ME Bank EconoME Home Loan
Variable or Fixed rateRedraw
A home loan from ME Bank with variable and fixed rates from 6.24% a year.
- Interest rate a year, from
- 6.24%
- Comparison rate
- 6.26%
- Upfront fees
- $1,500
- Annual fee
- Not published
- Monthly fee
- Not published
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.24% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,690
- Total repayments
- $1,328,545
- Interest
- $728,545
Rates
Every rate ME Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| Variable | Live in | Principal and interest | Up to 60% | 6.24% | 6.26% |
| Variable | Live in | Principal and interest | Up to 60% | 8.70% | 8.72% |
| Variable | Live in | Principal and interest | 60% to 70% | 6.24% | 6.26% |
| Variable | Live in | Principal and interest | 60% to 70% | 8.70% | 8.72% |
| Variable | Live in | Principal and interest | 70% to 80% | 6.29% | 6.31% |
| Variable | Live in | Principal and interest | 70% to 80% | 8.70% | 8.72% |
| Variable | Live in | Principal and interest | 80% to 90% | 6.59% | 6.61% |
| Variable | Live in | Principal and interest | 80% to 90% | 8.96% | 8.98% |
| Variable | Live in | Principal and interest | 90% to 95% | 7.29% | 7.31% |
| Variable | Live in | Principal and interest | 90% to 95% | 8.96% | 8.98% |
| Variable | Live in | Principal and interest | 95% to 100% | 7.29% | 7.31% |
| Variable | Live in | Principal and interest | 95% to 100% | 8.96% | 8.98% |
| Variable | Live in | Interest only | Up to 60% | 8.42% | 7.22% |
| Variable | Live in | Interest only | Up to 60% | 8.42% | 8.59% |
| Variable | Live in | Interest only | 60% to 70% | 8.42% | 8.59% |
| Variable | Live in | Interest only | 60% to 70% | 8.42% | 7.22% |
| Variable | Live in | Interest only | 70% to 80% | 8.42% | 7.25% |
| Variable | Live in | Interest only | 70% to 80% | 8.42% | 8.59% |
| Variable | Live in | Interest only | 80% to 90% | 8.73% | 7.57% |
| Variable | Live in | Interest only | 80% to 90% | 8.73% | 8.87% |
| Variable | Live in | Interest only | 90% to 95% | 8.73% | 7.96% |
| Variable | Live in | Interest only | 90% to 95% | 8.73% | 8.87% |
| Variable | Live in | Interest only | 95% to 100% | 8.73% | 8.87% |
| Variable | Live in | Interest only | 95% to 100% | 8.73% | 7.96% |
| Variable | Investment | Principal and interest | Up to 60% | 6.43% | 6.45% |
| Variable | Investment | Principal and interest | Up to 60% | 6.48% | 6.50% |
| Variable | Investment | Principal and interest | 60% to 70% | 6.43% | 6.45% |
| Variable | Investment | Principal and interest | 60% to 70% | 6.48% | 6.50% |
| Variable | Investment | Principal and interest | 70% to 80% | 6.49% | 6.51% |
| Variable | Investment | Principal and interest | 70% to 80% | 6.54% | 6.56% |
| Variable | Investment | Principal and interest | 80% to 90% | 6.84% | 6.86% |
| Variable | Investment | Principal and interest | 80% to 90% | 6.89% | 6.91% |
| Variable | Investment | Principal and interest | 90% to 95% | 7.94% | 7.96% |
| Variable | Investment | Principal and interest | 90% to 95% | 8.53% | 8.55% |
| Variable | Investment | Principal and interest | 95% to 100% | 7.94% | 7.96% |
| Variable | Investment | Principal and interest | 95% to 100% | 8.53% | 8.55% |
| Variable | Investment | Interest only | Up to 60% | 6.48% | 6.49% |
| Variable | Investment | Interest only | Up to 60% | 6.64% | 6.53% |
| Variable | Investment | Interest only | 60% to 70% | 6.48% | 6.49% |
| Variable | Investment | Interest only | 60% to 70% | 6.64% | 6.53% |
| Variable | Investment | Interest only | 70% to 80% | 6.54% | 6.55% |
| Variable | Investment | Interest only | 70% to 80% | 6.69% | 6.59% |
| Variable | Investment | Interest only | 80% to 90% | 6.89% | 6.90% |
| Variable | Investment | Interest only | 80% to 90% | 6.99% | 6.92% |
