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$2000 / $4000 Cashback Per Property Refinanced, Rates Starting 5.24% (CR 5.26%) OOC @ ME Bank

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Available to owner occupiers and investors on all ME home loan products if you:

  • Apply from 1 December 2022 and settle within 120 days of the loan application date
  • Switch your existing home loan from another lender(Excluding BOQ, BOQ Specialist and Virgin Money (Australia).)
  • Take out a home loan with a minimum size of $250k and LVR between 60.01% and 80% (to receive $2K cashback)
  • Take out a home loan with a minimum size of $250k and LVR of less than 60% (to receive $4K cashback)

Home Loan Rates starting 5.24% p.a.(CR 5.26% p.a.)
Investor Rates starting 5.59% p.a.(CR 5.99% p.a.)

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 is ineligible for the cashback offer. 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.

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 The offer can be withdrawn or varied at any time.

Pros:-

  • Cashback is per property.
  • Minimum loan Amount is 250K.
  • You can get owner occupier rate for investment property loan if both are submitted under same application and Owner Occupier portion is bigger.

Cons:-

  • Not the best interest rates.
  • Bad reputation of ME Bank.
  • No Payid :(

You can combine this offer with our broker cashback offer for up to $8,000+ cashback in addition to ME bank cashback. (Construction loans included for broker cashback offer)

You can also combine the broker cashback with other offers:-

  • ANZ Bank 4K cashback.
  • Westpac/BoM/St George 4K Cashback.
  • uBank up to 5K cashback.
  • Heritage bank upto 4K cashback.
  • Suncorp upto 4K cashback.

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 30+ 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.

Email [email protected]
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Referral: random (23)

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

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closed Comments

  • Hi how do you know if lvr is less than 60

    • Valuation can be done to understand what is your LVR at.

  • Why restrict the lvr to less then 60%?

    • money

  • Lower the LVR, less riskier proposition for the bank. Hence the higher cashback.

    • Yes - mis read it - thought you were excluded from the cashback

  • Offset available?

    • yes ME bank does have offset options too.

  • +3

    I would avoid ME, based on my previous experience. Unless they are only one who can refinance your HL based one your financial and personal circumstances.

    • Support team is bad and almost useless, they hardly were able to better the interest rate or match a competitor. No motivation to retain the customer.
    • Had multiple app/online banking outages when I had my HL with them, was pretty frustrating when you are at the checkout of a supermarket and the card use to decline.
    • No PayID yet, and I'm sure they will take forever to get this implemented.
    • +1

      This is all so accurate and why I'd avoid ME.

      Zero care about their customers, you literally have to draw up exit paperwork before they'll offer a better rate, have boasted for years and years that payid is coming yet seem so incompetent that they can't deliver. No branches in SA any more.

      ME - why do you actually even exist any more? Used to be members based and benefited, now just another big bank offshoot to keep market share while trying to convince customers your decent. See above as to why this is tripe.

      • +4

        Let’s not forget how they took customers redraw during COVID

    • they hardly were able to better the interest rate or match a competitor.

      For me I had multiple people try and tell me that tic:toc is either a scam or they're lying about their rates. ME were backpedaling so hard after I refinanced and kept offering to match the rate after 1 year. Naturally I threw it back at them saying if it's a scam then how are you able to suddenly match them?

  • +1

    Any chance you can bring back 5% cashback on payWave purchases under $100

  • Hi @LendingWorkshop What is the ongoing annual fee including Offset?

    • with ME bank there is a package fee for $395 which includes the offset account

    • There is a way, feel free to get in contact with us via the details mentioned in this post to discuss further.

      • How many loan refinances for a very secure borrower can me made per year before banks start rejecting applications

        What’s costs are involved to leave current lender ?

        • @Peanut money, there is no definitive answer to how many times you can refinance in a year. Having worked for a bank, I know that there is a rating system, firstly it's complex and secondly it's the best kept secret.

          Costs vary from one lender to another and one state to another, but a ball park figure is $500-$700 to switch. $350 normally charged by the bank you are leaving and then mortgage registration and discharge fee charged by the new bank(This fee varies from one state to another). Some of the smaller banks charge lots of other fees, because they outsource the property transfer stuff to other companies.

          Happy to assist if you want a detailed comparison, but as you might know that there is a clawback for mortgage brokers if you refinance within 2 years. So won't be able to assist if that is the plan.

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