How Laura saved.

9683 Coins Slinky Plane

1. Laura lives in her own home and had a loan of $400,000 with an 80% loan to value ratio (LVR)5. She was paying a variable interest rate of 4.40%p.a. with a big bank and decided it was worth checking if there was a better deal on offer so could afford herself a holiday.

9683 Coins Slinky Plane

2. She plugged her numbers into ScroogifyTM to see how her home loan compared to a ME loan. She could instantly see how refinancing could put more money in her pocket every month.

9683 Coins Slinky Plane

3. She gave her big bank the flick and refinanced7 her loan to ME with a Flexible Home Loan with Member Package 1 variable rate of 3.79%p.a.2 (comparison rate of 4.20%p.a 3). This reduced her minimum monthly repayments by around $130 per month.

9683 Coins Slinky Plane

4. She then saved the $139 per month for 12 months, saving around $1,668 (projected on current interest rates) and bought a well-deserved 5 nights on Honolulu through WebJet holiday packages4. End of story. #whatcanyouscroogify.

ScroogifyTM your home loan and see if you could save.

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How the calculation works?

Want the low down on the ScroogifyTM calculation? Get it here.

This calculation:

  • is a guide only - you should consider your personal situation

  • is based on the lowest advertised package rates6 of the major four banks (ANZ, Westpac, NAB and Commonwealth Bank) from the Canstar comparison site and does not take into account rate discounts that might be available or future changes in rates

  • compares these rates with the ME Flexible Home Loan with Member Package rates current as of 21-Jul-2017

  • is only valid for the loan amount and LVR5 specified – different rates apply to different loan amounts and LVRs5

  • takes into account typical discharge and mortgage registration fees charged by both the other lender and ME, but does not take into account fee waivers or other fees and charges that might apply to the refinance or on an ongoing basis

  • does not take into account the value of other home loan features or benefits such as offset accounts and free credit cards

  • assumes 12 monthly repayments per year for the stated term and all months are of equal length, and uses unrounded amounts to derive its results.

We'll do it for you.

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About our home loans.

Our home loans come with all the bells and whistles you'd expect from a bank, but without the greedy bank rates. Check out our Flexible Home Loan with Member Package for an annual fee of $395.

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the legal stuff.
  1. Member Package annual fee of $395.

  2. Interest rate is current as at 21-Jul-2017 and is subject to change. The -1.04% p.a. discount is offered off the reference rate for variable Flexible Home Loans with a Member Package where (i) the primary loan purpose at application is owner occupied (ii) repayments are principal & interest and where (iii) the loan amount is less than or equal to 80% of the value of your property ("LVR"). (iv) the loan amount is from $400,000 to $699,000 and (v) the application is for a new home loan. 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 this discount at any time. If you apply after the discount has been withdrawn the Flexible Home Loan of $150,000 for a term of 25 years with Member Package variable rate without discount (the reference rate) will apply.

  3. Comparison Rate based on a Flexible Home Loan with Member Package of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

  4. WebJet Holiday Deals. Depart Sydney to Honolulu with WebJet Holiday Deals and stay 5 nights at the 3-star self rated Ala Moana Hotel by Mantra in a City View Standard Room (with complimentary wi-fi #winning). Advertised price is $1,640pp. Holiday deals change from time to time and ME does not warrant that such a deal will be available in the future

  5. Loan to Value Ratio (LVR) is the loan amount divided by the value of your property (determined by ME at assessment), multiplied by 100.

  6. Laura’s Story – checked 6/2/2017 -

  7. Refinanced the old loan with 30 years remaining to a new ME loan with a 30 year term.

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