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Firstmac Variable Home Loan
The Firstmac VIP offers rates for investors and owner-occupiers plus a 100% offset account.
Whether you are a first-time buyer or a savvy investor, you might want to consider the features available with the Firstmac VIP products.
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Expert review
Review by
Marc Terrano
marc@finder.com.auMarc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.
Expert review
This variable loan could be a good option for individuals or businesses that want to take advantage of market fluctuations to benefit from lower interest payments. The VIP Variable has a maximum repayment period of 30 years, or 10 if you select interest-only repayments. It has a minimum repayment period of 15 years, so you can apply for a term that is most convenient.
About this loan
What are the features and benefits of the Firstmac VIP Variable Home Loan?
- Maximum loan amount. You can borrow up to 90% of your property value with this loan, meaning this loan can be used for more expensive properties.
- Flexible payment frequency. It's up to you to decide whether you want to pay weekly, fortnightly, or monthly. Choose a frequency that would be easiest for you.
- Additional repayments without penalty. Firstmac does not charge a penalty if you choose to make a lump sum repayment or extra repayments over the course of your loan. This can save you thousands of dollars in interest.
- Free redraw facility. Have the confidence to make additional repayments knowing that there is a redraw facility which allows you to make unlimited withdrawals whenever there's an unexpected expense or emergency, or if you just want to use your additional funds for something else.
- 100% Offset account. An offset account can help you save money on interest while also encouraging you to build up your savings. An offset account acts as a linked account which you can deposit and withdraw money from like a transaction account. The difference is any amounts in the offset account offset the interest payable on your loan. An offset account with $10,000 in it on a home loan of $300,000 would mean you pay interest on only $290,000.
What fees and charges come with this loan?
- Legal fee: $200. This fee covers the legal costs of finalising your mortgage.
- Valuation Charge. $220 or at cost. This fee covers the cost of Firstmac having an independent valuation on your property.
- Settlement Fee. $300. This covers the cost of Firstmac arranging your loan funds.
How to apply
If you want to apply for a Firstmac home loan, it is important to know the documentations they need to process your application. Firstmac essentially requires the same type of information as other lenders in Australia. Some of the paperwork you need to present includes proof of identity, proof of income, information regarding your assets and liabilities, and details of the property you want to buy.
- Identification.
- Ability to make repayments.
- Details of your assets and liabilities.
- Property information.
Consider comparing the Firstmac VIP if you want a home loan that will be beneficial over the long term.
