ME Bank Home Loan Review
ME Bank, formerly known as Members Equity Bank, was established in 1994 with a mission to provide accessible and affordable banking solutions for everyday Australians. Founded by Australia’s industry superannuation funds, it initially focused on offering home loan products to help Australians achieve their homeownership aspirations.
Over the years, the bank has expanded its product offerings to include a wide range of banking services, including savings accounts, credit cards, term deposits, and transaction accounts. The bank has also grown its customer base, serving over 300,000 Australians nationwide.
Is ME Bank the lender for your Australian expat home loan?
- Borrow up to 80% of the property purchase price
- Competitive interest rates
- Flexible borrowing options
ME Bank Home Loan Options
ME Bank offers the following home loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.
ME Variable
ME Fixed
ME FHB Loan
The ME Home Loan Expat Variable option offers expat borrowers the flexibility to adjust their repayments based on market interest rates.
The ME Home Loan Expat Fixed option offers competitive interest rates and flexible repayment options for expat borrowers.
The ME First Home Loan Expat option is designed for first-home buyers who are expats and offers a range of features to help them get into the property market.
ME Bank Home Loan Review
Here are the pros and cons of choosing ME Bank to buy property in Australia.
| Pros | Cons |
|---|---|
Competitive interest rates | Limited product range |
Flexible borrowing options | Limited branch network |
Expat-specific features | Potentially stricter lending criteria for some borrowers |
Good reputation |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Features of ME Bank Home Loans
ME Bank can help you get the following home loan features.
| Feature | Details |
|---|---|
Offset Account | Reduce the amount of interest you pay on your loan. For example, if you have a $300,000 home loan and you keep $30,000 in your offset account, you will only pay interest on $270,000. This can save you a significant amount of money over the life of your loan. |
Redraw Facility | Allows you to access additional funds from your home loan without having to apply for a new loan. This can be useful if you need to make a large purchase or if you have an unexpected expense. |
Extra Repayments | Allows you to make extra repayments on your home loan without penalty. This can help you reduce the amount of interest you pay and pay off your loan faster. |
Flexible Repayments | Choose to make weekly, fortnightly, or monthly repayments. You can also choose to make split repayments, which means you can make a smaller repayment on one part of your loan and a larger repayment on another part. This can be helpful if you have fluctuating income or if you want to prioritise paying off one part of your loan faster than another. |
Facts About ME Bank
Established in 1994 as Super Member Home Loans (SMHL), the bank received a banking license in 2001 and became Members Equity Bank before rebranding to "ME Bank" in 2009.
The bank became a subsidiary of Bank of Queensland in 2021.
It offers a full suite of banking products, including home loans, savings accounts, credit cards, term deposits, and transaction accounts, and serves over 300,000 customers in Australia.
How Do I Apply for an Expat Mortgage with ME Bank?
Here are the steps on how an Australian expat, permanent resident, or foreign investor living overseas can apply for an Australian expat home loan with ME Bank.
- Check Your Eligibility: Make sure you meet their eligibility criteria for expat home loans. This includes being an Australian citizen or permanent resident, having a valid visa if you are a foreign investor, and having a good credit history.
- Choose a Home Loan Product: The bank offers a variety of home loan products for expats, including fixed-rate loans, variable-rate loans, and no-low doc loans. Choose the product that best suits your needs and risk tolerance.
- Gather Your Documents: You will need to provide them with a range of documents to support your application, such as your passport or birth certificate and your income tax returns for the past two years.
- Get Pre-approved: The bank can pre-approve you for a home loan before you find a property. This will give you an idea of how much you can borrow and will make it easier to make an offer on a property.
- Apply for a Home Loan: Once you have found a property, you can apply for a home loan. You can apply online, over the phone, or in person at a ME Bank branch.
- Provide Additional Documentation: Depending on your individual circumstances, they may ask you to provide additional documentation to support your application. This may include documents such as a valuation of the property and proof of insurance.
- Sign Your Loan Documents: Once your application has been approved, you will need to sign your loan documents. This includes the loan agreement, the mortgage deed, and the national mortgage security form.
- Settle Your Loan: Once your loan has been settled, you will start making repayments.
It is important to note that the specific steps involved in applying for an expat home loan may vary depending on your individual circumstances. It is always best to speak with an overseas home loan specialist such as Odin Mortgage for the best chance of loan approval.
Who is Eligible?
