MEBank FHSA - $2,000 cashback + extras

Llaughingwithu on 30/04/2015 - 20:38

Hi all

This afternoon received an email from Mebank offering this link.
Basically the details are as follows:

  • $2,000 cash back if you apply before 30 June 2016 and settle before 30 September 2016;
  • borrow up to 95% of the property value;
  • No application fees;
  • no account keeping fees.

from the advertisment it appears to apply to all their home loans. Any way I have been looking around for a while and according to the comments in the ozbargain deal the 3 year fixed rate is quite competitive provided you only stick around for the 3 year fixed period. It appears they have calculated the comparative rate based on the full 25 years inclusive of a comparatively high variable interest rate.

Was wondering if Ozbargains has any thoughts on this offer or if it would be best to just go with loans.com.au in the first instance.

Thanks for the advice in advance.

P.S. Did not post in financial deals as don't know if it is a deal and whether it is too targeted to post.

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Comments

  • chill on 01/05/2015 - 02:44

    What is the exit fee?

    Sounds like a good idea/deal doing the 3 years, then switching.

    • laughingwithu on 01/05/2015 - 07:50

      Can't seem to find it, they just have general statement that I'd they make a loss is payable by the borrower. For the variable rate loan it is $600.

  • inherentchoice on 01/05/2015 - 13:32

    I have a ME Bank FHSA. Don't seem to have received any such emailed offer.

    However it seems that this offer is still available to me according to the link you've given.

    June 2016 makes it seem like I have heaps of time to apply. But if I withdraw the funds on 1 July 2015 then could I still take up this offer? Will it be possible to withdraw most of the funds but not all of them?

    • laughingwithu on 02/05/2015 - 20:27
      +2

      I received it by email and it was titled "At last! Good news for first home buyers". Like you I was planning on moving my funds out to another account as their interest rates are not the best. Have booked an appointment with a bank manager so hopefully will find out more details.

      I know that on 1 July the account will become a normal savings account so no reason why you could not take all the funds out. Not sure how it would impact on this offer though. Will give an update when I find out some more.

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