Firstmac VIP Variable Home Loan Review | Finder

Firstmac Variable Home Loan

Last updated:  

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.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Expert review

Marc Terrano

Review by


Marc 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.

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up to $4,000 cashback and borrow up to 80% of the property's value (terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site