| Variable | Investment | Interest only | 90% to 95% | 8.98% | 8.75% |
| Variable | Investment | Interest only | 90% to 95% | 8.98% | 8.43% |
| Variable | Investment | Interest only | 95% to 100% | 8.98% | 8.75% |
| Variable | Investment | Interest only | 95% to 100% | 8.98% | 8.43% |
| 1 year fixed | Live in | Principal and interest | Up to 60% | 6.89% | 6.32% |
| 1 year fixed | Live in | Principal and interest | 60% to 70% | 6.89% | 6.32% |
| 1 year fixed | Live in | Principal and interest | 70% to 80% | 6.89% | 6.37% |
| 1 year fixed | Live in | Principal and interest | 80% to 90% | 7.24% | 6.67% |
| 1 year fixed | Live in | Principal and interest | 90% to 95% | 8.19% | 7.40% |
| 1 year fixed | Live in | Principal and interest | 95% to 100% | 8.19% | 7.40% |
| 1 year fixed | Live in | Interest only | Up to 60% | 7.09% | 6.34% |
| 1 year fixed | Live in | Interest only | 60% to 70% | 7.09% | 6.34% |
| 1 year fixed | Live in | Interest only | 70% to 80% | 7.09% | 6.39% |
| 1 year fixed | Live in | Interest only | 80% to 90% | 7.34% | 6.68% |
| 1 year fixed | Live in | Interest only | 90% to 95% | 7.44% | 7.32% |
| 1 year fixed | Live in | Interest only | 95% to 100% | 7.44% | 7.32% |
| 1 year fixed | Investment | Principal and interest | Up to 60% | 7.04% | 6.55% |
| 1 year fixed | Investment | Principal and interest | 60% to 70% | 7.04% | 6.55% |
| 1 year fixed | Investment | Principal and interest | 70% to 80% | 7.04% | 6.61% |
| 1 year fixed | Investment | Principal and interest | 80% to 90% | 7.34% | 6.95% |
| 1 year fixed | Investment | Principal and interest | 90% to 95% | 7.84% | 7.94% |
| 1 year fixed | Investment | Principal and interest | 95% to 100% | 7.84% | 7.94% |
| 1 year fixed | Investment | Interest only | Up to 60% | 7.04% | 6.55% |
| 1 year fixed | Investment | Interest only | 60% to 70% | 7.04% | 6.55% |
| 1 year fixed | Investment | Interest only | 70% to 80% | 7.04% | 6.61% |
| 1 year fixed | Investment | Interest only | 80% to 90% | 7.24% | 6.94% |
| 1 year fixed | Investment | Interest only | 90% to 95% | 8.04% | 7.97% |
| 1 year fixed | Investment | Interest only | 95% to 100% | 8.04% | 7.97% |
| 2 year fixed | Live in | Principal and interest | Up to 60% | 6.79% | 6.36% |
| 2 year fixed | Live in | Principal and interest | 60% to 70% | 6.79% | 6.36% |
| 2 year fixed | Live in | Principal and interest | 70% to 80% | 6.79% | 6.41% |
| 2 year fixed | Live in | Principal and interest | 80% to 90% | 7.14% | 6.72% |
| 2 year fixed | Live in | Principal and interest | 90% to 95% | 7.74% | 7.40% |
| 2 year fixed | Live in | Principal and interest | 95% to 100% | 7.74% | 7.40% |
| 2 year fixed | Live in | Interest only | Up to 60% | 7.09% | 6.42% |
| 2 year fixed | Live in | Interest only | 60% to 70% | 7.09% | 6.42% |
| 2 year fixed | Live in | Interest only | 70% to 80% | 7.09% | 6.46% |
| 2 year fixed | Live in | Interest only | 80% to 90% | 7.09% | 6.70% |
| 2 year fixed | Live in | Interest only | 90% to 95% | 7.19% | 7.28% |
| 2 year fixed | Live in | Interest only | 95% to 100% | 7.19% | 7.28% |
| 2 year fixed | Investment | Principal and interest | Up to 60% | 6.94% | 6.59% |
| 2 year fixed | Investment | Principal and interest | 60% to 70% | 6.94% | 6.59% |
| 2 year fixed | Investment | Principal and interest | 70% to 80% | 6.94% | 6.64% |
| 2 year fixed | Investment | Principal and interest | 80% to 90% | 7.14% | 6.96% |
| 2 year fixed | Investment | Principal and interest | 90% to 95% | 7.89% | 7.94% |
| 2 year fixed | Investment | Principal and interest | 95% to 100% | 7.89% | 7.94% |
| 2 year fixed | Investment | Interest only | Up to 60% | 6.94% | 6.59% |
| 2 year fixed | Investment | Interest only | 60% to 70% | 6.94% | 6.59% |
