ME Bank Home Loans

For an investment property loan ME was absolutely a pain to deal with. At the end of my initial term I wanted to continue with interest only payments. I submitted many documents over after their many requests over several weeks then to be rejected.

We have been trying to get rate reduction correspondence sent out over the past 2 months. We need this information for both our accountant and the ATO. Five times we have rung and messaged Me bank to ask why we haven't received mail that was promised to be sent out via express post, only to be told it was never ever coded into the system. but they will message you to say it has been posted numerous times. We have also rung and emailed 4 times asking for redraw monies to be reversed only to be told again it was never ever coded into system......

Received a letter today telling me that my available redraw had been reduced over $10k but that quote".... the total amount outstanding and the time remaining on your home loan all remain the same." That is in spite of paying well over the minimum payment required for over 2 years. I will be complaining to Australian Financial Complaints Authority. I am just flabberghasted that a bank can decide to more or less take your extra funds without permission!

Have a loan that's just come off its fixed rate and been a customer of ME bank for 5 years. No problems of note in that time. However was recently confronted by a smug, condescending individual on the phone that showed zero empathy and willingness to assist. Basically it seems ME will hook you in with decent, even low rates then hit existing customers with higher than acceptable rates at first opportunity. I went from 3.69% fixed for 3 years to now, 4.20% variable P&I!! This is in an environment where the official cash rate is 0.75% people! They are refusing to budge and my only option is: fix now or else. I know which option I'll be taking and will vote with my feet. Such a pity because I didn't contemplate leaving.