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A first home buyer savings account, exclusive to the ME Go App.
HomeME
Savings Account.
A first home buyer savings account, exclusive to the ME Go App.
Earn up to
5.55% p.a.2 interest with ME.
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To be eligible for bonus interest you must:
To be eligible for bonus interest you must:
Deposit $2,000 or more into your linked SpendME Transaction Account every month from an external bank account (it could be your salary or wages) and;
Ensure you grow your savings balance in your HomeME account each month. If you withdrew money, you’ll need to replace that, plus a little bit extra (this excludes interest paid by ME or any adjustments processed by ME).2
For example, if your starting month balance is $1000 and you withdraw $200 to pay for some bills, before month end, you would need to contribute at least $200.01 to be eligible for bonus interest. If you received any interest during the month, this does not contribute to your savings balance growing.
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Smarter features on the Go.
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The new ME Go app is full of helpful features to help you get the most out of your money
ME N Item - 4 Col (c#) No monthly account keeping fees.
So you can focus on saving.
A total in-app experience.
Squeeze a whole bank into your pocket. An all in-app experience means no more internet banking on desktops. It’s all in your hands.
Supercharge your savings.
Hit your savings goals sooner with personalised insights and goal tracking.
Round ME up.
Top up your savings with every tap (and without a thought) thanks to Round Ups.
ME Go is app only, so you won’t need access to ME’s internet banking system. The ME Go app is compatible with smartphone devices running iOS 14.0+ and Android™ 8.0+.
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Take a great rate home.
Take a great rate home.
|
Balance up to
|
Base Interest Rate
|
Bonus Interest Rate
|
With Bonus Interest
|
| $0 - $100,000 |
0.55% p.a. |
+5.00% p.a. |
5.55% p.a. |
| >$100,000 to $1,000,000 |
0.55% p.a. |
+2.45% p.a. |
3.00% p.a. |
| > $1,000,000 |
0.55% p.a. |
N/A |
0.55% p.a. |
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Now…about that Bonus Interest.
HomeME helps you stay on track to save for a home deposit through bonus interest. Here’s how interest is earned and paid:
Month 1 (e.g. January).
During the month, deposit at least $2000, into your SpendME transaction account from an external bank account (it could be your salary or wages) and grow the balance in your HomeME savings account (excluding interest). By doing this you’ve unlocked the bonus interest rate for the next month.
Month 2 (e.g. February).
ME calculates interest daily based on the closing balance in your HomeME account each day and pays your Bonus Interest into each HomeME savings account on the first day of the next month.
First Month.
To help you get started on reaching your savings goals, for the first month of your account being opened, you'll start earning Bonus Interest as soon as you deposit funds into your HomeME account (for new customers only). To continue to earn Bonus Interest each month, you'll need to meet the above Bonus Criteria every month.
Now…about that Bonus Interest.
HomeME helps you stay on track to save for a home deposit through bonus interest. Here’s how interest is earned and paid:
Month 1 (e.g. January).
During the month, deposit at least $2000, into your SpendME transaction account from an external bank account (it could be your salary or wages) and grow the balance in your HomeME savings account (excluding interest). By doing this you’ve unlocked the bonus interest rate for the next month.
Month 2 (e.g. February).
ME calculates interest daily based on the closing balance in your HomeME account each day and pays your Bonus Interest into each HomeME savings account on the first day of the next month.
First Month.
To help you get started on reaching your savings goals, for the first month of your account being opened, you'll start earning Bonus Interest as soon as you deposit funds into your HomeME account (for new customers only). To continue to earn Bonus Interest each month, you'll need to meet the above Bonus Criteria every month.
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Get Go’ing in 5 mins.
ME Go is a mobile banking app only, so you won’t be able or need to use ME’s internet banking system.
Want to apply online from this device instead?
Get started online
On a desktop?
Grab your phone and scan the QR code (we’re all experts in this now). Download the banking app and apply for an account easily today.
App Store.
Grab your phone search for ME GO in the App Store. Compatible with smartphone devices running iOS 14.0+.
Google Play.
