- Refinance cashback offer
ME is offering cashbacks to purchasers and refinancers.
There's a $3,000 cashback for eligible refinancers switching their loans from another bank. Loans must be at least $700k and have an LVR of less than 80%. Both owner occupiers and investors are eligible.
This offer is available for applications received from 15 June 2024. Eligible purchasers can get a $2,000 cashback for new loans of $400,000 or more with an LVR above 80% (95% LVR including LMI for owner-occupiers and 90% LVR including LMI for investors).
For both offers the loan must be settled within 120 days of the application.
ME Bank is an online Australian bank owned by the Bank of Queensland. ME Bank offers various fixed and variable home loans online. Check out the full table of ME Bank products below or read more about the lender and its loans.
Compare ME Bank home loans for December 2024
Hit the "Load more" button to compare a bigger selection of products and hit the green button to go to ME Bank's website to start an enquiry or learn more about the loan.
Compare alternatives
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
ME Bank key facts
- ME Bank's home loan rates are quite competitive, especially on its fixed rate package loans.
- ME Bank is an online lender. The bank has phone and email support. If you want in-person help with your loan application, you might need to look elsewhere.
- You need a 20% deposit to get most ME Bank home loans.
- If you want a package home loan that offers a low rate bundled with other financial products in exchange for an annual fee, ME Bank is well worth considering.
Review by our senior home loans writer Richard Whitten
ME Bank home loan features
Here are the key features and details you need to know about ME's mortgage products.
Feature | Details |
---|---|
Minimum deposit | Most ME Bank loans have 80% maximum LVRs. This means you can borrow up to 80% with an ME Bank mortgage. But it does have a couple of options for borrowers with low deposits (that is, deposits below 20%). |
Offset account | You can get an offset account on ME's package loans. |
Repayment options | ME Bank's home loans allow you to make interest only repayments or principal and interest repayments. |
Split rate | Most ME Bank mortgages allow you to split your loan into fixed and variable portions. |
Lenders like ME Bank
If you want to compare loans from lenders similar to ME Bank, then you can start with these online lenders. They all have competitive rates and may be a better match for your needs:
- Athena. This digital fintech lender offers low-rate mortgages and an entirely online, convenient service.
- Tiimely Home. This lender's online application tool can process your mortgage application fast. Backed by Bendigo and Adelaide Bank.
- Homestar. A 100% online lender, Homestar has been providing mortgages to Australian borrowers since 2004.
- loans.com.au. A Brisbane-based online lender, loans.com.au is backed by Firstmac, Australia's largest non-bank lender.
- ING. This online bank is part of the global, Dutch-based financial group of the same name.
- UBank. This online bank is actually owned by NAB.
Looking for more mortgage options?
- Big Four banks. Check out interest rates from Australia's Big Four banks.
- Best home loans. Finder's top loan picks every month.
- Cheapest rates. Compare the lowest home loan rates on the market.
- Investors. Compare more loans for property investors.
- Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
How do I apply for an ME Bank mortgage?
When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.
Eligibility
Each ME Bank product has specific eligibility criteria but some will apply to all products. For example:
- Age. You must be over 18 years of age.
- Residency. You should be a resident of Australia.
- Employment. You should have a regular source of income.
Documents required
When you apply for a mortgage with ME Bank you are required to provide certain information, so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:
📄 Property details. You can start a loan enquiry before you've bought a property, but to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (such as savings accounts and investments) and liabilities (for example, any outstanding debt you may have).
More home loan questions
Compare other products from ME Bank
What is Finder Score?
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Read the full Finder Score breakdown
More guides on Finder
-
Help to Buy scheme
Learn more about the Help to Buy scheme and how it can help home buyers.
-
Distressed and foreclosed properties in Australia
A guide to distressed property sales in Australia, including risks to be aware of and tips for buying distressed properties.
-
Illawarra Credit Union home loans
In 1972 the Collieries Employees Credit Union and Southern Mutual Credit Union combined to provide more services to a growing number of members.
-
MyState Bank Home Loans
MyState provides a range of home loans, including variable and fixed rate home loans, line of credit home loans and more.
-
Teachers Mutual Bank home loans
Compare the home loans from Teachers Mutual Bank for buying your first home, your next home, refinancing your existing loan or investing in property.
-
Low deposit home loans
You may be able to get a low deposit home loan with just a 5% cash deposit. Here are the lenders who are more likely to lend you a 95% loan.
-
Investment home loan rates
The best investor home loan rates that have been offered in years have hit the market. Compare investment property loan rates today.
-
loans.com.au home loans
loans.com.au is one of Australia's leading online only lenders with a range of products that have great features and low costs.
-
Cheap home loans – rates from 4.99%
Find the cheapest home loan rates and learn how to decide which one best fits your needs and will save you the most money.
-
Variable home loan rates comparison
Find a great deal on a variable interest rate home loan from lenders large and small. Start comparing and saving today.
Ask a question
Can you have a 30 year mortgage at 60
Hi Les,
It may be possible to take out a home loan, but it may be harder. Please see our guide here on home loans for borrowers over 55.
If you’re interested in this home loan from ME Bank, it is best to speak to the bank directly to get an understanding of what its credit assessors would look for. You can call 1300 490 540 to speak to a member of the team.
Alternatively, you could talk to a mortgage broker to go through your circumstances and all of your options.
Kind Regards,
Rebecca
Hi,
I have a block of land, that I own. I need to borrow to build my new home. All plans are council approved ready to go.
I am aware some banks won’t lend for new builds. Is this correct?
Can you point me in the right direction?
Thank you.
Kind regards
Tracy
Hi Tracy,
The home loan required to fund a new home build is called a construction loan. Some lenders may not offer these products, but many do, including the Big Four banks. It’s a good idea to ask a lender if they offer construction loans before submitting any applications. Alternatively, you can talk to a mortgage broker who can help you find suitable mortgage options.
Kind regards,
Richard
I have a Flexible Home Loan with ME Bank and I would like to switch it to Basic Home Loan with lower interest rate. What would be right procedure to go about it? Thanks.
Hi Damian,
Thank you for your comment.
Generally, banks do offer flexible ways to help you with your loans considering your current situation. Regarding the procedure on how to go about switching your home loan from Flexible to Basic, it might be time to talk to your bank about getting a loan check up. One of their specialists can take a look through your current loan situation and help bring it up to speed. Hoping for the best.
Regards,
Jhezelyn
Hi, I do have loan and its 2 years fixed. But I do have few extra saving at the end of the year which I want to put to reduce my loan will I be able to do it.
Hope to get answer for my question.
Hi Sangita,
Thanks for reaching out.
Yes, you can make extra repayments up to $30,000 during the fixed interest rate period. Kindly note that you are not able to redraw from a fixed interest rate facility during the fixed rate period.
I hope this helps.
Cheers,
Liezl
I have a unencumbered property worth 1.2 m. My wife and I receive Centrelink benefits. Would we be eligible for a loan up to $150,000.
Hi Francis,
Thanks for reaching out.
You can read our guide about home loans for Centrelink recipients which explains how you can go about applying for a home loan. Here, you can also view which Centrelink benefits are accepted by lenders and you can enquire with a mortgage broker to discuss your borrowing options.
Please note that most lenders only accept government benefits as a secondary source of income and they treat these types of applications on a case-by-case basis.
If you can prove to the lender that you have sufficient assets and savings to service the loan, you may be able to qualify for finance. However, keep in mind that a lender will also review your credit history and any existing debts that you have (e.g. personal loans or credit cards) when determining your propensity to repay the loan.
All the best,
Belinda