| 2 year fixed | Investment | Interest only | 70% to 80% | 6.94% | 6.63% |
| 2 year fixed | Investment | Interest only | 80% to 90% | 7.14% | 6.96% |
| 2 year fixed | Investment | Interest only | 90% to 95% | 7.79% | 7.92% |
| 2 year fixed | Investment | Interest only | 95% to 100% | 7.79% | 7.92% |
| 3 year fixed | Live in | Principal and interest | Up to 60% | 6.84% | 6.43% |
| 3 year fixed | Live in | Principal and interest | 60% to 70% | 6.84% | 6.43% |
| 3 year fixed | Live in | Principal and interest | 70% to 80% | 6.84% | 6.46% |
| 3 year fixed | Live in | Principal and interest | 80% to 90% | 7.09% | 6.75% |
| 3 year fixed | Live in | Principal and interest | 90% to 95% | 7.74% | 7.44% |
| 3 year fixed | Live in | Principal and interest | 95% to 100% | 7.74% | 7.44% |
| 3 year fixed | Live in | Interest only | Up to 60% | 7.59% | 6.64% |
| 3 year fixed | Live in | Interest only | 60% to 70% | 7.59% | 6.64% |
| 3 year fixed | Live in | Interest only | 70% to 80% | 7.59% | 6.67% |
| 3 year fixed | Live in | Interest only | 80% to 90% | 7.49% | 6.86% |
| 3 year fixed | Live in | Interest only | 90% to 95% | 7.59% | 7.39% |
| 3 year fixed | Live in | Interest only | 95% to 100% | 7.59% | 7.39% |
| 3 year fixed | Investment | Principal and interest | Up to 60% | 6.99% | 6.64% |
| 3 year fixed | Investment | Principal and interest | 60% to 70% | 6.99% | 6.64% |
| 3 year fixed | Investment | Principal and interest | 70% to 80% | 6.99% | 6.69% |
| 3 year fixed | Investment | Principal and interest | 80% to 90% | 7.09% | 6.96% |
| 3 year fixed | Investment | Principal and interest | 90% to 95% | 7.74% | 7.89% |
| 3 year fixed | Investment | Principal and interest | 95% to 100% | 7.74% | 7.89% |
| 3 year fixed | Investment | Interest only | Up to 60% | 6.99% | 6.64% |
| 3 year fixed | Investment | Interest only | 60% to 70% | 6.99% | 6.64% |
| 3 year fixed | Investment | Interest only | 70% to 80% | 6.99% | 6.68% |
| 3 year fixed | Investment | Interest only | 80% to 90% | 7.09% | 6.96% |
| 3 year fixed | Investment | Interest only | 90% to 95% | 7.94% | 7.95% |
| 3 year fixed | Investment | Interest only | 95% to 100% | 7.94% | 7.95% |
| 4 year fixed | Live in | Principal and interest | Up to 60% | 6.99% | 6.53% |
| 4 year fixed | Live in | Principal and interest | 60% to 70% | 6.99% | 6.53% |
| 4 year fixed | Live in | Principal and interest | 70% to 80% | 6.99% | 6.56% |
| 4 year fixed | Live in | Principal and interest | 80% to 90% | 7.24% | 6.85% |
| 4 year fixed | Live in | Principal and interest | 90% to 95% | 7.74% | 7.48% |
| 4 year fixed | Live in | Principal and interest | 95% to 100% | 7.74% | 7.48% |
| 4 year fixed | Live in | Interest only | Up to 60% | 7.69% | 6.78% |
| 4 year fixed | Live in | Interest only | 60% to 70% | 7.69% | 6.78% |
| 4 year fixed | Live in | Interest only | 70% to 80% | 7.69% | 6.82% |
| 4 year fixed | Live in | Interest only | 80% to 90% | 7.49% | 6.93% |
| 4 year fixed | Live in | Interest only | 90% to 95% | 7.59% | 7.42% |
| 4 year fixed | Live in | Interest only | 95% to 100% | 7.59% | 7.42% |
| 4 year fixed | Investment | Principal and interest | Up to 60% | 7.14% | 6.74% |
| 4 year fixed | Investment | Principal and interest | 60% to 70% | 7.14% | 6.74% |
| 4 year fixed | Investment | Principal and interest | 70% to 80% | 7.14% | 6.78% |
| 4 year fixed | Investment | Principal and interest | 80% to 90% | 7.24% | 7.04% |
| 4 year fixed | Investment | Principal and interest | 90% to 95% | 7.84% | 7.92% |
| 4 year fixed | Investment | Principal and interest | 95% to 100% | 7.84% | 7.92% |
| 4 year fixed | Investment | Interest only | Up to 60% | 7.19% | 6.75% |
| 4 year fixed | Investment | Interest only | 60% to 70% | 7.19% | 6.75% |
| 4 year fixed | Investment | Interest only | 70% to 80% | 7.19% | 6.79% |
