Read to compare the attractive features of the ME Bank home loan and how the lender stacks up against others.

ME Bank, originally short for Members Equity Bank, is an Australian bank wholly owned by Bank of Queensland. It was once owned by a consortium of pension funds, but was acquired by challenger bank BoQ in 2021.

Despite what the name technically represents, ME no longer belongs to its customers and is instead 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 home buyer, refinancer, real estate investor, or another type of borrower, ME may have many mortgage products to meet your needs.

ME offers a range of home loans to homeowners and investors, including:

  • The flexible home loan: As the name suggests, this is a low rate, flexible home loan that comes with lots of extra features like a 100% cleared account and free withdrawals, no appraisal fees, and the ability to fix or split the loan.

  • The Flexible Member Pack + Real Estate Loan: The flexible home loan with additional linked products, such as a credit card.

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

  • Fixed home loans: ME also offers flexible, lump-sum home loans for fixed terms ranging from one to seven years.

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

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

Basic criteria: a loan amount of $400,000, variable, fixed, principal and interest (P&I) real estate loans with an LVR (loan-to-value) ratio of at least 80%. However, the “Compare mortgages” table allows calculations to be made on the variables selected and entered by the user. All products will list the LVR with the product and price list which is clearly published on the product supplier’s website. Monthly repayments, once the basic criteria are modified by the user, will be based on the advertised prices of the selected products and determined by the loan amount, repayment type, loan term and LVR as entered by the user. user/you. *The comparison rate is based on a loan of $150,000 over 25 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of February 22, 2022. See disclaimer.

See how ME’s home loans stack up against some of the most competitive home loans on the market for homeowners:


Rate Type Gap Redraw Ongoing charges The initial costs LVR Lump sum reimbursement Additional refunds Pre-approval

Variable More details

Smart Booster Home Loan Discounted Variable – 2 years (LVR
  • Fast turnaround times, can meet 30 day settlement
  • For purchase and refinancing, down payment min 20%
  • No ongoing or monthly fees, add 0.10% compensation

Variable More details

Low Rate Home Loan – Premium (Principal & Interest) (Owner Occupant) (LVR
  • No upfront or ongoing fees
  • 100% cleared account
  • Additional refunds + withdrawal services

Variable More details

Homeowner Accelerates – Celebrate (LVR
  • We lower your rate based on the amount you have paid back on your loan
  • Automatic Rate Matching
  • No upfront or ongoing fees

Variable More details

Careful variable real estate loan (capital and interest) (LVR
  • No ongoing fees – None!
  • Unlimited additional refunds
  • Redraw – Access your extra payments if you need them

Variable More details

Owner Occupied Variable, Principal & Interest (Refinance Only)(LVR
  • No application or ongoing fees.
  • 100% free clearing sub-account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.

Variable More details

Green real estate loan (capital and interest)

  • Quick turnaround, can meet 30 day settlement
  • Save Thousands of Dollars and Make an Eco-Friendly Choice on Your Loan for Homes Under 12 Months

Features of ME Bank mortgages

Some of ME’s home loan products come with the following features:

  • Ease of redrawing: Redraw additional repayments on variable rate loans free of charge. On fixed rate loans, you can make up to $30,000 in additional repayments during the fixed rate period.

  • Clearing accounts: ME bank offers a 100% cleared account to help borrowers save on interest.

  • Early, additional and more frequent repayments: You can change the amount and frequency of your repayments with ME Bank according to your own schedule

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

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

  • advance interest: If you are an investor, you can pay part of the interest up front, which could be more tax-efficient.

ME also offers a home loan health check where you can check the status of your loan repayments with one of ME’s experts.

ME Bank Home Loan Pre-Approval

Conditional approval, or pre-approval, tends to take less time than unconditional approval, and you should receive pre-approval within one business day of completing your application with ME. Pre-approval is also referred to as “approval in principle”.

How to Apply for an ME Bank Home Loan

Eligibility criteria

To be able to apply for a home loan from ME, you generally must:

  • Be 18 or older

  • Be an Australian citizen or permanent resident

  • Have a regular source of income

  • Demonstrate your ability to repay the loan

  • Have a clean credit history (never been bankrupt)

You can apply for an ME Bank home loan online or by phone at 13 15 63. You can also call me to book a conversation with a mobile expert.

As with all home loans, your home loan application may fail if you do not meet the eligibility criteria or have not provided all the required documents for the process to move forward.

Necessary documents and information

To ensure the success of your mortgage application with ME, you must prepare the following documents:

  • Some form of ID (e.g. driver’s license, birth certificate, passport)

  • Your annual income and estimated assets

  • Your estimated expenses and debts

  • A current email address and mobile phone number

ME may verify your identity electronically or over the phone, using the personal data you provide when applying. But you can also verify your identity directly with ME by completing their Identity Verification Form on their website.

Image from ME bank

The entire market has not been taken into account in the selection of the products above. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website.,, and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.