I like them for their NRAS, as it caters very well to fixed rates. Also, I could be wrong about this, but I believe they're a lender that take debt at actual repayments and don't credit score - plays a role too. Generally back end can be frustrating - have heard numerous unpleasant experiences about their assessors.But everything else about ME is worth walking a country mile for
Their credit policy is one of the most user friendly, particularly for non-standard securities
Good to hear a positive experience Kristine.Hey Redom
What a pity you listen to rumours that tell nasty stories about individual people.
I have nothing but praise for the team at ME, I have a construction loan being funded with them now and they have all been the most pleasant, helpful, cheerful and diligent team throughout the whole process
The local council took more than 8 months to issue the building permit and the land loan had settled but the construction loan had lapsed, and the customer had to come up with nearly $40,000 while ME and I worked as quickly as possible to get the new construction application approved and ready for funding
They have since allowed the customer an extraordinary drawdown so that he can have his cash back and have done the next two progress payments literally within days of receiving the builder's invoice
They take the trouble to call the broker (me) and to keep me informed of progress. I am only sorry that I haven't put more business their way. I know for a fact that if they hadn't accepted the security where the house is being built I doubt that the deal would have run with anyone else at that time
I know zip about your circumstancesExtremely frustrating experience with ME bank with respect to owner builder loans:.
Fair enough regarding lack of clarity about my circumstances and ME chickening out at the last moment.I know zip about your circumstances
owner build adds a further layer of complexity that most lenders dont want, and they will tell you so at the front end.......... ME may be to much chicken
Doubt it. ME Bank most likely have this policy in place to ensure the structural component of the build is built by a regular builder, and their definition of owner/builder is to allow all the soft furnishings (which can be more easily rectified should something go wrong).Fair enough regarding lack of clarity about my circumstances and ME chickening out at the last moment.
Nevertheless, ME Bank advertises for providing owner builder loans, whereas clearly their own policy prohibits it till lock up stage and they have no intention of funding till lock up stage.
Is it a case of misrepresentation and worthwhile reporting to financial regulators ?