| 4 year fixed | Investment | Interest only | 80% to 90% | 7.29% | 7.05% |
| 4 year fixed | Investment | Interest only | 90% to 95% | 7.74% | 7.88% |
| 4 year fixed | Investment | Interest only | 95% to 100% | 7.74% | 7.88% |
| 5 year fixed | Live in | Principal and interest | Up to 60% | 6.99% | 6.59% |
| 5 year fixed | Live in | Principal and interest | 60% to 70% | 6.99% | 6.59% |
| 5 year fixed | Live in | Principal and interest | 70% to 80% | 6.99% | 6.62% |
| 5 year fixed | Live in | Principal and interest | 80% to 90% | 7.24% | 6.90% |
| 5 year fixed | Live in | Principal and interest | 90% to 95% | 7.89% | 7.58% |
| 5 year fixed | Live in | Principal and interest | 95% to 100% | 7.89% | 7.58% |
| 5 year fixed | Live in | Interest only | Up to 60% | 7.84% | 6.96% |
| 5 year fixed | Live in | Interest only | 60% to 70% | 7.84% | 6.96% |
| 5 year fixed | Live in | Interest only | 70% to 80% | 7.84% | 6.98% |
| 5 year fixed | Live in | Interest only | 80% to 90% | 7.64% | 7.07% |
| 5 year fixed | Live in | Interest only | 90% to 95% | 7.74% | 7.50% |
| 5 year fixed | Live in | Interest only | 95% to 100% | 7.74% | 7.50% |
| 5 year fixed | Investment | Principal and interest | Up to 60% | 7.14% | 6.79% |
| 5 year fixed | Investment | Principal and interest | 60% to 70% | 7.14% | 6.79% |
| 5 year fixed | Investment | Principal and interest | 70% to 80% | 7.14% | 6.82% |
| 5 year fixed | Investment | Principal and interest | 80% to 90% | 7.24% | 7.06% |
| 5 year fixed | Investment | Principal and interest | 90% to 95% | 7.84% | 7.91% |
| 5 year fixed | Investment | Principal and interest | 95% to 100% | 7.84% | 7.91% |
| 5 year fixed | Investment | Interest only | Up to 60% | 7.19% | 6.80% |
| 5 year fixed | Investment | Interest only | 60% to 70% | 7.19% | 6.80% |
| 5 year fixed | Investment | Interest only | 70% to 80% | 7.19% | 6.84% |
| 5 year fixed | Investment | Interest only | 80% to 90% | 7.29% | 7.08% |
| 5 year fixed | Investment | Interest only | 90% to 95% | 7.74% | 7.86% |
| 5 year fixed | Investment | Interest only | 95% to 100% | 7.74% | 7.86% |
Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fees and features
Fees
- Upfront fees
- $1,500
- Annual fee
- Not published
- Monthly fee
- Not published
Features
- Offset account
- No
- Redraw
- Yes
- Highest LVR
- 100%
- Loan amount
- Not published
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Variable rate
6.29%
For a home you live in, paying principal and interest. Typical is 6.62%.
Comparison rate
6.31%
For the same rate. Typical is 6.70%.
Upfront fees
$1,500
Typical upfront fees are $600.
Smallest deposit
0%
Most loans need at least 10% of the price.
Pros and cons
Pros
- A lower variable rate. 6.29%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
- A smaller deposit. You can borrow with 0% down, so you may buy sooner. Under 20%, lenders mortgage insurance usually applies.
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- Redraw. You can take back extra repayments later if you need the money.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- Fixed rates on offer. You can fix for 1 to 5 years if you'd like repayments that don't change for a while.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
- Higher upfront fees. $1,500, above the typical $600, which adds to the cash you need at settlement.
- No offset account. Your savings can't reduce the interest unless you pay them into the loan.
- A $30 late payment fee. Setting up automatic repayments avoids it.
Similar home loans
Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.
- Variable rate from
- 6.29%
- Comparison rate
- 6.29%
- Variable rate from
- 6.29%
- Comparison rate
- 6.32%
- Variable rate from
- 6.29%
- Comparison rate
- 6.36%
