1. Loan Repayments Calculator
Repayment calculations are based on ME’s advertised Personal Loan interest rate and are estimates only.
The calculations are based on the information input or selected by you, don’t take into account fees and charges that may be payable and assumes:
- Repayments are made monthly and all repayments are made on time;
- The interest rate doesn’t change for the life of the loan; and
- Interest is calculated daily and debited monthly.
One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
The estimates provided have rounding applied.
2. Debt Consolidation Savings Calculator
This calculator works by comparing the sum of your existing repayment amounts against the estimated repayments amount if you consolidated those same debts under a ME Bank Personal Loan. It uses the current Personal Loan rate1 and estimates your ME Bank Personal Loan repayments, which are then compared to the sum of your existing repayments. The figure provided is the difference between what your estimated ME Personal Loan repayments would be and your existing repayments.
The comparison is based on the repayment amounts of existing debts at the point when the calculation is being made. It does not include any future variations to the repayments.
The calculations are based on the information input or selected by you, don’t take into all account fees and charges that may be payable and assumes:
- Repayments are made monthly and all repayments are made on time;
- The interest rate doesn’t change for the life of the loan; and
- Interest is calculated daily and debited monthly.
The loan establishment fee of $250 is included in the debt consolidation calculator.
The calculator offers flexibility to choose the repayment terms. If specifying different repayment periods for your current debts compared with the repayment period you specified for your ME Personal Loan, the calculator may attempt to normalise your current repayments. 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.
You should consider your personal situation and be aware that the calculator does not take into account:
- The value to you of different features or benefits under your current arrangements;
- Future changes in rates; and
- Fees and charges that might apply to refinancing your current debts
It must be used as a guide only and not for financial budgeting purposes.
All applications are subject to lending approval criteria including loan purpose verification. Product terms, conditions, fees and charges apply.