Basic Home Loan
ME's Basic Home Loan: One low variable rate, no application fee and zero monthly account-keeping fees.
Category: Home Loans Last Updated October 14, 2024 Effective March 25, 2015
General Lending Rates
Rates listed below are for a VARIABLE Owner Occupied P&I product. Additional Information Owner Occupied with Principal and Interest repayment type
Interest Rate
6.13% PA
6.13% PA
Comparison Rate
6.15%PA*
6.15%PA*
Product rates will vary depending upon your financial position< LVR, and other criteria. The product may also vary depending upon the rate type, repayment type, or loan purpose. We encourage you to contact us for a full understanding of the product and terms.
Product Variations
Product rates and conditions will usually vary based on the LVR and other conditions..
LVR above 80% and less than or equal to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
Loan amount less than $150,000
Minimum: $40000.00 Maximum: $149999.00
- Lending Rate Type: Variable
- Interest Rate: 8.71%, Comparison Rate 8.73%
- Repayment Type: Principal And Interest
- Loan Purpose: Owner Occupied
LVR more than 90%
Minimum: 90.01 PERCENT Maximum: PERCENT
Loan amount less than $150,000
Minimum: $40000.00 Maximum: $149999.00
- Lending Rate Type: Variable
- Interest Rate: 8.71%, Comparison Rate 8.73%
- Repayment Type: Principal And Interest
- Loan Purpose: Owner Occupied
LVR 80% or less
Loan amount $150,000 or more
Minimum: $150000.00 Maximum: $
- Lending Rate Type: Variable
- Interest Rate: 6.13%, Comparison Rate 6.15%
- Repayment Type: Principal And Interest
- Loan Purpose: Owner Occupied
LVR above 80% and less than or equal to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
Loan amount $150,000 or more
Minimum: $150000.00 Maximum: $
- Lending Rate Type: Variable
- Interest Rate: 6.34%, Comparison Rate 6.36%
- Repayment Type: Principal And Interest
- Loan Purpose: Owner Occupied
LVR more than 90%
Minimum: 90.01 PERCENT Maximum: PERCENT
Loan amount $150,000 or more
Minimum: $150000.00 Maximum: $
- Lending Rate Type: Variable
- Interest Rate: 7.77%, Comparison Rate 7.79%
- Repayment Type: Principal And Interest
- Loan Purpose: Owner Occupied
LVR 80% or less
Loan amount less than $150,000
Minimum: $40000.00 Maximum: $149999.00
- Lending Rate Type: Variable
- Interest Rate: 8.42%, Comparison Rate 8.46%
- Repayment Type: Interest Only
- Loan Purpose: Owner Occupied
LVR 80% or less
Loan amount $150,000 or more
Minimum: $150000.00 Maximum: $
- Lending Rate Type: Variable
- Interest Rate: 8.42%, Comparison Rate 7.19%
- Repayment Type: Interest Only
- Loan Purpose: Owner Occupied
LVR 80% or less
- Lending Rate Type: Variable
- Interest Rate: 6.24%, Comparison Rate 6.26%
- Repayment Type: Principal And Interest
- Loan Purpose: Investment
LVR above 80% and less than or equal to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
- Lending Rate Type: Variable
- Interest Rate: 6.54%, Comparison Rate 6.56%
- Repayment Type: Principal And Interest
- Loan Purpose: Investment
LVR 80% or less
- Lending Rate Type: Variable
- Interest Rate: 6.39%, Comparison Rate 6.33%
- Repayment Type: Interest Only
- Loan Purpose: Investment
LVR above 80% and less than or equal to 90%
Minimum: 80.01 PERCENT Maximum: 90 PERCENT
- Lending Rate Type: Variable
- Interest Rate: 6.74%, Comparison Rate 6.65%
- Repayment Type: Interest Only
- Loan Purpose: Investment
Product Features
- Other Additional Information: Pay weekly, fortnightly or monthly.
