ME Bank Member Package Flexible - Refinance - Fixed

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About Member Package Flexible

Key Features

Generally speaking, offset accounts is more common with variable rate home loans than fixed loan options.

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Unlike in the US, there are no lenders in Australia that offer 20 or 30 year fixed rates for standard residential home loans. ME Member Package Flexible offers fixed loan terms between 1 - 5 years.

Fees & Costs

ME charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.
ME may also charge you a fixed-rate break cost if you refinance out of Member Package Flexible or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.
Selling the property or refinance during the fixed rate term can trigger hefty fees for breaking a fixed rate contract, and fixed rate loans tend to have restrictions on making extra repayments. Before you lock your rate in, you need to be sure that a fixed rate home loan is suitable for your situation.

Borrowing Limits

An LVR of 90% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.

Eligibility

Interest only repayment option is not available with ME Member Package Flexible for buying next home.
Interest only repayment option is not available with ME Member Package Flexible for refinance.

💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with ME or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Member Package Flexible

Refinance Fixed · Principal & Interest 1 Year · 80% LVR

6.19%

Refinance Fixed · Principal & Interest 1 Year · 95% LVR

7.84%

Refinance Fixed · Principal & Interest 2 Years · 80% LVR

6.24%

Refinance Fixed · Principal & Interest 2 Years · 90% LVR

5.89%

Refinance Fixed · Principal & Interest 2 Years · 95% LVR

7.14%

Refinance Fixed · Principal & Interest 3 Years · 80% LVR

6.14%

Refinance Fixed · Principal & Interest 3 Years · 95% LVR

6.99%

Refinance Fixed · Principal & Interest 4 Years · 80% LVR

6.34%

Refinance Fixed · Principal & Interest 4 Years · 90% LVR

6.54%

Refinance Fixed · Principal & Interest 4 Years · 95% LVR

7.04%

Refinance Fixed · Principal & Interest 5 Years · 80% LVR

6.44%

Refinance Fixed · Principal & Interest 5 Years · 90% LVR

6.64%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

ME charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property. ME may also charge you a fixed-rate break cost if you refinance out of Member Package Flexible or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.

Does ME Member Package Flexible comes with an offset account?

No, Member Package Flexible does not come with an offset account. Generally speaking, offset accounts is more common with variable rate home loans than fixed loan options.

What are the costs to apply for ME Member Package Flexible?

There is upfront costs of $250 to apply for Member Package Flexible. Settlement fee: $250 Member Package Flexible also comes with ongoing account fees of $395 per year. Annual fee: $395 per year

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with ME Bank or a mortgage broker just to be sure. This information should be used as a guide only.