ME Bank Home Loans: The 2026 Review

Founded in 1994, Members Equity Bank Limited, commonly known as ME Bank, was established with the mission to serve industry super fund members. Over the years, it has evolved into a significant player in the Australian banking sector. A key milestone in its journey was becoming a subsidiary of the Bank of Queensland in July 2021, which has enhanced its market presence and expanded its operational capabilities.

Today, ME Bank is recognised for its competitive home loan products, operating primarily as a digital bank. It offers a range of financial products with features such as no account-keeping fees, free redraws, and flexible repayment options. ME Bank differentiates itself from the Big 4 banks by focusing on lower fees and straightforward loan features, making it an appealing choice for rate-sensitive borrowers.

ME Bank targets first home buyers and those seeking cost-effective financial solutions across Australia. Its strategic focus on competitive fixed rates and flexible loan features underscores its commitment to providing accessible and affordable banking solutions. However, potential borrowers should be aware of customer service limitations that have been noted in feedback. Despite these challenges, ME Bank continues to attract customers looking for value and simplicity in their banking choices.

• Legal Name: Members Equity Bank Limited
• ABN: 32009656740
• ACN: 009656740
• Established: 1994
• Headquarters: Melbourne, Victoria
• Type: Limited
• Ownership: Independent

• Website: https://www.mebank.com.au
• Phone: 1300 540 181
• Address: Level 3, 100 Skyring Terrace, Newstead, Queensland 4006

ME Bank offers a range of flexible and cost-effective home loan features designed to cater to diverse borrower needs. With options like offset accounts and unlimited extra repayments, borrowers can effectively manage their loans and potentially reduce interest costs.

• Offset Account: A 100% offset account allows your savings to directly reduce the interest payable on your home loan. This feature can significantly lower your interest costs over time, providing substantial savings.
• Free Redraws: If you're ahead on your variable home loan payments, you can access extra funds through free redraws, with a minimum amount of $500. This offers flexibility to manage your finances as needs change.
• Extra Repayments: Variable loan holders can make unlimited extra repayments without penalties, while fixed loan holders can pay up to $30,000 extra during the fixed period. This flexibility helps in reducing the loan term and total interest paid.
• Internet Banking and Mobile App: ME Bank provides digital banking solutions through its internet banking platform and mobile app, allowing you to manage your loan and make payments conveniently from anywhere.
• Member Package: For $395 per year, the Member Package offers lower interest rates and waives certain fees, such as valuation and top-up fees, providing cost savings for borrowers.
• Interest-Only Payments: Borrowers can opt to pay only the interest for up to 5 years on owner-occupied homes, with an additional 5 years available for investment properties. This option can ease cash flow during financial planning.
• Rate Lock Option: For a fee of $500, you can lock in your fixed loan rate at application, safeguarding against potential rate increases before settlement. This feature provides certainty in budgeting.
• Repayment Holiday: Eligible borrowers can apply for a repayment holiday if they are ahead on repayments, offering relief during unexpected financial challenges.
• Flexible Repayment Options: Choose from weekly, fortnightly, or monthly repayment schedules to suit your financial planning and cash flow needs.

ME Bank provides a transparent fee structure with a focus on flexibility and cost-effectiveness, offering competitive rates and a variety of fee types that borrowers should consider.

• Valuation Fee: Variable - Charged per property if a valuation is needed, covering some of the cost.
• Settlement Fee: $250 - Covers costs associated with establishing and settling your home loan, payable at settlement.
• Telegraphic Transfer Fee: $30 - Payable when a payment is requested via Telegraphic Transfer.
• Member Package Fee: $395 (Annual) - Payable if you choose a Member Package, at settlement and on each anniversary.
• Security Discharge Preparation Fee: $350 - Charged per property upon discharge of a mortgage.
• Arrears Fee: $25 (Monthly) - Payable on the fifth day after a missed payment and for each month the loan remains in arrears.
• Security Substitution Fee: Variable - Payable if a request to substitute the security property is approved.
• Rate Lock Fee: Variable - Payable if you elect to lock in a fixed interest rate.
• Agent Fee: $110 - Payable if external solicitors instruct an agent for settlement, often in rural areas.
• Top Up Fee: $250 - Payable when you top-up your home loan.

ME Bank offers home loans primarily to Australian citizens, permanent residents, and New Zealand citizens residing in Australia, focusing on accessible and flexible lending options.

• Applicants must be at least 18 years old.
• Applicants must be a natural person, not a legal entity.
• Applicants must be a citizen or permanent resident of Australia, or a New Zealand citizen residing in Australia.
• Applicants must be employed in Australia (where applicable) and demonstrate the ability to repay the loan.
• A credit history check is required to assess creditworthiness.
• Eligible borrowers can finance up to 95% of the property's value, subject to Lenders Mortgage Insurance (LMI).

• LMI is required for loans with an LVR above 80%.
• Owner-occupiers can borrow up to 95% LVR, making it accessible for first home buyers.
• ME Bank offers flexible repayment options and no monthly account-keeping fees.