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Sometimes simple is best – get home easier with ME’s Basic Home Loan.
Basic Variable Rate Home Loan.
Sometimes simple is best – get home easier with ME’s Basic Home Loan.
Comparison rate
5.90%p.a.2
New owner occupier, principal and interest, maximum 80% LVR4 loan amount $150,000 or more.
Simply? The best.
One low variable rate, no application fee and zero monthly account-keeping fees.3 That’s a Basic Home Loan with ME. If only everything was this simple.
NO ACCOUNT-KEEPING FEES.
You read right. There are no monthly account-keeping fees at all.3
FREE REDRAWS.
Get cash for emergencies from available funds if you’re ahead on payments (minimum $500).
PAY EARLY.
Pay your loan off as early as you want.
Basically, the best of the best.
The Best of The Best Award recognises ME's no-frills home loan as the best value Basic Home Loan from a bank5 for having one low variable rate, no application fee and zero monthly account-keeping fees3.
Rates.
Want more options and features? Check out the whole home loan range.
Compare
For investor rates click here.
Basic Home Loan - Principal and interest, loan amount less than $150,000
| Loan to value ratio1 |
Interest rate2 |
Comparison rate3 |
Reference rate |
Discount/Margin |
| 80% or less |
8.20% p.a. |
8.22% p.a. |
7.73% p.a. |
+0.47% p.a. |
| Above 80% and less than or equal to 90% |
8.46% p.a. |
8.48% p.a. |
7.73% p.a. |
+0.73% p.a. |
| More than 90% |
8.46% p.a. |
8.48% p.a. |
7.73% p.a. |
+0.73% p.a. |
Basic Home Loan - Principal and interest, loan amount $150,000 or more
| Loan to value ratio1 |
Interest rate2 |
Comparison rate3 |
Reference rate |
Discount/Margin |
| 80% or less |
5.88% p.a. |
5.90% p.a. |
7.73% p.a. |
-1.85% p.a. |
| Above 80% and less than or equal to 90% |
6.09% p.a. |
6.11% p.a. |
7.73% p.a. |
-1.64% p.a. |
| More than 90% |
7.52% p.a. |
7.54% p.a. |
7.73% p.a. |
-0.21% p.a. |
Basic Home Loan - Interest only, loan amount less than $150,000
| Loan to value ratio1 |
Interest rate2 |
Comparison rate3 |
Reference rate |
Discount/Margin |
| 80% or less |
8.17% p.a. |
8.21% p.a. |
8.23% p.a. |
-0.06% p.a. |
Basic Home Loan - Interest only, loan amount $150,000 or more
| Loan to value ratio1 |
Interest rate2 |
Comparison rate3 |
Reference rate |
Discount/Margin |
| 80% or less |
8.17% p.a. |
6.93% p.a. |
8.23% p.a. |
-0.06% p.a. |
Top facts
Borrowing capacity
Up to 95% of property value
Extra repayments
Unlimited, with no penalty
Owner occupier
Up to 5 years
Repayment options
Weekly, fortnightly or monthly
Fees that may be payable before you settle
Government fees and charges
May apply by state
Search fees
Differ by state
Lenders mortgage insurance
Cost varies
Fees that may be payable after you settle
Consent to a dealing fee
$250
Security substitution fee
$350
Lender's Mortgage Insurance (LMI)
Cost varies
Government fees and charges
As applicable per state
Subdivision approval valuation fee
Cost varies
Telegraphic transfer fee
$30
Productions of title fee
$250
Security discharge preparation fee
$350
Search fees
Differ by state
Get in touch.
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We're available to help from
Mon-Fri 8am-8pm (AEST/AEDT)
Sat 9am-5pm (AEST/AEDT)
Calculate with ME.
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Determine the loan, get the home – compare your options with these practical calculators.
Stamp duty.
Stamp duty differs from state-to-state – find out how much you could be up for with our handy calculator.
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From home loans to general finance, learn more with ME.
The home buying process.
Learn the 10 steps to becoming a homeowner, from budgeting to moving in.
Learn more
Nailing your application.
Grab a pen and note down our 9- step checklist. Or just call ME instead.
Learn more
Deciphering the jargon.
Understand home loan lingo so you can speak ‘bank’ with your manager.
Learn more
Frequently asked questions.
What is a Basic Variable Home Loan?
A Basic Home Loan keeps things simple. It’s the home loan with one low variable rate, no application fee and no monthly account keeping fees.3
What is the difference between a basic and flexible home loan?
A Basic Home Loan provides simplicity and ease with your loan. On the other hand, a Flexible Home Loan provides more flexibility with your home loan. With more options to choose from, it is easier to tailor a Flexible Home Loan to your own individual needs.
How do I apply for a Basic Home Loan?
To apply for a Basic Home Loan with ME, you can get started by having a chat with one of our home loan experts. You can get a quick, no obligation chat at a time that suits you.
Looking for a home loan with more features?
Check out our Flexible Home Loan.
Get flexible
Help & support.
Lenders mortgage insurance.
Find out how to avoid paying LMI when you take out a home loan.
Loans for less
Stamp duty.
Planning your budget? Don’t forget to factor in those extra costs.
Doing your duty
BORROWING POWER.
Get to grips with your spending limits – and start planning that purchase.
How much can I borrow?
FLEXIBLE HOME LOAN.
Looking for features like fixed rates or offset accounts? Check out our Flexible Home Loan.
Get flexible
Stay in the loop.
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The legal stuff.
The legal stuff.
Home loan terms and conditions
- Interest rates are current as at
22-May-2025 and are subject to change. The variable interest rate may include a discount or margin that is applied to the product’s variable reference rate. Discounts are offered to new home loan applications only. The discount cannot be used with any other rate promotion. Existing applications, internal refinances, top ups, additional advances or variations of existing home loans are not eligible. We may change or withdraw any discount or margin at any time.
- Home loan comparison rates are based on a loan of $150,000 for a term of 25 years, repaid monthly. For variable loans with interest only repayments, the comparison rates are based on an initial 5 year interest only period. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates.
- Solicitor, valuation and agent fees may apply.
- Loan to Value Ratio (LVR) compares the amount you have owing on your loan against the actual value of your property. For example, if your property was valued at $400,000 and your loan amount was 340,000, your LVR would be 85%.
- ME Bank have won Best Value Basic Home Loan - Bank Category for our Basic Home Loan product. The methodology behind each award is Ranked by the Comparison Rate for variable loans for a $400,000 owner-occupied, principal + interest mortgage over 25 years with an LVR of at least 80%. Must offer redraw.
Terms, conditions, fees and charges apply. Applications are subject to credit approval.