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 am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.09%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

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

ME Bank home loans rates

Product
Advertised Rate

2.58

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

2.60

% p.a

Ongoing fee
$0
Go to site
More details
Product
Advertised Rate

2.99

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

3.01

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.24

% p.a

Fixed - 3 years

Total estimated upfront fees
$200
Comparison Rate*

3.18

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 2 years

Total estimated upfront fees
$200
Comparison Rate*

3.20

% p.a

Ongoing fee
$395 annually
Go to site
More details
Product
Advertised Rate

4.17

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

3.24

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 1 year

Total estimated upfront fees
$200
Comparison Rate*

3.28

% p.a

Ongoing fee
$395 annually
Go to site
More details
Product
Advertised Rate

3.28

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

3.30

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 4 years

Total estimated upfront fees
$200
Comparison Rate*

3.34

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.89

% p.a

Variable

Total estimated upfront fees
$200
Comparison Rate*

3.34

% p.a

Ongoing fee
$395 annually
Go to site
More details
Product
Advertised Rate

3.49

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

3.39

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.49

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.39

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.49

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.44

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.19

% p.a

Fixed - 5 years

Total estimated upfront fees
$200
Comparison Rate*

3.46

% p.a

Ongoing fee
$395 annually
Go to site
More details
Product
Advertised Rate

3.45

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

3.47

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 3 years

Total estimated upfront fees
$200
Comparison Rate*

3.52

% p.a

Ongoing fee
$395 annually
Go to site
More details
Product
Advertised Rate

3.52

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

3.54

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.69

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.54

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.57

% p.a

Ongoing fee
$395 annually
Go to site
More details
Product
Advertised Rate

3.69

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

3.57

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 2 years

Total estimated upfront fees
$200
Comparison Rate*

3.58

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.62

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 1 year

Total estimated upfront fees
$200
Comparison Rate*

3.65

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.67

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.65

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.09

% p.a

Fixed - 4 years

Total estimated upfront fees
$200
Comparison Rate*

3.66

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.67

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.67

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.89

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.67

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.19

% p.a

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.69

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.27

% p.a

Variable

Total estimated upfront fees
$200
Comparison Rate*

3.71

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.28

% p.a

Variable

Total estimated upfront fees
$200
Comparison Rate*

3.72

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.89

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.74

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.39

% p.a

Fixed - 5 years

Total estimated upfront fees
$200
Comparison Rate*

3.76

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.39

% p.a

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.76

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.49

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.80

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 3 years

Total estimated upfront fees
$400
Comparison Rate*

3.84

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.45

% p.a

Variable

Total estimated upfront fees
$200
Comparison Rate*

3.88

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.04

% p.a

Fixed - 4 years

Total estimated upfront fees
$400
Comparison Rate*

3.91

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.34

% p.a

Fixed - 5 years

Total estimated upfront fees
$400
Comparison Rate*

3.94

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.24

% p.a

Fixed - 2 years

Total estimated upfront fees
$400
Comparison Rate*

3.96

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.69

% p.a

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.98

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.34

% p.a

Fixed - 1 year

Total estimated upfront fees
$400
Comparison Rate*

4.15

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.64

% p.a

Fixed - 2 years

Total estimated upfront fees
$400
Comparison Rate*

4.21

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.84

% p.a

Fixed - 3 years

Total estimated upfront fees
$400
Comparison Rate*

4.21

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

4.04

% p.a

Fixed - 5 years

Total estimated upfront fees
$400
Comparison Rate*

4.22

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

4.04

% p.a

Fixed - 4 years

Total estimated upfront fees
$400
Comparison Rate*

4.24

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.64

% p.a

Fixed - 1 year

Total estimated upfront fees
$400
Comparison Rate*

4.27

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.91

% p.a

Variable

Total estimated upfront fees
$200
Comparison Rate*

4.33

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

4.31

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

4.33

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.64

% p.a

Fixed - 3 years

Total estimated upfront fees
$400
Comparison Rate*

4.45

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.54

% p.a

Fixed - 5 years

Total estimated upfront fees
$400
Comparison Rate*

4.46

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.54

% p.a

Fixed - 5 years

Total estimated upfront fees
$400
Comparison Rate*

4.46

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.24

% p.a

Fixed - 4 years

Total estimated upfront fees
$400
Comparison Rate*

4.47

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.84

% p.a

Fixed - 3 years

Total estimated upfront fees
$400
Comparison Rate*

4.50

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.34

% p.a

Fixed - 4 years

Total estimated upfront fees
$400
Comparison Rate*

4.50

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

5.49

% p.a

Fixed - 6 years

Total estimated upfront fees
$200
Comparison Rate*

4.58

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

4.61

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

4.63

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.64

% p.a

Fixed - 2 years

Total estimated upfront fees
$400
Comparison Rate*

4.65

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

5.11

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

4.66

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.84

% p.a

Fixed - 2 years

Total estimated upfront fees
$400
Comparison Rate*

4.68

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

5.49

% p.a

Fixed - 7 years

Total estimated upfront fees
$200
Comparison Rate*

4.74

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

2.64

% p.a

Fixed - 1 year

Total estimated upfront fees
$400
Comparison Rate*

4.86

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.84

% p.a

Fixed - 1 year

Total estimated upfront fees
$1000
Comparison Rate*

4.88

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.84

% p.a

Fixed - 1 year

Total estimated upfront fees
$400
Comparison Rate*

4.88

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

6.09

% p.a

Fixed - 6 years

Total estimated upfront fees
$0
Comparison Rate*

4.88

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

5.64

% p.a

Fixed - 6 years

Total estimated upfront fees
$400
Comparison Rate*

4.98

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

5.64

% p.a

Fixed - 7 years

Total estimated upfront fees
$400
Comparison Rate*

5.06

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

6.09

% p.a

Fixed - 7 years

Total estimated upfront fees
$0
Comparison Rate*

5.08

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

5.07

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

5.09

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

6.29

% p.a

Fixed - 6 years

Total estimated upfront fees
$200
Comparison Rate*

5.18

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

6.24

% p.a

Fixed - 6 years

Total estimated upfront fees
$400
Comparison Rate*

5.28

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

6.29

% p.a

Fixed - 7 years

Total estimated upfront fees
$200
Comparison Rate*

5.37

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

5.37

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

5.39

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

6.69

% p.a

Fixed - 6 years

Total estimated upfront fees
$0
Comparison Rate*

5.39

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

6.24

% p.a

Fixed - 7 years

Total estimated upfront fees
$400
Comparison Rate*

5.41

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

5.87

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

5.43

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

6.69

% p.a

Fixed - 7 years

Total estimated upfront fees
$0
Comparison Rate*

5.61

% p.a

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

6.07

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

5.69

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

6.44

% p.a

Fixed - 6 years

Total estimated upfront fees
$400
Comparison Rate*

5.78

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

6.44

% p.a

Fixed - 7 years

Total estimated upfront fees
$400
Comparison Rate*

5.86

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

6.84

% p.a

Fixed - 7 years

Total estimated upfront fees
$400
Comparison Rate*

6.09

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

6.84

% p.a

Fixed - 6 years

Total estimated upfront fees
$400
Comparison Rate*

6.09

% p.a

Ongoing fee
$0
Go to site
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 home loans

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

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.

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for. 

What are the benefits of getting a pre-approved home loan from Citibank?

While hunting for your dream home, getting a Citibank home loan pre-approval can have multiple benefits, which include:

  • You'll have an idea on your personal price range, which can save time to find your home.
  • With a pre-approved home loan, you may find yourself with more financial control to better decide how much you can spend.
  • A Citibank pre-approved home loan is a commitment  by a lender that signals you're ready to jump into the property market.

You can apply for pre-approval by providing basic details, such as name, email, and phone number on the bank’s website. Alternatively, you can contact the bank on 1300 361 922 or find a home lending officer on the website.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.

 

How to apply for a home loan pre-approval from St. George?

By applying for a home loan pre-approval, you can establish how much you can afford to borrow and look for houses within that pre-approved budget. Getting home loan pre-approval from St. George is a fairly simple process that can be completed within 15 minutes. 

The first step in this process is completing a home loan application. Once that application is submitted, a home loan expert from St. George will contact you to understand your requirements and your current financial position. You could also directly contact a home loan expert at the bank by calling 13 33 30 or by visiting your nearest branch. 

Once the application has been processed, the home loan expert will ask for some basic documentation to confirm your borrowing capacity. After this, you should be issued a home loan pre-approval, subject to certain conditions. 

Based on your home loan pre-approval from St. George, you can then find a property and make an offer. Your home loan expert will arrange to have the property valued and may request for more documentation, taking your home loan application to the next step. 

 

 

How do I apply for a home loan pre-approval from Commonwealth Bank?

To apply for a Commbank home loan pre-approval, you can either call the bank at 13 2224 or meet one of the bank’s lending specialists. You can set up a meeting online if you wish. You’ll need to do some homework before contacting the bank, such as gathering information on the kind of properties you’d like to buy and their prices.

Preparing a financial summary, which lists all your income sources as well as significant expenses, can also help determine how much you can afford to borrow. You may also want to check your credit score before applying for pre-approval.

It’s worth remembering that a CBA home loan pre-approval doesn’t guarantee that you’ll get the loan. Once you get the pre-approval, you’ll have about three to six months to decide on a property and apply for the home loan. The bank will then confirm that the property is suitable for the loan before fully approving it.

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

How do I get a pre-approved home loan with Aussie?

Getting Aussie home loan pre-approval means receiving conditional support from Aussie Home Loans to borrow the money you need to buy a home. 

It’s an indication of the approximate amount Aussie may offer you, subject to some terms and conditions. Keep in mind, having a pre-approved home loan does not guarantee an actual approval of your loan when it comes time to buy.

Aussie home loan pre-approval often involves speaking to one of the lender’s brokers. You can make an appointment online. You’ll often have to submit your personal details and other information about your assets, income, liabilities and expenses.  It’s worth remembering that a pre-approved loan is usually valid for a few months.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.