Get on the right road to your first home.

Get on the right road to your first home.

The journey to home ownership can be long and challenging – especially when it’s your first – which is why we’ve created a home loan offer just for you.

With a 25% discount on LMI on all our ME home loans, it’s all the help you need to get home sooner.

25% discount on Lenders Mortgage Insurance4

Saving a 20% deposit (not to mention other costs such as stamp duty and transfers) can be a huge barrier to buying in Oz, so we're offering eligible1 first home buyers a 25% discount on Lenders Mortgage Insurance (LMI).

Lender’s Mortgage Insurance is a type of insurance you’ll have to pay if you borrow more than 80% of the property value.

Talk home loans

Our products.

The first home buyer discount now applies to all of our ME Home Loans – and you can find more about the benefits and features of each below.

Flexible Home Loan.

  • No monthly or annual fees
  • Fixed and variable rate options
  • Offset account available
Learn more about Flexible Home Loan

Flexible Home Loan with Member Package.

  • Fixed and variable rate options
  • No application fee
  • Offset account available
Learn more about Flexible Home Loan with Member Package

Basic Home Loan.

  • Low rates
  • No application fees
  • No monthly or annual fees
Learn more about our Basic Home Loan

Calculate your borrowing power3.

Based on our flexible home loan on a 3.69% p.a. variable rate1 (4.72% p.a. comparison rate2). This rate assumes an LVR of more than 80%. If your LVR is less than 80% ME may be able to offer you a better rate.

Based on our flexible home loan on a 3.69% p.a. variable rate1 (4.72% p.a. comparison rate2). This rate assumes an LVR of 80-90%. If your LVR is less than 80% ME may be able to offer you a better rate.

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You could borrow

$XXX,XXX

Your deposit amount

$XXX,XXX

Your loan to value ratio would be XX%.

For this calculation the loan to value ratio cannot exceed 95%.

Your estimated total purchase power

$XXX,XXX

Loan term

Unfortunately your borrowing power has gone into negative. Maybe re-check your numbers?

Monthly repayments

$1,616

This is 41% of your income after tax.

Monthly expenses

$2,000

Remaining monthly income

$2,114

Worked out based on your income with no tax minimisation; your financial situation may vary significantly.

Speak to a mobile banker.

Talk to a mobile banker to find out whether you could benefit from this discount and how much you could save. Fill in the form below and we’ll give you a buzz shortly.

Speak to a mobile banker.

Talk to a mobile banker to find out whether you could benefit from this discount and how much you could save. Fill in the form below and we’ll give you a buzz shortly.

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The legal stuff.

The legal stuff.

1. Interest rates are current as at 11-Jan-2021 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.

2. Home Loan comparison rates are based on a loan of $150,000 for a term of 25 years, repaid monthly. 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. The comparison rates for interest only fixed loans are based on the interest-only period being equal to the fixed rate term.

3. The results from this calculator should be used as an indication only. Results do not represent, quotes, pre-qualifications for any product or an offer to provide credit. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change. The Borrowing Power Calculator calculates the maximum loan amount available based on the income and expenses entered. Default values provided assist in giving an estimate of the expenses and other factors which may determine the amount available for a loan. This Borrowing Power Calculator takes into account the current cost of living, but does not take into account any expected future changes in the cost of living. The calculator uses the higher of the default estimated monthly living expenses or the living expenses you have entered. 

4. LMI discount eligibility criteria and conditions:

Only available to First Home Buyers (FHBs) for the purposes of buying or constructing their first residential dwelling solely for owner occupation. Limited to one security property per application. Excludes vacant land purchases, however construction loan applications that include refinancing of a land loan on the security property are eligible.  Where there is more than one applicant applying for a home loan, all applicants need to be FHBs (applicants can own/have owned an investment property, provided they do not/have never owned an owner occupied one). 

Includes Approval in Principal applications and available on all new ME home loan product applications. Not available for, top-ups, variations and internal refinances.

The discount is calculated from the standard LMI rate chart offered to ME by its mortgage insurer, QBE Lenders’ Mortgage Insurance Limited (QBE) and takes the existing FHB discount to 25%.

A maximum LVR of 95% (inclusive of LMI) applies with a maximum loan amount of $1.2 million.
This offer is current as at 19-Jan-2021 and may be varied or withdrawn at any time. 

Terms, conditions, fees and charges apply. All applications are subject to credit approval.