- Other Additional Information: Pay interest-only. You can pay just the interest for up to 5 years on a home you'll live in, and request up to an additional 5 years if it's an investment property.
- Cashback Offer Additional Information: To receive $2K cashback offer, apply from 8 September 2023 and settle within 120 days of the loan application date. Switch your existing home loan from another lender. Take out a home loan with a minimum size of $400k and maximum LVR of 80%.
- Cashback Offer Additional Information: To receive $3K cashback offer, apply from 8 September 2023 and settle within 120 days of the loan application date. Switch your existing home loan from another lender. Take out a home loan with a minimum size of $700k and maximum LVR of 80%.
- Extra Repayments Additional Information: If you have a variable loan you can make as many extra payments as you want, with no penalty whatsoever. If you're on a fixed rate loan, you can make up to $30,000 in extra payments during the fixed rate period; going above that amount will attract a penalty fee. (Of course, once the loan reverts to a variable rate, there's no extra payment limit.)
- Guarantor
Product Eligibility
- Natural Person
- Min Age - 18.
- Other Additional Information: Home loan applications are subject to the Bank's normal credit approval.
- Residency Status - A Citizen Or Permanent Resident Of Australia Or A Citizen Of New Zealand That Is Permanently Residing In Australia And Employed (where Applicable) In Australia..
Bank Fees and Charges
- Valuation Fee (Upfront), Amount: 200.00. Additional Information: If a valuation is needed, this fee is charged per property and covers some of our cost.
- Valuation Fee (Event), Amount: 200.00. Additional Information: If a valuation is needed, this fee is charged per property and covers some of our cost.
- Agent Fee (Upfront), Amount: 110.00. Additional Information: Payable at or before settlement if our external solicitors are required to instruct an agent to conduct settlement (e.g. if in a rural area)
- Settlement Fee (Upfront), Amount: 250.00. Additional Information: This fee (currently $250) covers some of the costs associated with establishing and settling your home loan. This fee is payable at settlement.
- Government Fees And Charges (Variable), Amount: Not Listed.. Additional Information: Differ by state
- Lenders Mortgage Insurance (Variable), Amount: Not Listed.. Additional Information: Payable when the loan amount is greater than 80% of the property's value.
- Top Up Fee (Event), Amount: 250.00. Additional Information: Payable when you top-up your home loan.
- Security Substitution Fee (Event), Amount: 350.00. Additional Information: Payable if we approve a request to substitute the security property for another property.
- Bank Cheque Fee (Event), Amount: 10.00. Additional Information: Payable if we provide you with a bank cheque, repurchase a bank cheque or replace a bank cheque.
- Telegraphic Transfer Fee (Event), Amount: 30.00. Additional Information: Payable when you request us to make a payment for you via Telegraphic Transfer.
- Production Of Title Fee (Event), Amount: 250.00. Additional Information: Payable to produce the title to the security property.
- Arrears Fee (Event), Amount: 25.00. Additional Information: Payable on the fifth day after: a loan facility has missed a scheduled payment and fallen into arrears, and/or; each month (or every four weeks if your payment frequency is weekly or fortnightly) that the loan remains in arrears.
- Security Discharge Preparation Fee (Event), Amount: 350.00. Additional Information: Payable on discharge of a mortgage. Charged per property.
- Search Fees (Variable), Amount: Not Listed.. Additional Information: It may be necessary to conduct title or instrument searches or property enquiries. If so, you must pay us at or before settlement the actual cost incurred for such searches or enquiries. Differ by state.
- Consent To A Dealing Fee (Event), Amount: 250.00. Additional Information: Payable when we consent to a dealing with a property.
- Subdivision Approval Valuation Fee (Variable), Amount: Not Listed.. Additional Information: Subdivision approval valuation fee. Cost varies.
Limitations & Restrictions (Constraints)
- Min Limit of 40000.00