ME Bank is a 100% Australian-owned bank established by industry super-funds to provide a bank alternative. It provides a wide range of banking products and services for its customers, including savings accounts, home loans, and credit cards. This post helps you understand about features of ME Bank personal loans.

ME Bank personal loans
ME Bank personal loans are offered with a loan term up to 7 years

In the previous post, Loansaustralia.net introduces people to some of the necessary information that is useful for getting the SCU personal loans, to get more information people can read the article SCU personal loans are suitable for a variety of purchases. Now, let find knowledge about loans of ME Bank in the post today.

ME BANK PERSONAL LOANS

Just like a lot of article posts about the personal loans in Australia, as well as each type of loans such as Bankwest personal loans, Heritage Bank personal loans, Catalyst personal loans, ING personal loans…. this post about the ME Bank loans also includes some main parts. They are:

1. Some requirements to apply for ME Bank loans

To apply for a personal loan, customers need to apply about 10 minutes with a driver’s license or passport and some information on the income and expenses.

Customers need to meet some requirements before applying for a loan from ME Bank:

  • Customers must be at least 18 years old
  • Customers must be an Australian citizen, permanent resident
  • Customers need to open an account for personal use
  • Customers need to be the owner of a good credit rating

2. Some features of ME Bank loans

  • Customers do not need to pay for account-keeping fees. Customers can save money in the long run because there are no account-keeping or annual fees.
  • The flexible repayment frequency. Customers have two options to pay loans, either fortnightly or monthly to suit the household budget.
  • Customers do not need to pay for extra repayments. Before the end of the loan term, customers do not charge for making extra repayments or for paying off. This can help customers get out of debt quicker.
  • Customers can apply for loans online by phone or computer or laptop. The ME Bank loan can be applied easily and quickly online.
ING personal loans
ME Bank personal loans are offered with a loan term up to 7 years

3. The interest rate and fees of ME Bank loans

Interest rate 10.98% p.a.
Comparison rate 11.35% p.a.
Security needed None
Establishment fee $250
Account keeping fee $0
Loan available $5000 – $50,000
Loan terms 1-7 years
Repayments Fortnightly – monthly
Early loan repayments No fee
Extra repayments No fee
Duplicate statement fees $5 per page
Loan paid into your account $0
Loan paid to you by cheque No fee for the first 3 cheques, $6 for each cheque after that
Direct debit dishonor fee (if the funds aren’t there to make your repayment) $25
Balance or transaction inquiries $0

Example:

  • Customers get $30,000
  • Loan term 5-year
  • The application fee: $250 application fee
  • Direct debit dishonor fee: $25
  • Duplicate statement fees: $5/page.
  • The interest rate is 10.98% p.a. (11.35% p.a. comparison rate)
  • The total amount payable is $33,569 including interest and fees
  • Each month, customers need to pay $559.483

This post is about loans of ME Bank. We provide this information to offer you some of the necessary information that is useful for getting loans from ME Bank. Also if you are looking for information about the personal loans from Bankwest, please refer to the Bankwest personal loans link we just provided in the previous article.

Anita (Team Content) – ME Bank personal loans