Members Equity Bank

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Run by several major superannuation funds in Australia, the Members Equity Bank was established with the commitment to offer affordable financial services and products to the country. The home loan is the bank's main service, having emerged from the Super Members Home Loans (SMHL) founded in 1994. The company received its banking license in July 2001, and is being regulated by the Australian Prudential Regulation Authority, and Australian Investment Commission.

Today, the Members Equity Bank has granted more than $13 million worth of home loans to over 100,000 people in Australia. It continues to address the primary financial concerns of many Australians through the Super Members Home Loans, as well as other services such as personal loans, credit cards, savings accounts and term deposits, and business products.

The Members Equity Bank offers three types of home loans that all come with low interest rates, no valuation or application fees, and no account maintenance fees:

• The Standard Home Loan is a flexible and low-priced type that allows borrowers to loan a minimum amount of $40,000 and up to 95% of the assessed property value. Payments can be done weekly, every two weeks, or monthly. Borrowers can also close their loans for free for a minimum amount of $10,000 and redraw their accounts through online or telephone banking and customer contact center.
• The Ultimate Offset Account is an all-purpose home loan through which customers can borrow a minimum amount of $50,000 and up to 95% of the assessed property value. Payments can be done weekly, every two weeks, or monthly. Customers can also access funds throughout the country for free through ATMs, Electronic Funds Transfer at Point of Sale (EFTPOS), and Bank@Post. The borrower's salary can also be credited directly to the account.
• The Interest Only Investment Loan is recommended for all kinds of investments, which include real estate and managed funds or shares. Minimum amounts that can be loaned is $40,000, up to 95% of the assessed property value can be borrowed. Payments are done monthly, the first five months being interest only repayments, and principal plus interest payments starting on the sixth month.

Aside from home loans, the Members Equity Bank also offers personal loans, which are often used for all kinds of personal purposes, including educational expenses, emergency expenses, vacation or travel money, investments, home renovations and decorations, purchasing a car, and even for consolidating other debts. The bank's personal loans do not charge annual fees, additional repayment fees, and account maintenance fees. The interest is derived from a low and fixed rate, and customers can choose from loan terms between one year to five years. Borrowers will not be charged with penalties should they wish to make early payments for their loan.

Like most banks and financial institutions today, the Members Equity Bank also offers its own credit card line, called the Members Equity MasterCard. The bank's MasterCard is among the credit cards that offer the lowest rates in Australia, including the low annual fee of $30. Purchases made using the credit card is also free of interest for the first 44 days of subscription. The Members Equity Bank does not charge fees for supplementary cardholders and the credit card can be replaced for emergency purposes anywhere in the world.

Another key service being offered by the Members Equity Bank are savings accounts and term deposits. Since saving is an important activity for everyone, the bank has come up with three banking options to help Australians manage their funds and make most out of their money:

• The ME Online Savings Account offers an interest rate of 6.45% per annum which is applied every day on each dollar the customer has in the account. Clients can also deposit and withdraw funds from their accounts anytime, without being bothered by penalties. Clients also do not have to pay for banking fees since transactions are done through the bank's Phone and Internet Banking services for free. Clients also do not need to prepare a minimum amount for deposit, or to maintain a minimum balance.
• The InterestME Savings Account has the two-fold feature of high interest rate present in savings accounts and the accessibility provided by transaction accounts. InterestME offers 6.50% interest per annum which is applied on each dollar for amounts of over $3,000, and 0.25% interest per annum applied on each dollar for accounts amounting to $3,000. There are no account management fees and no maintaining balance. Clients also get 15 EFTPOS transactions per month and direct credits or debits for free.
• The ME Term Deposits option allows clients to make their preferred investment deals by offering five deposit terms and competitive interest rates that are subjected to daily computation. Depositors can choose from the terms of 3 months, 6 months, 9 months, 12 months, and 24 months, each term with a corresponding interest rate. There are also no charges for account opening or account management.

The Members Equity Bank also has a division that deals with businesses-related concerns, called the Members Equity Business Banking. Through this wing, the Members Equity Bank aims to provide the best banking options for various businesses in the country. The bank offers four affordable products:

• Business Loans comprise of packages that address the various financial concerns of small businesses such as construction and development. These packages allow the client to secure the loan through commercial or residential properties.
• Investment Products assist entrepreneurs in their money-saving endeavors through term deposits and investment accounts.
• Asset Finance helps entrepreneurs in the of progress of their businesses by funding income-generating assets such as vehicles, equipment, and goods.
• Property Investment and Construction Loans provide lending options to support the requirements of major properties such as residential, industrial, and commercial properties.

Its commitment to provide Australia with affordable and quality services has enabled the Members Equity Bank to develop several options that continue to benefit businessmen and personal clients. These services are maintained by the principles that characterize the Members Equity Bank, from its humble beginnings as a home loan company, to its present stature as a thriving banking institution.