Grab your phone search for ME GO in Google Play. ME Go banking app is Compatible with smartphone devices running Android™ 8.0+
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Things you should know.
Things you should know.
Our HomeME account is only available on the ME Go app and can't be accessed via Internet Banking.
If you're already a ME account holder with accounts you access via Internet Banking, please note these accounts aren't accessible from the ME Go app. We’re working towards moving our current range of products over for customers and will be communicating that exciting journey to you in more detail soon. We have a whole page that explains this in more detail if you’d like to
learn more.
To open a HomeME account, you’ll need to be:
- over 14 years of age.
- an Australian resident with an Australian residential address.
- The account holder (applications cannot be completed and submitted by an Executor/Administrator/Power of Attorney/Legal Representative).
- Opening the account for personal use.
We’re making spending feel good with SpendME.
SpendME is the everyday transaction account doing good every time you tap your digital wallet, with 1c donated to the charity connected to your card. And the best bit? The donations are all on ME.
SpendME also has no account-keeping or international transaction fees, and when bundled with a HomeME savings account, it helps you earn easy bonus interest on your home deposit goal.
Find out more about SpendME
Get a savings boost of up to
4.25% p.a.1 interest.
Get a savings boost with our SaveME account bundle, featuring a savings account and a linked SpendME transaction account. You can spend, save and earn
4.25% p.a.1 interest when you make four settled card transactions each month. Talk about taking control of your financial future.
Find out more about our SaveME
Sit back and take notes from ME.
Saving for a house deposit may seem tough but ME is here to help you with educational resources packed with valuable information and practical advice.
ME keeps you on track to grow your home loan savings account balance by coaching you through the journey. Ready to reach your homeowner goals sooner?
Learn the ins and outs of home buying
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Feel Safe with ME.
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Not only does our system constantly monitor your card to help prevent fraudulent behaviour, we’ve got loads of other security measures in place to help protect you:
ME N Item - 3 Col (c#) Savings kept safe.
With one-time pins and biometric logins, your money’s always protected by a swipe or a smile.
Government guarantee.3
Your money is protected by the government guarantee, with up to $250,000 per person covered by the government’s Financial Claims Scheme.
BOQ backed.
In 2021 ME became part of the Bank of Queensland Group (BOQ), another homegrown Australian bank with the same customer-first values.
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Can I buy a house with $10,000 deposit?
Yes! Although this is a relatively low deposit, some lenders will understand that this is all you can afford and let you borrow more than 80% of the property value. However a smaller deposit comes with more risk, if interest rates rise you may struggle to meet your mortgage repayments. Due to this higher risk you'll have to pay Lenders Mortgage Insurance (LMI). Discover how much you can borrow with our
borrowing power calculator.
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Can I use my super to buy a house?
If you are having trouble saving for your deposit, you should consider if you are eligible to use your super to help save for your first home using the
First Home Super Saver scheme. This allows you to make voluntary contributions to your super to help save for your first home. When you are ready to buy a home, you can withdraw this amount, plus any investment you may have earned.
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How much do you have to save for a home loan?
The amount of deposit you need to save will depend on two things: the price of the property and the deposit required. Generally we would recommend aiming for a 20% deposit. This is because if you are borrowing more than 80% of the property value, then you'll need to take out Lender's Mortgage Insurance (LMI) or Low Deposit Premium. Read more on this in our
'How much deposit do you need for a house?' blog.
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How to buy a house on low income Australia?
We understand saving for a home deposit is difficult, especially with a low income. A few tips we would recommend to buy a house with a low income include:
- Taking advantage of First home buyer grants & schemes such as the First Home Owner Grant.
- Make sure your savings are in a no-fee high interest saving account.
- Buy with a smaller deposit, you may have pay a higher interest rate and pay for LMI, but if you've found the perfect place to buy, this could be the option for you.
- Apply for a home loan with a guarantor who agrees to take responsibility for repaying the loan if you are unable to. This can significantly reduce the deposit amount.
Read more
tips on buying your first home here.
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Can you buy a house with 5% deposit?
