a branch network, but does have a network of mobile bankers who can help work out your loan options and assist with the application form.

  • Customer service centre (phone, email)
  • Mobile app
  • Online banking
  • Mobile banking staff

How to apply for a ME bank home loan

Borrowers wanting to apply for an ME Bank home loan can either complete an online enquiry form, call the ME Bank customer hotline for assistance or book an appointment with an ME mobile banker. 

Before applying for an ME Bank home loan, consider what you can afford to borrow and what other costs you may need to pay. 

To apply for an ME Bank home loan, you will need to supply the following information:

  • Details of your income and employment
  • Proof of identity
  • Proof you are a citizen or permanent resident of Australia or New Zealand

About ME Bank home loans

ME Bank home loans are designed to cater to a range of potential borrowers, including owner-occupiers, investors, refinancers and upgraders.

Its home loan options range from basic no-frills home loans to more specialist high-LVR loans and home equity loans.

In terms of interest rates and repayments, ME Bank also offers a number of options:

  • Fixed-rate home loans
  • Interest-only home loans
  • Split home loans (part fixed, part variable)
  • Principal-and-interest home loans
  • Interest-only home loans

Because ME Bank doesn’t have any branches (and thus has lower overheads) it can offer competitive interest rates on home loans to borrowers. 

ME Bank home loans have a maximum loan term of 30 years. Offset accounts and redraw facilities are also available with some home loans.

ME Bank home loan rates

ME Bank home loan interest rates tend to be lower than those of many larger banks. Borrowers choosing a basic owner-occupier principal-and-interest home loan with a deposit of at least 20 per cent (80 percent LVR) typically receive the lowest interest rates offered by ME Bank. Investors choosing interest-only home loans or high-LVR loans are likely to have a higher interest rate than more basic borrowers.

Discounts on interest rates and fees may be available for customers choosing ME Bank’s Members Package, which includes a credit, transaction and savings account in addition to a home loan.

As well as looking at ME Bank’s home loan rates, it’s also important to consider the cost of upfront and ongoing fees before making an application.

ME Bank home loans review

ME Bank doesn’t have any branches, so ME Bank home loans may be better suited to borrowers who are comfortable meeting with a mobile home loan specialist and managing their ongoing needs online.

ME Bank offers a variety of home loans to suit different types of borrowers, including basic owner-occupier borrowers and investors, as well as high-LVR borrowers. However, its home loan range doesn’t extend to SMSF home loans or low-doc home loans.

ME Bank home loan rates are often competitive when compared to those of the biggest banks, though they aren’t always the lowest rates on the market. However, they do offer flexibility, with offset accounts and redraw facilities available on some home loans.

Customers wanting to manage all their banking accounts with ME Bank may also be able to take advantage of home loan rate discounts and reduced fees by looking into package offers.

Learn more about ME Bank

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

Does Australia have no-deposit home loans?

Australia no longer has no-deposit home loans – or 100 per cent home loans as they’re also known – because they’re regarded as too risky.

However, some lenders allow some borrowers to take out mortgages with a 5 per cent deposit.

Another option is to source a deposit from elsewhere – either by using a parental guarantee or by drawing out equity from another property.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

What is a guarantor?

A guarantor is someone who provides a legally binding promise that they will pay off a mortgage if the principal borrower fails to do so.

Often, guarantors are parents in a solid financial position, while the principal borrower is a child in a weaker financial position who is struggling to enter the property market.

Lenders usually regard borrowers as less risky when they have a guarantor – and therefore may charge lower interest rates or even approve mortgages they would have otherwise rejected.

However, if the borrower falls behind on their repayments, the lender might chase the guarantor for payment. In some circumstances, the lender might even seize and sell the guarantor’s property to recoup their money.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor.