Basic Home Loan (LVR < 80%)
- Last updated on 29 May 2020
Discount Variable Home Loan
Make the move to UBank's award winning home loan
2.59%
Variable
2.59%
Owner Occupier Discounted Variable Rate
3.17%
Variable
3.19%
$1,077
based on $300,000 loan amount for 25 years
Pros
- No ongoing fees
- Extra repayments + redraw services
- Free redraw facility
- Repayments may decrease if RBA cuts rates
Cons
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Maximum LVR 80% | Interest rate structure Variable |
Borrowing range $40k - $100m | Total Repayments $387,720 |
Principal & interest | Interest only |
Loan term range 5 - 30 years | Offset account No |
Extra repayments Unlimited extra repayments | Redraw facility Redraw fee: $0 |
Allows split interest | Suitable For Owner Occupiers |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Estimated upfront fees $400 | Application fee $0 |
Settlement fee $0 | Valuation fee $200 |
Legal fee $200 | Ongoing fee $0 |
Discharge fee $350 | Property Type |
SMSF Trustee | Minimum SMSF Amount |
Compare and review home loans with similar features
ME Bank, or Members Equity Bank, was founded in 1994 and is owned by a group of industry super funds.
It provides a range of home loans to customers, including owner-occupier mortgages, investor mortgages, refinancing loans and high-LVR loans, among others.
ME Bank is an online-only bank, meaning home loan applications must be completed by arranging a meeting with a mobile home loan specialist. General customer service is also available online or over the phone.
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FAQs
The standard variable rate (SVR) is the interest rate a lender applies to their standard home loan. It is a variable interest rate which is normally used as a benchmark from which they price their other variable rate home loan products.
A standard variable rate home loan typically includes most, if not all the features the lender has on offer, such as an offset account, but it often comes with a higher interest rate attached than their most ‘basic’ product on offer (usually referred to as their basic variable rate mortgage).
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.