ME Bank home loan review


Read to compare interesting features of ME Bank home equity loans and how the lender compares to others.

ME Bank, originally short for Members Equity Bank, is an Australian bank now wholly owned by the Bank of Queensland. It was formerly owned by a consortium of bond funds but was acquired by Challenger Bank BoQ in 2021.

Despite what the name technically stands for, ME is no longer customer-owned but a digital bank offering home loans, savings accounts, credit cards, term deposits, and transaction accounts.

What home loans does ME Bank offer?

Whether you’re a first-time homebuyer, refinancer, real estate investor, or other type of borrower, ME could have many mortgage products to suit your needs.

ME offers a range of home loans for both owner occupiers and investors including:

  • The flexible home loan: As the name suggests, this is a low-interest, flexible home loan with numerous additional features such as a 100% clearing account and free resubmissions, with no appraisal fees and the option to freeze or split the loan.

  • The Flexible+Member Package home loan: The flexible home loan with linked additional products, e.g. B. a credit card.

  • The home loan: A no-frills home loan with no monthly maintenance fees and no application fee, but could attract a higher advertised interest rate than flexible loans.

  • Fixed home loans: ME also offers flexible and packaged home loans for fixed terms from one to seven years.

ME Bank also offers different types of repayments (e.g. interest only or principal and interest) to suit different circumstances.

Compare some of ME’s home occupancy home loans in the table below:

Baseline criteria: $400,000 loan amount, variable, fixed, principal and interest (P&I) loans with a minimum 80% loan-to-value (LVR) ratio. However, the Compare Home Loans table allows calculations based on variables selected and entered by the user. All products will list the LVR with the product and tariff clearly posted on the product provider’s website. Once the basic criteria have been changed by the user, the monthly repayments are based on the advertised rates of the selected products and are determined by the user/you entered loan amount, repayment type, loan term and LVR. *The comparative interest rate is based on a $150,000 loan over 25 years. Warning: This comparison fare is for this example only and may not include all fees and charges. Different terms, fees or other loan amounts can lead to a different comparison rate. Prices valid from February 22, 2022. View disclaimer.

See how ME’s home loans compare to some of the most competitive home loans in the market for owner-occupiers:


fare type offset Draw again Ongoing fee prepayments LVR Lump sum repayment Additional Refunds pre-approval

variable More details

Smart Booster Discount Home Loan Floating – 2 Years (LVR
  • Fast turnaround times, can meet 30-day billing
  • Minimum 20% down payment for purchase and refinancing
  • No ongoing or monthly fees, add offset for 0.10%

variable More details

Low Rate Home Loan – Prime (Principal and Interest) (Used by Owner) (LVR
  • No upfront or ongoing fees
  • 100% full compensation account
  • Additional Repayments + Redraw Services

variable More details

Owner-Occupier Accelerated – Celebrations (LVR
  • We lower your interest rate based on the amount you’ve paid back on your loan
  • Automatic rate adjustment
  • No upfront or ongoing fees

variable More details

Neat Variable Home Loan (Principal and Interest) (LVR
  • No ongoing fees – None!
  • Unlimited additional repayments
  • Redraw- Access your extra payments when you need them

variable More details

Variable owner-occupation, principal and interest (refinancing only)(LVR
  • No application or ongoing fees.
  • 100% Free Offset Sub Account.
  • Fast online application, approval in minutes instead of weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance only loans and variable rates.

variable More details

Green Home Loan (principal and interest)

  • Fast processing, can meet 30-day settlement
  • Save thousands and make an environmentally responsible choice on your home loan for less than 12 months

ME Bank mortgage features

Some of ME’s home loan products are accompanied by the following features:

  • redraw facility: Make additional repayments for free on adjustable rate loans. With fixed-rate loans, you can make up to $30,000 in additional repayments during the fixed-rate period.

  • offsetting accounts: ME Bank offers a 100% balanced account to help borrowers save on interest.

  • Early, additional and more frequent repayments: You can adjust your repayment amount and frequency at ME Bank to suit your own schedule

  • repayment holiday: You can pause your repayments for up to 12 months at a time (although interest will accrue).

  • Split Refunds: You can split your repayments between fixed and floating to get the best of both worlds.

  • interest in advance: If you’re an investor, you can pay a block of interest up front, which might be more tax efficient.

ME also offers a Home Loan Health Check where you can check the progress of your loan repayments with one of ME’s experts.

Pre-Approval of ME Bank Home Loan

Conditional approval or pre-approval typically takes less time than unconditional approval and you should receive pre-approval within 1 business day of completing your application with ME. Pre-approval is also known as “principle approval”.

How to apply for a home loan from ME Bank

Eligibility Criteria

In general, to apply for a home loan from ME, you must:

  • be 18 years or older

  • Be an Australian citizen or permanent resident

  • Have a regular source of income

  • Demonstrate your ability to service the loan

  • Have a clean credit history (never been bankrupt)

You can apply for a home loan from ME Bank online or by calling 13 15 63. You can also call me to book a chat with a mobile expert.

As with all home loans, your home loan application may be unsuccessful if you do not meet the eligibility criteria or have not submitted all of the documentation necessary for the process to proceed.

Documents and information required

In order for your home loan application to be successful with ME, you should have the following documents ready:

  • An identification document (e.g. driver’s license, birth certificate, passport)

  • Your annual income and your estimated net worth

  • Your estimated expenses and liabilities

  • A current email address and cell phone number

ME can verify your identity electronically or by telephone using the personal information you provided when you applied. Alternatively, you can verify your ID directly with ME by completing the ID verification form on ME’s website.

Image by ME Bank

The selection of the above products did not take into account the entire market. Rather, a reduced part of the market was considered. Some vendors’ products may not be available in all states. In order to be considered, the product and tariff must be clearly published on the product provider’s website.,, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Sparmedien Group is assigned to the Firstmac Group. To learn how Savings Media Group manages potential conflicts of interest and how we are paid, please visit the website links at the bottom of this page.


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