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About ME Bank

ME Bank was founded in 1994 as an alternative to the ‘Big Four’ of Australian banking, with a mission to help Australians buy their own homes..

ME Bank is owned by Bank of Queensland, and supports a number of charities including OrangeSky, the National Breast Cancer Foundation, Beyond Blue, and Australian Wildlife Conservancy.

ME Bank home loans at a glance

Offset accounts available
Redraw facilities available
Line of credit available
Split rate option available
Green loan available
Ability to make extra repayments
Internet banking available
Salary crediting
Choice of repayment flexibility
Refinance available
Services first home buyers

What types of home loans does ME Bank offer?

ME Bank’s range of home loan products on offer currently includes:

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Who does ME Bank lend to?

ME Bank offers home loans that may be appropriate for first home buyers, refinancers, property investors and more. ME Bank’s range of home loan offerings is relatively stripped back, and they don’t offer construction or bridging loans, unlike many other home lenders.

However, when it comes to what types of borrowers ME Bank lends to, there are a few points that prospective borrowers should keep in mind.

The first is that ME Bank has a maximum allowed loan-to-value ratio (LVR) of 95%, meaning you won’t be approved for a home loan with ME Bank if your saved deposit is less than 5% of your total proposed loan size.

ME Bank also likely won’t give you a home loan if you can’t repay your proposed home loan at a rate 3% higher than the advertised interest rate. This is because the Australian Prudential Regulation Authority (APRA) requires all lenders to assess an applicant’s ability to service their proposed home loan in the event of interest rate hikes.

Can I get a ME Bank home loan as a first home buyer?

Yes, ME Bank provides home loans to first home buyers. While they don’t have a specific home loan product designed for these buyers, they have several tools and resources available to them to help them navigate the process of buying a home for the first time.

Does ME Bank offer the Home Guarantee Scheme?

No, ME Bank is not one of the 33 participating lenders chosen by the Federal Government to offer the Home Guarantee Scheme. With that in mind, if you were hoping to access the Home Guarantee Scheme you may want to work with a different lender.

The Home Guarantee Scheme helps certain home buyers secure a home loan with a deposit smaller than 20%, without having to pay lenders mortgage insurance (LMI).

The Home Guarantee Scheme is made up of three separate initiatives:

  • The First Home Guarantee, which allows eligible first home buyers to purchase a home with a deposit of as little as five percent.
  • The Family Home Guarantee, which allows eligible single parents to purchase a home with a deposit of as little as two percent, regardless of whether they’re a first home buyer or not.
  • The Regional First Home Buyer Guarantee, which allows eligible first home buyers to purchase homes in regional areas with a deposit of as little as five percent.

Applications for one of these schemes can only be made through a participating lender or a mortgage broker acting as an authorised representative of a participating lender.

Can you refinance your home loan with ME Bank?

Yes, you can refinance your home loan with ME Bank. Borrowers refinancing their loan with ME Bank can choose either a fixed, standard variable rate or split rate loan to switch to and can add an offset account to eligible loans (all ME Bank home loans come with fee-free redraw).

Does ME Bank charge Lenders Mortgage Insurance (LMI)?

ME Bank requires a borrower to take out LMI if their deposit represents less than 20% of the loan value. ME Bank allows a maximum LVR of 95%, meaning if you don’t have at least a 5% deposit, paying LMI to secure a home loan likely won’t be an option.

What home loan fees does ME Bank charge?

As of 15 May 2024, ME Bank charges the following home loan fees. Please note that these fees are subject to change without notice; be sure to check the Key Facts Sheet for any home loan you’re thinking about applying for.

  • Valuation fee – $200
  • Settlement fee – $250
  • Agent fee – $110
  • Member Package fee – $395
  • Fixed rate lock fee – $500
  • Top-up fee – $250
  • Security substitution fee – $350
  • Missed repayment fee – $25
  • Security discharge preparation fee – $350

Interested in a ME Bank home loan? Compare with us today!

If you want to learn more about ME Bank home loans, you can use our home loan comparison tool to compare them against a wide range of other loan products from nearly 20 other lenders.

Comparing home loans with us means only being shown home loans you’re eligible to apply for, and having a dedicated team of Home Loan Specialists on-hand to help you with any questions you may have. And if you find a home loan that you think might be appropriate for you, you can apply for it then and there – entirely online, with no physical paperwork.

So, if you’re in the market for a home loan, compare your options today with Compare the Market!

Stephen Zeller, Home Loans Expert

Meet our home loans expert, Stephen Zeller

Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).

Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.

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