What You Need To Know About Me Bank Home Loan Fees
What you need to know about ME Bank Home Loan Fees
What Fees Should I Be Aware Of?
When considering a ME Bank home loan, it's important to be aware of the various fees and charges which can apply. These range from the standard application and establishment fees, through to ongoing fees such as account keeping and redraw fees. Some fees, such as discharge fees, may also apply when you pay off your loan.
Application & Establishment Fees
An application fee is charged at the start of the loan process. This covers the cost of assessing your loan application and setting up the loan. ME Bank's application fees vary depending on the loan type and the amount you are borrowing. The bank also charges an establishment fee to cover the cost of setting up the loan.
Ongoing Fees
Ongoing fees typically include a monthly account-keeping fee and a redraw fee. These fees may not apply to all loan types, so it's important to confirm what fees apply to your loan. ME Bank's account-keeping fee usually ranges from $3 to $10 per month, depending on the loan product.
Discharge Fees
A discharge fee may be payable when you pay off your loan in full. This fee is to cover the cost of closing out your loan. ME Bank's discharge fee is usually around $100, but this can vary depending on the loan product.
What Other Fees Might I Come Across?
ME Bank may also charge other fees for loan services such as extra repayments or transferring your loan to another financial institution. You should factor in all fees and charges when comparing home loan products from different lenders.
Do I Need to Pay the Fees Upfront?
Most ME Bank fees can be added to the loan balance, so you don't have to pay them upfront. However, if you choose to pay the fees separately, this option is available. It's important to consider the fees when budgeting for your home loan.
What Are the Benefits of ME Bank Home Loans?
ME Bank home loans come with a range of benefits, including competitive interest rates, flexible repayment options and the ability to access redraw facilities. The bank also offers a range of home loan products to suit different needs, so it's worth comparing the features and fees of each product before deciding which one is right for you.
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