ME Bank

Member Package Flexible Home Loan (Principal and Interest) ($700k+, LVR < 80%)

Advertised Rate

2.69%

Variable

Comparison Rate*

3.14%

Maximum LVR
80%
Real Time Rating™

3.03

/ 5
Monthly Repayment

$1,215

based on $300,000 loan amount for 25 years

Advertised Rate

2.69%

Variable

Comparison Rate*

3.14%

Maximum LVR
80%
Real Time Rating™

3.03

/ 5
Monthly Repayment

$1,215

based on $300,000 loan amount for 25 years

Calculate repayment for ME Bank product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,215

based on $300,000 loan amount for 25 years

Based on your details, ME Bank is available through brokers

Gali Alon

5.0
13 Reviews

Get expert advice from a home loans specialist.

Gali’s ‘client for life’ philosophy is central to the longterm success of her clients. With combined decades in property investing, finance and IT, Gali understands what it takes to navigate her clients through the home loan process with clarity and confidence while ensuring they achieve the best outcome for their needs. Gali holds a Bachelor of Science degree with a major in Psychology as well as a Diploma in Finance and Mortgage Broking. Gali now specialises in helping home owners become mortgage free, faster and easier. The first step is finding you the cheapest home loan from over 1,350 finance options - at no cost to you. To discuss your next home loan with Gali, just email gali@beyondloans.com.au or call me directly on 0400 111 896

Response time: in 4 hours

Our brokers call during business hours between 9.00am to 6.00pm.

Glenn Rowan

5.0
29 Reviews

Get expert advice from a home loans specialist.

Qualified in Mortgage Broking / Mortgage Broking Management (Diploma). Home Loans, Commercial Loans, Asset finance & Equipment Finance, Business finance , Personal loans and debt consolidation are services I offer, as well as Property Investment sourcing. During my career I have worked in various roles within the finance & property sector spanning over 20 years. I have worked for Real Estates, Property Investment companies and spent time at Financial Planning Firms which motivated me to complete my RG146 – Financial Planning (Diploma). I now and for the last 10 years have specialised in making peoples dreams come true plus have helped clients increase their wealth. What I really enjoy is helping people through the mortgage process, be it Residential or Commercial and knowing that they have chosen the right loan. I will be with you every step of the way, making the process streamlined.

Response time: in 39 minutes

Our brokers call during business hours between 9.00am to 6.00pm.

Collins Mayaki

4.8
87 Reviews

Get expert advice from a home loans specialist.

I pride myself on building long term relationships with my clients. I’ve been in the industry for over 14 solid years with a combined 30 years experience within our firm (Wealthy You). this gives clients that extra peace of mind knowing we’ve been around for a long time. We’ve worked on hundreds of applications. There isn’t a scenario we haven’t come across. We hold your hands from start to finish. As far as our company Wealthy You goes, with 30 years finance experience, we’ve got team members specialised In multiple areas within finance, for example: SMSF Loan, Construction Loans, Reverse Mortgage, Development Loans, Business Loans, Car Loan, Home Loan/Refinance/Purchasing And much much more. We go through every single file to make sure it will get approved before submission because we’ve got brokers within the team that worked with the banks for many years as people that APPROVED and DECLINED files.

Response time: in 31 minutes

Our brokers call during business hours between 9.00am to 6.00pm.

Pros and Cons

Pros and Cons

  • Lower than average interest rate
  • 100% full offset account
  • Extra repayments and redraw facility
  • Free redraw facility
  • Ongoing fee
  • Discharge fee at end of loan
  • Maximum loan amount is limited to 80% of the property's value

ME Bank Features and Fees

ME Bank Features and Fees

Details

Maximum LVR

80%

Total Repayments

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

5 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$200

Application fee

$0

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$395 annually

Discharge fee

$350

Application method

Online

Phone

In branch

Pros and Cons

  • Lower than average interest rate
  • 100% full offset account
  • Extra repayments and redraw facility
  • Free redraw facility
  • Ongoing fee
  • Discharge fee at end of loan
  • Maximum loan amount is limited to 80% of the property's value

ME Bank Features and Fees

Details

Maximum LVR

80%

Total Repayments

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

5 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$200

Application fee

$0

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$395 annually

Discharge fee

$350

Application method

Online

Phone

In branch

FAQs

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment. 

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.

Mortgage Calculator, Loan Results

These are the loans that may be suitable, based on your pre-selected criteria. 

What is a redraw fee?

Redraw fees are charged by your lender when you want to take money you have already paid into your mortgage back out. Typically, banks will only allow you to take money out of your loan if you have a redraw facility attached to your loan, and the money you are taking out is part of any additional repayments you’ve made. The average redraw fee is around $19 however there are plenty of lenders who include a number of fee-free redraws a year. Tip: Negative-gearers beware – any money redrawn is often treated as new borrowing for tax purposes, so there may be limits on how you can use it if you want to maximise your tax deduction.

What is the average annual percentage rate?

Also known as the comparison rate, or sometimes the ‘true rate’ of a loan, the average annual percentage rate (AAPR) is used to indicate the overall cost of a loan after considering all the fees, charges and other factors, such as introductory offers and honeymoon rates.

The AAPR is calculated based on a standardised loan amount and loan term, and doesn’t include any extra non-standard charges.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

Why should you trust Real Time Ratings?

Real Time Ratings™ was conceived by a team of data experts who have been analysing trends and behaviour in the home loan market for more than a decade. It was designed purely to meet the evolving needs of home loan customers who wish to merge low cost with flexible features quickly. We believe it fills a glaring gap in the market by frequently re-rating loan products based on the changes lenders make daily.

Real Time Ratings™ is a new idea and will change over time to match the frequently-evolving demands of the market. Some things won’t change though – it will always rate all relevent products in our database and will not be influenced by advertising.

If you have any feedback about Real Time Ratings™, please get in touch.

Mortgage Calculator, Interest Rate

The percentage of the loan amount you will be charged by your lender to borrow. 

What is the amortisation period?

Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.

What factors does Real Time Ratings consider?

Real Time RatingsTM uses a range of information to provide personalised results:

  • Your loan amount
  • Your borrowing status (whether you are an owner-occupier or an investor)
  • Your loan-to-value ratio (LVR)
  • Your personal preferences (such as whether you want an offset account or to be able to make extra repayments)
  • Product information (such as a loan’s interest rate, fees and LVR requirements)
  • Market changes (such as when new loans come on to the market)

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.

What is a specialist lender?

Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks.

That includes people with bad credit, as well as borrowers who are self-employed, in casual employment or are new to Australia.

Specialist lenders take a much more flexible approach to assessing mortgage applications than mainstream banks.

What is bridging finance?

A loan of shorter duration taken to buy a new property before a borrower sells an existing property, usually taken to cover the financial gap that occurs while buying a new property without first selling an older one.

Usually, these loans have higher interest rates and a shorter repayment duration.

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

Mortgage Calculator, Property Value

An estimate of how much your desired property is worth. 

Mortgage Calculator, Repayments

The money you pay back to your lender at regular intervals. 

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.

Mortgage Calculator, Loan Term

How long you wish to take to pay off your loan. 

What is appreciation or depreciation of property?

The increase or decrease in the value of a property due to factors including inflation, demand and political stability.