ME is owned by a range of industry superannuation funds such as Australian Super, UniSuper and Hesta. In total, there are 26 superannuation funds have ownership over this bank.
ME is a participant in the Australian Government’s financial claims scheme, so your deposits will be covered by this protection guarantee.
Before you apply for a ME Bank home loan, you should have a good idea of what mortgage product you are interested in. Working with one of our experienced brokers can help you find the right home loan for your needs, financial situation and lifestyle. The application process begins with filling out the home loan application form on their website. Here, you will need to provide information about your financial situation, including your income, employment details, assets and liabilities (for example, any existing debt responsibilities) You will also need to complete a section about the purpose of your loan, including the type, size and location of the property you are purchasing and the amount you want to borrow. You will need to attach supporting documents to your application, including a PAYG summary, one payslip and tax statements if you are self-employed. Once complete, you will need to send your application via mail to the ME, Credit team at GPO Box 1345, Melbourne VIC 3001. You can also mail it to your local Mobile Banking Manager. If you are stuck on your application, you can book a consultation with one of their home loan specialists or arrange a meeting with a Mobile Banking Manager by calling 13 15 63.
The best bank for home loans is always the one that best fits your individual requirements and situation. However, ME Bank is known as a smaller bank that is able to offer competitive home loan packages due to its affiliation with unions and industry superannuation funds. The offer a range of low variable and fixed interest rates on home loans and in some cases, will lend up to 95% of the property price. However, they may charge higher interest rates on small deposits and can be strict about credit scores. It’s a good idea to work with a mortgage broker to ensure a ME Bank home loan is the right choice for you.
ME Bank offer mortgages to suit a wide range of lifestyles. From residential and investment properties to display homes and student accomodation, they have an array of flexible home loans to fit most living situations.
As with most banks, you can obtain pre-approval on your loan in anywhere from 4 hours to 2 weeks. However, once the vendor accepts your offer on a property, you will likely be required to wait out the cooling off period — which can vary from 2 to 5 days depending on the state you live in. Then, according to ME Bank’s website, it can take 6 to 8 weeks after the exchange of contracts for your loan to be officially processed.
As with most lenders, ME Bank has its own criteria that determines your eligibility for a mortgage. It also depends on the type of home loan you are applying for. To apply for a ME Bank home loan, you need to be 18 years or older, an Australian citizen or permanent resident or a New Zealand resident residing in Australia. You will need to have the following documentation at hand:
ME Bank will also likely want to see a clean credit report and minimal liabilities such as outstanding credit bills. To maximise your changes at getting successfully approved for a home loan, it’s best to work with a broker to ensure your financial records are up to scratch.