In some cases yes, you will be able to get a house with a 5% deposit. However, this comes with risks. If you are at your maximum borrowing capacity, you may not be able to afford your monthly mortgage repayments if interest rates increase. Due to this increased risk, you will also have to pay for Lenders Mortgage Insurance. Read more on
how much you really need to save for a deposit here.
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How to save to buy a house?
There are several tips that will help you save to buy a house faster. Such as closing credit card balances, top up your income with extra shifts, over-time or a side hustle. Read more in our blog on
how to save for a home deposit.
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What is a good amount to save for a house deposit?
An ideal savings goal for a house deposit is 20% of the property value. Plus enough to cover the costs of buying a house such as stamp duty (which you can work out with our
calculator), building or strata reports, legal or conveyancer fees or loan application fees. Some lenders only require a 5% deposit, however a deposit less than 20% also means you'll have to pay for lenders mortgage insurance (LMI). A bigger deposit also shows lenders you are able to manage your finances and this will increase the likelihood of getting approved for a home loan.
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How many HomeME accounts can I have?
HomeME accounts are restricted to one per entity e.g. individual or joint.
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How do I qualify for bonus interest with my HomeME account?
For the HomeME account, you will need to meet a monthly deposit requirement to qualify for bonus interest. This is outlined in the table below.
- Deposit at least $2,000 from an external account to your linked SpendME transaction account; and
- Grow your balance each month, excluding any interest you've earned
To help kickstart your savings, you will earn bonus interest in your first month with ME. Just make sure you meet the bonus interest criteria before the end of the month to continue earning it in the following month.
Find out more about
HomeME's monthly criteria here.
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What is an external bank account?
An external account means any account that is issued by:
- any financial institution other than ME;
- Bank of Queensland but which is not a ME Account; and
- a ME Account that is not accessible by using the ME Go app
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Can I use my account as an offset account for my ME home loan?
Not at this time. To find out more about our offset account options please call ME on
13 15 63.
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The legal stuff.
The legal stuff.
* Any information provided within the chat is general and has not taken your objectives, financial situation or needs into account. Before deciding to acquire or continue to hold a product with ME, you should review the relevant terms and other product information and consider whether the product is suitable for you.
1. SaveME Account Bonus Interest terms and conditions.
The Bonus Interest Rate applicable to your SaveME Account will apply:
- For each calendar month where you made four or more card transactions in the previous calendar month using the Visa debit card linked to a SpendME account in the same name (sole name account) or names (joint name accounts) as your SaveME account. Transactions that are pending do not count as a transaction for the previous calendar month and will be counted in the following calendar month; and
- To the combined balance of your SaveME accounts up to a maximum combined SaveME account balance of $500,000.
If you don’t meet all of these bonus interest conditions you will receive variable base rate interest only, however in any month we may without notice waive the requirement for you to meet all of these conditions.
2. HomeME Account Bonus Interest terms and conditions.
The Bonus Interest Rate applicable to your HomeME Account will apply:
For each calendar month where:
- A minimum of $2,000 was deposited into your SpendME account in the previous calendar month from an External Account. The SpendME account to which money is deposited must be held in the same name (sole name account) or names (joint names account) as your HomeME account;
- The closing balance of your HomeME account on the last day of the previous calendar month was higher than the closing balance of your HomeME account on the last day of the calendar month before that (excluding interest paid by ME or any adjustments processed by ME)
- to the balance of your HomeME account up to $1,000,000.
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5.55% p.a. is payable on balances up to $100,000.
-
3.00% p.a. is payable on balances between $100,001 to $1,000,000
-
0.55% p.a. is payable on balances >$1,000,000
If you don’t meet all of these bonus interest conditions you will receive variable base rate interest only, however in any month we may without notice waive the requirement for you to meet all of these conditions.
3. Government guarantee.
Deposits are protected by the Australian Government’s Financial Claims Scheme, up to $250,000 per person per authorised deposit-taking institution.
Terms, conditions, fees and charges apply. This is general information only and you should consider if these products are right for you.
Interest rates current as at
03-May-2024 and subject to change.
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