The Me Bank, or what is also known as Members Equity Bank Pty Limited, is a national bank based in Melbourne, Australia. Founded in 1994, it is the only bank in Australia that is wholly owned and established by the country’s leading industry super funds. The company initially started by offering lower home loan rates which were only available before to those who can afford better deals or larger loans. Now, Me Bank is known for fair banking and competitive products that are straightforward, transparent and very easy to understand, all with no hidden costs.
Products and Services
The Me Bank offers a full range of retail banking services, including home loans, credit cards, personal loans, car finance and insurance. They also offer business loans, asset finance and business deposit products, that will satisfy the needs of companies.
Those who are eligible to apply for a home loan at Me Bank may choose from a standard home loan, an ultimate offset account, or an interest only investment loan.
One can borrow a minimum of $40,000 with a standard home loan. With no application fees or ongoing account-keeping fees as well as three repayment options (weekly, fortnightly or monthly), borrowers can be sure that they are getting a lower variable rate compared to other banks. Clients can also make additional repayments to variable rate loans at no extra charge and can choose from loan periods of 5 to 30 years or opt for fixed rate terms.
Meanwhile, an ultimate offset account is suitable for a first home buyer, current home owner, investor, refinancer or renovator. This loan is specifically designed to help clients pay off their loan sooner by reducing the amount of interest they need to pay.
Lastly, the interest only investment loan is ideal of people who are planning to purchase, build or renovate a property.