ME Bank home loan review
Also known as ME, Members Equity
ME is a good choice for app-first borrowers: EconoME is a basic variable loan with no annual fees, and CompleteME adds a 100% offset across up to 10 accounts for $395 a year. ME is part of the BOQ Group. It isn't on the 5% Deposit Scheme lender list.
Below: ME's two loans, their fixed-rate options, the fees, and how ME compares with BOQ and ING.
By Better Rate Mate Editorial Team · Last reviewed · Checked against ME Bank's own website
Latest ME Bank variable rate change
On 30 September 2026 ME announced a 0.25% p.a. rise in its variable home loan rates for new and existing customers. It took effect on 3 October 2026. ME Bank's announcement (checked 10 October 2026). For today's rates, see ME Bank's rates page.
ME Bank home loans at a glance
| Feature | ME Bank |
|---|---|
| Offset account | 100% offset on CompleteME, up to 10 SpendME accounts (variable) |
| Annual fee | $0 EconoME; $395 CompleteME |
| Fixed terms | 1 to 5 years |
| Extra repayments while fixed | Up to $10,000 a year |
| Split | CompleteME: variable, fixed or a mix |
| App | Manage repayments, offsets and equity in the ME Go app |
| Ways to apply | Online or by phone |
| 5% Deposit Scheme | Not a participating lender |
ME Bank mortgage and home loan repayment calculator
Enter the rate for the ME Bank loan you're considering (from its rates page), your loan amount and term. The calculator uses the standard principal and interest formula lenders use, so for the same rate, amount and term it gives the same repayment as ME Bank's own calculator. It doesn't include fees or future rate changes. For the maths and assumptions, see our mortgage repayment calculator page, and test your buffer with the stress test calculator. If you're buying, you can also estimate your stamp dutyand work out how much you can borrow.
Mortgage repayment calculator
Repayments and total interest, with optional extra repayments, an offset account or an interest-only period.
Monthly repayment
$2,997.75
| Loan amount | $500,000 |
|---|---|
| Interest rate | 6.00% a year |
| Time to repay | 30 years |
| Total repayments | $1,079,191 |
| Total interest paid | $579,191 |
Year-by-year balance
| Year | Interest | Principal repaid | Balance |
|---|---|---|---|
| 1 | $29,833 | $6,140 | $493,860 |
| 2 | $29,454 | $6,519 | $487,341 |
| 3 | $29,052 | $6,921 | $480,420 |
| 4 | $28,625 | $7,348 | $473,073 |
| 5 | $28,172 | $7,801 | $465,272 |
| 6 | $27,691 | $8,282 | $456,990 |
| 7 | $27,180 | $8,793 | $448,197 |
| 8 | $26,638 | $9,335 | $438,862 |
| 9 | $26,062 | $9,911 | $428,951 |
| 10 | $25,451 | $10,522 | $418,429 |
| 11 | $24,802 | $11,171 | $407,257 |
| 12 | $24,113 | $11,860 | $395,397 |
| 13 | $23,381 | $12,592 | $382,805 |
| 14 | $22,605 | $13,368 | $369,437 |
| 15 | $21,780 | $14,193 | $355,244 |
| 16 | $20,905 | $15,068 | $340,176 |
| 17 | $19,975 | $15,998 | $324,178 |
| 18 | $18,989 | $16,984 | $307,194 |
| 19 | $17,941 | $18,032 | $289,162 |
| 20 | $16,829 | $19,144 | $270,018 |
| 21 | $15,648 | $20,325 | $249,693 |
| 22 | $14,395 | $21,578 | $228,115 |
| 23 | $13,064 | $22,909 | $205,205 |
| 24 | $11,651 | $24,322 | $180,883 |
| 25 | $10,151 | $25,823 | $155,060 |
| 26 | $8,558 | $27,415 | $127,645 |
| 27 | $6,867 | $29,106 | $98,539 |
| 28 | $5,072 | $30,901 | $67,638 |
| 29 | $3,166 | $32,807 | $34,831 |
| 30 | $1,142 | $34,831 | $0 |
Stress test this loan at higher rates, or see how much you can borrow.
An estimate: interest is charged at the repayment frequency and the rate never changes. It leaves out fees, redraws and rate changes, and assumes the lender accepts extra repayments. Check fixed rate loans for an extra repayment limit, and confirm figures with your lender.
