where does ME bank sit in the generousity scale
- Thread starter eks883
- Start date
depends on a few things
typically, they are in the higher one 3rdwith the group of Nab, ABL, AMP Advantedge. Mac bank etc
BUT
if your lending is > 80 % their DUA for LMI isnt as robust as most of the others.
if this is of concern to you, youd be best to speak with a broker that knows this stuff
ta
rolf
typically, they are in the higher one 3rdwith the group of Nab, ABL, AMP Advantedge. Mac bank etc
BUT
if your lending is > 80 % their DUA for LMI isnt as robust as most of the others.
if this is of concern to you, youd be best to speak with a broker that knows this stuff
ta
rolf
Agree with Rolf - less likely to move for something that smells a little unusual. I've heard a few 'misses' with their backend processing too - but I personally have only had positive experiences.
MEBank's servicing is up there with final third - use them later than sooner - they have a few quirks too. E.g. their HECS calculations on their calculator seems harsher than actual amount paid.
Cheers,
Redom
Depending on the type of income it would sit around middle of the pack. There service can be hit and miss depending on how good a fixed rate they have out at any point in time. Generally i would only consider them for a refi rather than purchase which is time critical.
About the only the ME Bank do particularly well is fixed rates. In this area they're usually ahead of the pack. Their variable rates are quite high, the offset account doesn't work very well and the interest only policies are downright strange.
There are a few policy niches where they work well.
Servicing calculator is quite generous but as everyone else has mentioned they fall to pieces the moment the loan goes over 80%.
As a lender they're generally not on the radar for an investor.
There are a few policy niches where they work well.
Servicing calculator is quite generous but as everyone else has mentioned they fall to pieces the moment the loan goes over 80%.
As a lender they're generally not on the radar for an investor.
Me bank over 80% LVR....pretty bad- poor LMI DUA from my exp...
+ as a credit union they traditionally deal with their own members who are not " big time investors as such"...more mum and dad PPOR and 1-2 max IP.
I submitted a clean deal to them only last month for a client whos buying his 9th property....took the credit assessor 1 week just to get "comfortable with the deal" because the total rent was > than the income....
A deal like this with NAB/macq etc...would typically take only 2-3 days to get approved with no hesitation.
Personally i would use Me bank mid way in term of serviceability....not first or last.
+ as a credit union they traditionally deal with their own members who are not " big time investors as such"...more mum and dad PPOR and 1-2 max IP.
I submitted a clean deal to them only last month for a client whos buying his 9th property....took the credit assessor 1 week just to get "comfortable with the deal" because the total rent was > than the income....
A deal like this with NAB/macq etc...would typically take only 2-3 days to get approved with no hesitation.
Personally i would use Me bank mid way in term of serviceability....not first or last.
