Macquarie Credit Union Home Loans
Macquarie Credit Union has designed a range of home loans to suit its members.
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Formed by electricity workers of Macquarie County Council, Macquarie Credit Union began operations in 1964. The rules were changed in 1967 to enable municipal council members to join and now just about anyone can become a member of Macquarie Credit Union.
Macquarie Credit Union offers its customers an array of financial products ranging from home loans to personal loans, savings accounts, term deposits, debit and credit cards, insurance and travel-related services.
Compare Macquarie Credit Union home loans
Who is Macquarie Credit Union?
Macquarie Credit Union gives it members the ability to choose from an array of financial products and services, including a number of home loans. Macquarie Credit Union offers its home loans to people who wish to purchase their first homes, people who already own homes, as well as people looking at purchasing an investment property.
These loans come with both variable and fixed rate alternatives, while you can find standalone loans as well as loan packages. You also have different loan terms from which to choose and, as with loans offered by leading banks, Macquarie Credit Union home loans include features like offset accounts, redraws and linked credit cards.
Home loans provided by Macquarie Credit Union
Standard Variable home loan
This home loan gives you the option to split between variable and fixed rate. It gives you payment flexibility by allowing you to make weekly, fortnightly or monthly payments. Depending on your relationship with this credit union you can qualify for a low-rate Visa credit card that does not attract any annual fees. This loan also offers redraw and an offset facility. There is no application fee.
First Home Buyers home loan
The First Home Buyers home loan is particularly suitable for those who qualify for the First Home Owners Grant. This home loan includes a family guarantee option, allows redraws, lets you split between variable and fixed rates, offers flexible repayment options, and does not attract application fees.
Low Rate home loan
If you’re looking for a competitive interest rate for the life of your home loan, this could be the loan for you. It allows redraws, offers flexible repayment options, and you can make additional payments up to a set limit each year.
Introductory Rate home loan
As the name implies, this loan features a competitive interest rate for a special introductory period and then reverts to the standard rate. Depending on your relationship with Macquarie Credit Union, you may be able to also qualify for a low-rate Visa credit card. This home loan does not attract application fees or monthly account-keeping fees, and while it allows repayment flexibility you cannot make extra repayments within the first 12 months. It does not include redraw and offset facilities, but it gives you the option to split between variable and fixed rates.
Refinance home loan
The Refinance home loan is ideal for people looking at options to refinance their existing mortgages. This refinance home loan offers free redraws, flexible repayment options, and the ability to split between variable and fixed rates. It also includes a low rate Visa credit card, subject to your relationship with Macquarie Credit Union. To help with switching costs, Macquarie Credit Union will help cover your legal and valuation costs for loans that exceed a certain amount.
Investment home loan
People looking at buying property from an investment point of view can apply for Macquarie Credit Union’s Investment Home Loan. This loan gives you the option to split between variable and fixed rates, and it comes with offset and redraw functionalities. Depending on your relationship with Macquarie Credit Union, you can even get a low-rate Visa credit card. This loan offers flexible repayment options and does not attract any application fees.
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Pros and cons of Macquarie Credit Union home loans
Pros
- Interest rate discounts. If eligible, you can take advantage of discounts offered by Macquarie Credit Union on its various home loans. However, not all of its home loans have discounted rates.
- Member ownership. As a member of this credit union, you become part owner. What this means is that the profit that this credit union earns goes back into the system. This enables Macquarie Credit Union to offer competitive rates and reduced fees.
- Safety. The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) regulate the functioning of Macquarie Credit Union.
Cons
- Lack of branches. More branches across Australia could enable Macquarie Credit Union to serve its members better.
How to apply for a Macquarie Credit Union home loan
If you would like to apply for a home loan from Macquarie Credit Union, please speak to a mortgage broker.
Documents needed to apply for a Macquarie Credit Union home loan
Personal information
Applying for a home loan requires that you prove your identity. Documents that help prove identity include the following:
- Valid Australian passport
- Valid Australian driving licence
- Medicare card
Property information
Upon verification of your identity, the next step involves going through relevant property related documents.
- If you are buying a home, you have to submit a copy of the sale contract.
- If you are refinancing, you have to submit a copy of the land rates notice or a copy of the transfer of land form.
- In either case, you have to submit a copy of the Certificate of Title.
Financial information
The financial information that you share helps a lender establish your capacity to repay, and this will determine how much you can borrow. You will have to provide the following financial information:
- A list of all your assets (home, vehicles, savings, investments)
- A list of all your liabilities (loans, credit cards, lease agreements)
- Your income (from all sources)
- Your expenses
At the end of the day, narrowing down the options to find a suitable home loan depends on your individual requirements. If you're still not sure about which loan to go with, take some time to review all available options and match them with your needs.
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