To be eligible for a home loan with ME Bank in Australia, you must be at least 18 years old and have a valid Australian visa. You must also meet their lending criteria, which includes having a good credit history and being able to afford the repayments on your loan.
- Australian Expats: Australian expats can get a home loan from ME Bank. They offer a range of home loan products for expats, including fixed-rate loans, variable-rate loans, and no-low doc loans.
- Aussie Permanent Residents: Aussie permanent residents can get a home loan. The bank considers permanent residents to be Australian citizens for the purposes of its home loan eligibility criteria.
- Foreign investors: Foreign investors can get a home loan, provided they have a valid visa and can meet the bank’s lending criteria. They do not require foreign investors to have a permanent visa, but they may need to provide additional documentation to support their application.
Here are some additional eligibility criteria:
- Good Credit History: The bank will check your credit history to assess your ability to repay a home loan. If you have a poor credit history, you may be required to make a larger deposit or you may be offered a higher interest rate.
- Ability to Afford Loan Repayments: They will assess your income and expenses to ensure that you can afford to make the repayments on your home loan. If you are unable to afford the repayments, your application may be declined.
- Valid Australian Visa: If you are not an Australian citizen, you will need to have a valid visa to apply for a home loan. They accept a variety of visas, including student visas, work visas, and resident visas.
- Minimum Deposit: The bank typically requires a deposit of at least 20% of the property’s value. However, there are some ME Bank home loan products that allow for a lower deposit.
If you are thinking about applying for a home loan with ME Bank, it is important to speak with one of our mortgage specialists to understand the eligibility criteria and receive tailored advice.
What Documents Do I Require?
ME Bank will require you to provide a range of documents to support your application for a home loan from overseas. These documents may include the following.
Passport or Birth Certificate
They will need to verify your identity, so you will need to provide your passport or birth certificate.
Income Tax Returns
They will need to verify your income, so you will need to provide your income tax returns for the past two years.
Payslips
They will need to verify your employment, so you will need to provide your payslips for the past six months.
Statement from Your Overseas Bank Account
They will need to verify your savings, so you will need to provide a statement from your overseas bank account.
Copy of Your Visa (if you are a foreign investor)
If you are a foreign investor, you will need to provide a copy of your visa.
Copy of the Property Purchase Contract
They will need to know the details of the property you are purchasing, so you will need to provide a copy of the property purchase contract.
Proof of Insurance
They will require you to have building insurance for the property you are purchasing, so you will need to provide proof of insurance.
Mortgage Protection Insurance Policy
They may require you to have mortgage protection insurance, so you will need to provide proof of mortgage protection insurance.
Depending on your individual circumstances, the bank may ask you to provide additional documentation. It is important to provide all of the required documentation as soon as possible to avoid delays in processing your application.
Other Related Products from ME Bank
Construction Loans
Construction loans provide financing for the construction of new homes or major renovations. These loans are designed to be flexible and adaptable to the unique stages of construction projects. Key features of ME Bank’s construction loans include:
- Progress payments based on construction milestones
- Flexible repayment options during the construction phase
- Interest-only repayments during the construction phase
- Transition to a standard fixed or variable rate loan upon completion of construction
Investment Loans
Investment loans are tailored for investors seeking to purchase and manage residential properties for rental income. These loans offer competitive interest rates, flexible repayment options, and features to support investment strategies. Key features of ME Bank’s investment loans include:
- Access to high-value lending for investment properties
- Interest-only repayments to maximise cash flow
- Flexible options to refinance or switch between investment and owner-occupied loans
- Access to a range of investment property calculators and tools
Need a Mortgage With ME Bank?
ME Bank offers a compelling solution for Australian expats seeking to buy property in Australia from overseas. Their specialised home loans, combined with competitive rates and flexible features, make them a top choice in the market. Whether you’re planning to invest in a family home or a lucrative investment property, ME Bank’s tailored solutions can help you achieve your property goals.
Now that you have a clear understanding of ME Bank’s home loans for Australian expats, it’s time to take the next step towards your property dreams. Speak with us today to get on the fast-track to property ownership in Australia!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About ME Bank
How can I determine if ME Bank's home loans are the right fit for me as an Australian expat?
Evaluating your eligibility and considering your specific property goals is a good starting point. Odin Mortgage can help with this and secure your mortgage.
Can I make extra repayments with ME Bank's home loans?
Yes, ME Bank’s home loans offer flexibility, including the option to make extra repayments.
Where can I access ME Bank's home loan services?
To get started, simply visit the ME Bank website, and you can explore their range of services designed for Australian expats.
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