Lender Overview
ME Bank (Members Equity Bank) is a fully digital bank owned by Bank of Queensland Group. It was originally established by industry superannuation funds to provide banking services to their members. ME Bank operates without branches and offers competitive home loan rates entirely online.
Loan Products Offered
ME Flexible Home Loan
Variable rate product with a 100% offset account and unlimited extra repayments. Competitive fee structure.
ME Basic Home Loan
No-frills variable rate with redraw but no offset account. Lower rate than the Flexible product.
ME Fixed Rate Home Loan
Fixed terms of 1 to 3 years with limited extra repayments.
Pros and Cons
Pros
- +Competitive rates, consistently below the major banks
- +100% offset account available on the Flexible product with no annual fee
- +Simple, easy-to-understand product range
- +Backed by BOQ Group, an APRA-regulated ADI
Cons
- -No physical branches
- -ME Bank app and digital experience is not as polished as Macquarie or ING
- -Smaller product range than the major banks
Typical Rates
| Loan Type | Indicative Rate |
|---|---|
| Owner-Occupier Variable (P&I) | RBA cash rate + 2.25% to 2.75% (indicative) |
| Owner-Occupier Fixed | Market rate at time of fixing |
| Investor Variable (P&I) | RBA cash rate + 2.55% to 3.10% (indicative) |
ME Bank rates are generally competitive. Confirm current rates directly or via a broker.
Application Process
- 1
Apply entirely online via ME Bank's website
- 2
Digital documentation upload
- 3
Valuation ordered by ME Bank
- 4
Approval typically 3 to 7 business days
Who ME Bank Suits Best
- ✓Borrowers comfortable with digital-only banking
- ✓Those seeking a competitive rate with a clean offset account product
- ✓Superannuation fund members who prefer ME Bank's union-backed heritage
