Ratings
ME Bank is a privately held business with 28 years of experience. The company's current areas of expertise are banking, banks, and mortgage finance. Adam Crane serves as the CEO of the company. Its headquarters are in Melbourne, Victoria, Australia, and employs between 1,000 and 5,000 people. ME Bank generates annual revenue between the region of 100 million and 500 million.
| Lenders | Rate of Interest | Comparison Rate | Ratings | |
|---|---|---|---|---|
 ME Bank | 5.99% - 6.74% | 7.12% - 8.07% |
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Pros
Strict lending policies.Customer Support.High Property Value for First Home Buyers.Home Loan for Self-Employed.
Cons
Signup Fees.Strict Age Restrictions.ME Bank offers home loans for various purposes, i.e. buying new homes or refinancing, along with investing in property. The bank offers home loans with several features and benefits for customers, including attractive home loan interest rates. There are Basic and Flexible+ Member packages.
The Basic package offers a low variable rate along with fee-free redraw features, in addition to zero monthly/annual charges.
Flexible+ Member packages offer lower fixed/variable rates along with various other features for $395 per annum. Other features include fee-free redraw, flexibility, and offset account.
Home Loans- There are home loans offered by ME Bank with diverse features and benefits.
Personal Loans- Personal loans are also available for applicants at ME Bank. These come with attractive rates of interest from 10.98% per annum onwards.
The loan tenures are 1-7 years, while there are additional repayments without penalties. Direct debit features are also available, in addition to diverse repayment choices.
The ME Bank home loan is popular due to various reasons. The first is that the interest rate of these loans are competitive and are taken after carefully considering the industry averages. Moreover, the interest rates here are low and also variable. There are no account-keeping charges to be paid by the account holder for getting this loan. Furthermore, this home loan provided by ME Bank also allows customers to get free redraws. Customers can withdraw money in case of any emergencies. The minimum amount for withdrawal allowed is $ 500. Moreover, this bank enables you to repay home loan amounts as early as possible without extra charges.
You must fulfil certain conditions to apply for ME Bank home loans. First, you must be an Australian citizen to avail of this loan. You must also have a certain annual income level to repay the money. You must calculate your loan borrowing capacity to get more information about ME Bank home loans.
You must follow specific steps to apply for a home at ME Bank. First, you will have to visit the company's online website. From there, you must choose your purpose for choosing this loan. Next, you must choose between refinancing, buying a home, and managing your ME home loan. If you are purchasing a new home, then you will have to choose to buy a home. After this, you can directly chat with customer care representatives to get more details about the home loan amount, interest rates, and eligibility criteria. The customer care representatives will help you to move further with the home loans. You may need to fill out a form to provide all the details for getting the loan.
Some of the supportive documents for getting a home loan include the following:
A few different kinds of home loan calculators are available for home loans. You can search by typing ME Bank home loan calculator. In addition, there is a Borrowing power calculator, loan repayments calculator, refinancing calculator, and calculation of stamp duties. The borrowing power calculator asks for your annual income before tax, your monthly expenses, the total monthly loan repayment needed, your partner's annual income, and monthly expenses to calculate your total purchasing power. On the other hand, the loan repayment calculator asks for the property price, the deposit amount, loan rate, payment type, rate type, and interest rate to determine the total amount of money that will have to be paid by the borrower monthly. Similarly, the refinance calculator determines how much money the borrower can save. It considers the interest rate, current loan balance, and estimated property value to determine your savings amount.
You can contact the customer service representatives of ME Bank home loan in several ways. First, call their contact centre on the number 13 15 63. This line is open Monday to Friday between 8 am to 8 pm and 9 am to 5 pm on Saturdays. Other than this, you can also contact the company at the email id [email protected]. The customers also can fill in online forms to mention their grievances.
There are two kinds of home loans available. One is if you want to purchase a new home. Other than this, you also have the option to refinance your existing loans from this Bank.
There is no fixed limit to the amount you can borrow from this Bank for home loans. One can borrow a minimum of $150,000 to up to 80% of the LVR of the property.
It takes little time to get a loan from ME Bank. You must go to their website, select your loan, and talk with the customer care representative before getting it. After completing the form and providing all the necessary documents, your loan will be approved within 6-8 weeks.
There can be times when you fail to give EMI for a particular month. You do not need to worry about this; you can make payments whenever possible. You can make early payments, and you can also make late payments without the fear of paying any additional costs.
ME Bank provides different kinds of support to home loan borrowers. When getting a home loan, you will get the assistance of a customer care representative who will guide you through the loan application process. You can also contact their customer care representatives if you have any queries regarding your loan amount, interest rates, loan repayment, etc. In addition, you can give online feedback and share your queries through phone calls. The customers can also mail the company at their mail id.
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