Is ME Bank good for home loans?
ME is a good choice for app-first borrowers: EconoME is a basic variable loan with no annual fees, and CompleteME adds a 100% offset across up to 10 accounts for $395 a year.
Pros
- +No annual fee on EconoME
- +Up to 10 offset accounts on CompleteME
- +Fixed loans allow $10,000 a year in extra repayments
- +Backed by the BOQ Group
Cons
- -Not on the 5% Deposit Scheme lender list
- -CompleteME costs $395 a year and its headline rate needs $400,000+
- -No branches
Who ME Bank suits
- Borrowers who want offset accounts managed in an app
- Refinancers with larger loans who will use CompleteME's offsets
- People who want a no-fee basic loan (EconoME)
About ME Bank
ME Bank (originally Members Equity) became part of the Bank of Queensland Group in 2021 and now operates as a division of Bank of Queensland Limited. Loans are managed in the ME Go app.
ME sells two home loans, EconoME and CompleteME, each available with a variable rate or fixed for one to five years.
- Ownership
- A division of Bank of Queensland Limited since 2021.
- Lender and licence
- ME Bank, a division of Bank of Queensland Limited ABN 32 009 656 740, Australian credit licence 244616
ME Bank home loan products
EconoME
A basic variable loan with no annual fees. Unlimited additional payments on a variable rate, up to $10,000 a year on a fixed rate, and withdrawals during a variable rate period.
CompleteME
A fuller loan with a 100% offset: link up to 10 SpendME accounts. Mix variable, fixed or both. $395 annual fee. The advertised rate needs a minimum loan of $400,000.
Fixed rates
Both EconoME and CompleteME can be fixed for one to five years, with up to $10,000 a year in extra repayments.
ME Bank home loan rates: how they are set
ME's advertised rates are tied to LVR bands and minimum loan sizes: EconoME's headline variable rate is for new owner-occupier principal and interest loans of $150,000 or more at 70% to 80% LVR, and CompleteME's is for loans of $400,000 or more at 60% to 80% LVR.
ME also publishes separate rate tables for owner-occupiers, investors and legacy loans. If you are an existing ME customer on an older product, compare your rate with the current tables.
For a benchmark, the RBA's average rate on new owner-occupier variable loans across all lenders was 6.23% in August 2026, and 6.40% for investors (published 8 October 2026). The RBA's cash rate target was 4.60% as at 10 October 2026, after a 0.25 point rise effective 30 September 2026; its next decision is due on 3 November 2026.
ME vs BOQ
Same group, different products. BOQ's Clear Path has one 100% offset for $10 a month; ME's CompleteME offers up to 10 offsets for $395 a year in an app. See our BOQ review.
ME vs ING
Both are app-first. ING's Orange Advantage has one 100% offset for $299 a year; ME's CompleteME has up to 10 for $395. For a basic loan, both EconoME and ING's Mortgage Simplifier have no annual fee. See our ING review.
How to apply for an ME Bank home loan
- 1
Choose EconoME or CompleteME and check the rate for your LVR and loan size
- 2
Apply online or by phone ('Talk to ME')
- 3
ME assesses serviceability and values the property
- 4
Approval and loan documents
- 5
Settlement; link SpendME offset accounts in the ME Go app
Check how much you could borrow with our borrowing power calculator; ME Bank's own calculator applies its own lending policy, so its figure can differ.
Budget for stamp duty: NSW stamp duty calculator · VIC stamp duty calculator · QLD stamp duty calculator · WA stamp duty calculator · SA stamp duty calculator · TAS stamp duty calculator · ACT stamp duty calculator · NT stamp duty calculator
Before you apply, ask for the key facts sheet for your loan amount. Every lender must provide one in the same format, which makes loans easy to compare side by side.
ME Bank home loan questions
Is ME Bank owned by BOQ?
Yes. ME became part of the Bank of Queensland Group in 2021 and is a division of Bank of Queensland Limited.
Does ME Bank have an offset account?
Yes, on CompleteME: you can open, link and unlink up to 10 SpendME accounts as 100% offsets to a variable CompleteME loan.
What is the CompleteME annual fee?
$395 a year.
How much extra can I pay on an ME fixed loan?
Up to $10,000 a year on a fixed rate loan. Variable loans allow unlimited additional payments.
