Members Equity Bank was created in 1999 however its origins date back to September 1994 when National Mutual launched Super Member Home Loans (SMHL).
Designed to offer low cost home loans for Australian workers, The Australian Council of trade Unions (ACTU) backed initiative quickly became an important benefit for the members of participating superannuation funds and affiliated trade unions.
Many years on, the SMHL programme offered by Members Equity Bank, is still going strong and providing members with billions of dollars in low cost home loans.
The success of this no nonsense approach to borrowing - together with an increasing demand from members for other banking services - highlighted the need for a new type of bank, where all products were simple, straight forward and offered value for money to working Australians.
In July 2001, it all became a reality when Members Equity Bank received its banking licence from the Australian Prudential Regulation Authority.
Members Equity Bank is now owned by a number of industry superannuation funds. Profits earned provide a return on investment for these funds and their members. ME home loan programme raises funds by issuing bonds and mortgage backed securities that are rated AAA or equivalent by Standard and Poor's and Moody's Investors Service.