Hello Ozbargainers,
Firstly, thank you for your support so far.
ME Bank continues to offer refinance cashback and have lowered their rates starting today.
Their rates are probably still not the best but below are the reasons why they are worth considering.
- ME Bank cashback combined with broker cashback of 0.3% gets quite competitive.
- They offer cashback per security. As long as separate applications are submitted. I am happy to support situations like that.
- They also offer combo pricing. That means same rates for Home Loan and Investment loans if your home loan portion is larger than investment property loan and all of the loans are submitted under same applications. Happy to weigh the options and make suggestions.
The lowest starting rates are below:-
Basic OO P&I
- <80% LVR, >$150k loan amount = 5.82%(CR 5.84%)
Flexible w/ Member’s Package
- <60% LVR, >$400k loan amount = 5.84%(CR 6.23%)
- 60-80% LVR, >$400k loan amount = 5.89%(CR 6.28%)
Refer to below links for detailed Rates and fees:
* Basis Home Loan Rate and Fees - Refer to this link.
* Flexible Home Loan Rate and Fees - Refer to this link link.
ME Cashback terms and conditions:-
A $2,000 cash back offer is available on refinances of an existing home loan from another financial institution with a minimum new lending of $400,000 and a loan to value ratio (LVR) up to 80%. A $3,000 cash back offer is available on refinances of an existing home loan from another financial institution with a minimum new lending of $700,000 and an LVR of up to 80%. To be eligible for this offer, applications must be received from 8 September 2023 and settle within 120 days of the loan application date. Not available where any of the loan proceeds are for the refinance, restructure, switches or top ups of home loans from ME or from other lenders within the Bank of Queensland (BOQ) Group which includes BOQ, BOQ Specialist and Virgin Money (Australia).
This offer is available to Owner Occupier and Investors on all ME home loan products. Applications including any loan proceeds for Construction and owner occupied loans with interest only repayments are ineligible for the cashback offer. A home loan application involving both a purchase and refinance are not acceptable. Only one cash back can be received per qualifying home loan application regardless of the number of borrowers. In the case of multiple qualifying applications, only one cash back can be received per separate security property.
Eligible refinance applications received by ME prior to 8 September 2023 that also settled within 120 days of the loan application date will get the previously advertised cashback offer of $2,000 for minimum new lending of $250,000 with an LVR of less than 80%, or the previously advertised cashback offer of $4,000 for minimum new lending of $250,000 with an LVR of less than 60%.
The cash back amount will be paid within 60 days of loan settlement into the ME Everyday Transaction Account (ETA) held by the borrower first listed on the application. In the event the first listed borrower doesn’t hold an ETA, the cash back will be credited to the home loan it applies to. Terms, conditions, fees and charges apply. Applications are subject to credit approval. The offer can be withdrawn or varied at any time.
Combined with Broker Cashback of 0.3% **, the effective rate will be from **5.67% for the first 2 years, that is quite competitive considering the refinance cashback on top.
Refer to this link for broker cashback terms and conditions.
You can also combine the broker cashback with other offers. I have access to 30+ banks on my panel. The easiest way to reach out is call me on the contact details provided below. You can also book an obligation-free appointment in my calendar
General Advice Warning-. The information contained on this web page is general in nature and does not take into account your personal situation. Please contact me for a tailored solution, comparing 35+ banks/lenders.
Regards,
Roopali
Director | Mortgage Broker
Lending Workshop Pty Ltd
Credit Representative Number 544854| Australian Credit License Number 391237| ABN 98 663 429 598|Certified FBAA Member M-353524.
Does ME bank offer offset accounts?