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ME Bank Refinance: Uncapped $3,000 Cashback, Fixed Rates from 2.29% 2 Year Fixed and variable offset from 2.03%

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Interest rate changes

ME Bank had raised their fixed rates effectively on 26th Nov 2021.

A lot of banks had increased fixed rates since APRA’s announcement on 6th of October to restrict home loan lending due to strong growth in property prices.
ME Bank may increase its fixed rates anytime soon and we advise to apply for a rate lock for a fee of $500.

Uncapped $3,000 cash back offer is available per application so long as eligibility is met on each application and each application has a separate security property. Conditions are:

  • Switch their existing home loan from another lender
  • Apply by 31/12/21 and settle by 28/02/2022
  • Take out a home loan with a minimum size of $250k and a maximum LVR of 80%

Rates highlight:
Owner occupied P&I with comparison rate (CR)
2 years fixed 2.29% CR 3.00% at 80% LVR
3 years fixed 2.69% CR 3.07% at 80% LVR
Standard variable with offset 2.03% CR 2.56% at 60% LVR over $700k
Standard variable with offset 2.14% CR 2.61% at 80% LVR over $700k

Investment P&I with comparison rate (CR)
2 years fixed 2.69% CR 3.75% at 80% LVR
3 years fixed 2.99% CR 3.65% at 80% LVR

Comparison Rates
Each comparison rate is based on $150,000 over 25 years. These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates for Interest Only Fixed Rate home loans are based on an initial Interest Only period equal in length to the fixed rate period. Comparison rates for Interest Only Variable home loans are based on an initial 5-year Interest Only period.

Other refinancing rebates available:
CBA - Get $2,000 cashback when you refinance before 31 Dec 2021 T&Cs apply.
St. George/Bank SA/Bank of Melbourne- Receive up to $3,000 cashback when you refinance before 30 Nov 2021. T&Cs apply.
Virgin - Get up to $3,000 cashback when you refinance your home loan before 30 Nov 2021 T&Cs apply.
BOQ - Get up to $3,000 cashback when you refinance your home loan before 30 Nov 2021 T&Cs apply. Eligible to combine with the investment purchase rebate of $2,000.
ING - Get up to $3,000 cashback when you refinance your home loan until 30 Nov 2021 T&Cs apply.
The other rebates offer by other banks which we can show you as part of our analysis

Broker Rebate Terms and Conditions

We are offering a $500 upfront cashback for loan greater than $500k (excluding offset and redraw) for any fixed term loan of 2 years or more. $1,000 upfront cashback for loans $1M and above (excluding offset and redraw) for any fixed term loan of 2 years or more.
Maximum of 1 cashback per household.

Contact me for a no obligation meeting via calendly or call me directly.
https://calendly.com/james-sim
James Sim - Senior Mortgage Broker
M: 02 8319 4862 / 0487 000 098
E: [email protected] or [email protected]
W: https://www.nectarmortgages.com.au/project/james-sim/ or http://jamessimbroker.com.au
Australian Credit License number 387856

Recent review
Won National Top Broker for customer service award 2021
https://tinyurl.com/REVIEW-JSIM

Referral Links

Referral: random (33)

$150 Coles Group & Myer Gift Card for both referree and referrer when loans are settled.

Related Stores

ME Bank
ME Bank
James Sim, Nectar Mortgages
James Sim, Nectar Mortgages
Third-Party

closed Comments

  • DM sent. Thanks

  • “A lot of banks had increased fixed rates since APRA’s announcement on 6th of October to restrict home loan lending due to strong growth in property prices.”

    Is this really the case?. i have a friend who works at NAB he said their buffer is around 5% so doesn’t known what the panic is all about. Maybe it’s the smaller lenders who APRA are targeting.

    • Fixed rates are going up due to increases on longer term bond yields and the TFF ending. Nothing to do with APRA’s announcement to increase the servicing buffer.

  • Hi op, which banks with decent cashback offers have the option for multiple offset accounts?

    Currently have a shared mortgage and have the loan split down the middle with one offset account each, plus another for shared expenses. Would like to keep at least 2.

    • Same question. Have structured multiple offset loans, does ME bank support that ?

  • credit check is a problem. Ubank is more serious than the big 4 so I guess mebank is the same.

    • I’m not really familiar with any of this so forgive my ignorance, do you mean that UBank and ME bank are stricter and thus harder to get approval than the big 4?

  • Had good success with past deals with ME Bank as assessors would try to get the deals accross. Ubank is a digital bank and would filter for top clients.

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