Late payment fees are charged if you miss your repayment date or pay less than the minimum amount.
To help avoid this, set a reminder in your calendar for your regular repayment date to ensure payments are made on time.
Alternatively you can also set up an automatic direct debit for your monthly credit card payment. You can select to make the full repayment, minimum repayment or a set dollar amount.
All residential properties must be deemed suitable by an approved valuer (appointed by ME Bank). We can arrange this for you. Properties under qualified title or old law may involve additional costs (i.e. conversion to Torrens title).
ME Bank cannot provide finance for all types of residential properties. To check whether your property is suitable security, contact one of our lending consultants on 13 15 63.
You can borrow up to 95% of the purchase price or ME Bank valuation of the property - whichever is less. Minimum loan amounts start from $40,000 ($20,000 in Tasmania) and are subject to credit approval.
However, we don't want you to commit to something that could make your situation untenable, so the amount of your loan will depend on your income, financial commitments and ability to repay the loan.
Please note restrictions apply to amounts lent for some properties.
You can set up a loan for any period from 5 years up to 30 years. Over that period, your repayments are calculated so that you meet your monthly interest payment, as well as reduce the principal amount outstanding.
Your loan repayments must be made by direct debit from a nominated account. This account can be held with either ME Bank or any other financial institution.
To set up a direct debit you can download and print the direct debit form and return it by mail to the address shown.
If you choose a variable interest rate, you can elect to make lump sum payments or extra repayments at any time.
For variable rate loans, there are no additional charges for repaying the loan early after 5 years. However, if your loan was settled prior to 1 July 2011 and repaid within 5 years, we will charge $600 to recover loan set-up costs.
For fixed interest rate loans that are repaid before the end of the fixed interest rate period, there may be a fee if ME Bank incurs a loss from the termination. In this situation, the fee will not be greater than the loss incurred by ME Bank.
To make life easier for everyone, ME Bank charges no application fees for home loans. However, some solicitor's fees, valuation fees and agent fees apply. For information on these fees and when they are charged, please see our fees and charges page.
Lenders Mortgage Insurance: ME Bank will pay the lenders mortgage insurance up to 80% of the valuation of the property (LVR). If you require a loan for more than 80% of the property value, you will need to make up the difference with a one-off lenders mortgage insurance premium. Our consultants can assist you to calculate this premium.
Property Insurance: Before settlement, you will need to arrange general purpose property insurance. Once your property has been valued, we'll let you know the minimum insurance coverage required.
Other: When purchasing a property, you may incur external costs and charges, such as legal advice, stamp duty and statutory government fees and charges. If you would like some assistance in calculating these costs, contact one of our lending consultants on 13 15 63.
As soon as we receive your application for a ME Bank home loan, we process it for you. Provided you have given us all the information we need (including supporting documentation), we will do our best to notify you of conditional approval over the phone within 48 hours. Final approval of the loan is then confirmed once we receive a satisfactory valuation and all other criteria is met.
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