ME Bank - Basic Home Loan
Variable | Investment | Principal & Interest | LVR up to 80% | Borrowing more than $40,000
The ME Bank Basic Home Loan offers an advertised interest rate of 6.24% p.a. and a comparison interest rate of 6.26% p.a.. The ME Bank Basic Home Loan is suitable for Investors with Variable terms.
More ME Bank Basic Home Loan details can be found below or visit ME Bank to learn more or apply.
A Variable rate loan for Investors repaying the Principal & Interest with an advertised interest rate of 6.24% p.a. and a comparison interest rate of 6.26% p.a.
Advertised Rate
6.24% p.a. Variable
Comparison Rate
6.26% p.a. Variable
Application Fee
$0 one off
Loan To Value
80%
Interest
Rate Type
Variable
Advertised Rate
6.24% p.a.
Variable
Comparison Rate
6.26% p.a.
Variable
Calculation Frequency
Daily
Application Frequency
Monthly
Terms
Suitability
Investors
Borrowing
$40,000
Term
10 to 30
years
Loan To Value
80%
Repayment
Type
Principal & Interest
Frequency
Monthly, Weekly, Fortnightly
Extra Repayments
Yes
Fees
Application Fee
$0
one off
Valuation Fee
$200
per event
Settlement Fee
$250
per event
Ongoing Fee
$0
per month
Discharge Fee
$350
per event
Late Payment Fee
$25
per event
Top Up Fee
$250
per event
Features
Redraw
Yes
Loan Top Up
Yes
Who is the product designed for?
The customers are likely to have the following objectives, needs, financial situation and must meet the eligibility criteria for this product.
Objectives
- The customer’s likely objective is to have a basic home loan to purchase, renovate an owner occupied or investment home, or refinance an existing home loan.
Needs
- The customer’s likely need is a basic home loan product that enables their objective to purchase, renovate a home, or refinance existing lending. This may include:
- A variable interest rate.
- Long repayment term.
- Wide range of Loan to Value Ratio (LVR) with Lender’s Mortgage Insurance for higher LVRs.
Financial situation
- This product is suited to customers who have a regular income and can meet the repayment obligations without substantial hardship.
- They will also need to satisfy ME’s credit assessment process.
Eligibility criteria
- Be an Australian citizen or permanent resident or resident for tax purposes with an Australian residential address or eligible temporary resident (subject to its own eligibility criteria) with an acceptable visa type.
- Be aged 18 years or older.
- Be applying in personal name(s) – not as a company or a trust.
- Have a good credit history.
- Earn a regular income.
Visit ME Bank to view Target Market Determination Effective From: 2024-03-27.
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