Scroogify™ your home loan.
see what you can save.

How does the Scroogify™ calculator work?

  • (a) Periodic interest savings and reduced repayments is the amount the calculator estimates you could save in interest and repayments periodically over the life of your new ME loan if you were to refinance your current loan with the ME loan you select. The interest savings amount will be higher initially and reduce each month as your principal reduces. You should also assess the differences in any annual package fees and other fees and charges.

  • (b) Savings over the life of the loan if you pay the periodic savings amount back into your loan is the amount the calculator estimates you could save in interest over the life of your new ME loan assuming you use all your periodic savings to make a prepayment at the end of each repayment period. Assumes $525 of discharge and mortgage registration fees and takes account of annual package fees if known.

  • (c) Savings in time taken to repay the loan is the length of time the calculator estimates your new ME loan could be paid off earlier than your current loan assuming (1) you use all your periodic savings to make a prepayment on your new ME loan at the end of each repayment period and (2) you would have continued to make only the required repayments on your current loan had you not refinanced.

The calculator makes various assumptions to provide only an estimate of savings. This estimate is based on the ME loan product you select for comparison and the details of your current loan that you enter for rate, loan amount, term remaining in years and repayment amount and frequency. If you’re not sure of the rate you’re currently charged, you can select a home loan from a sample currently on the market in the drop down menu and we’ll insert the rate for you. But note these sample rates are sourced from the Canstar comparison site and might be different to the rate you’re being charged. The calculator assumes that your new ME loan would have the same loan amount and term as the loan amount and term remaining you enter for your current loan. Each year is assumed to have 52 weeks or 26 fortnights, each month is assumed to be of equal length and rates and repayments are assumed to remain constant.

products rates fees

How Rebecca saved.

Couch 3X

1. Rebecca checked her loan using Scroogify™.
Rebecca lives in her own place. But with a loan of $350,000 and a variable interest rate of 4.45%p.a., she was curious to see if there was a better deal out there.
(Spoiler alert: there was.)

Mobile Banker 3X

2. She got the intel she needed.
Rebecca made an appointment with a ME mobile banker. And over a nice cuppa at Rebecca’s place, she discovered she could save more if she switched her home loan to ME.

Bye Bye 3X

3. She made the switch to ME
So Rebecca said bye bye to her big bank, and refinanced her loan6 to a ME Flexible Home Loan with Member Package1 with a rate of 3.79%p.a.2 (comparison rate of 4.20%p.a.3)

3 Coins 3X

4. She reduced her repayments and saved. 
With her new loan Rebecca was saving $121 a month. And over the life of her 30-year home loan, she’ll end up saving a whopping $75,902 interest payments (projected on current interest rates) if she were to use all of the money saving to make prepayments on her loan. Nice one Rebecca. High five.

*Ok confession time. Rebecca's not actually real. She's just an example. What IS real is that you might be able to totally squeeze more out of your home loan if you try Scroogify™.

How Rebecca's calculation works?

This calculation:

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

  • is based on the lowest advertised package rates5 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 20-Sep-2017

  • is only valid for the loan amount and LVR4 specified – different rates apply to different loan amounts and LVRs4

  • 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.

We're here to help as much as we can. So go on, put us to work.

Talk to a mobile banker

Time to talk home loans? Our Mobile bankers are ready and waiting so go ahead a book a call.

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Got Scroogify™ questions? We've got answers..

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

  2. Interest rate is current as at 20-Sep-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 $150,000 to $400,000 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. Loan to Value Ratio (LVR) is the loan amount divided by the value of your property (determined by ME at assessment), multiplied by 100.

  5. Rebecca’s Story – checked 6/2/2017 - www.canstar.com.au

  6. 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.

 
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1. Enter your principal & interest rate

%
How do I find this?

If you're not sure of the rate you're currently being charged you should check with your lender. Your most recent home loan statement will tell you the applicable rate on the date of that statement.

2. Adjust your current loan details

$
$

3. Compare

Variable 3.49% | 3.69%

Maximum 80% LVR
?

For information and rates applicable to home loans with LVR above 80% you should compare our products here.

You could
save.

Reduce your interest and repayments by around(a):

$109per month

Putting this amount back into your loan could save you(b):

$32834

That's equivalent to(c):

3 years
& 11 monthstime saved in paying off your loan

Well done you

Seems like you're already on a great rate
that we can't beat. High five!

Things you
should know:

The calculator results are not a quote or offer. They are a guide only limited to helping you estimate the interest you could save by refinancing your principal & interest loan with ME. You should consider your personal situation and be aware that the calculator doesn’t take into account: (i) the value to you of different features or benefits such as offset accounts and free credit cards (ii) rate discounts that might be available or future changes in rates or (iii) all fees and charges that might apply to the refinance or on an ongoing basis. Note that the quoted savings will vary depending on the variables you select to input.