Macquarie Bank Basic Fixed Home Loan

Save on application fees and take advantage of a competitive fixed rate with the Macquarie Bank Basic Fixed Home Loan.

Having a fixed rate loan gives you a sense of security in those first few years of living in your new home, or even if you're an established homeowner with years of loan repayments under your belt. With a fixed monthly payment you can set a budget because you’ll know what your repayments will be.

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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

The Basic Fixed Home Loan from Macquarie Bank is available for those looking to buy a new home or refinance their existing mortgage. You can also use the funding for construction projects and renovations or to invest in property.

Once the terms for your fixed rate period ends, the loan will revert to the current standard variable rate. In the event that you pay off the fixed rate portion of your loan before the terms are up, you will be liable for break cost charges. These penalty costs can be extremely high and something to consider if there's a possibility that the loan will be paid before the end of the fixed term.

About this loan

What are the features and benefits of the Macquarie Bank Basic Fixed Home Loan?

  • Loan-to-Value Ratio (LVR). The LVR amount for this loan varies depending on the amount that you wish to borrow. When borrowing up to $600,000 you can be approved for up to 95% of the home's value, while a loan amount above $600,000 can come with a maximum LVR of only 80%.
  • Loan terms. The fixed rate portion of this loan is available for up to five years, with a maximum overall loan term of 30 years.
  • Repayment frequency. This loan only allows you to make monthly repayments.
  • Repayment types. You can choose to make interest-only payments if you need to lower your monthly repayments, or the combined principal and interest repayment. You are also permitted to make additional repayments, to a limit of $10,000 a year.
  • Redraw. Any extra repayments made towards your home loan can be withdrawn later if you decide you need those funds for something else.
  • Optional credit card. You will also be given your own Macquarie Visa card. The $69 annual fee will be waived and the card will be available shortly after the mortgage has been settled. In the event that you pay off the loan, the bank will begin charging you the annual card fee.

What fees and charges come with this loan?

  • Application fee. Unlike other home loans, there is no fee paid to the bank for processing and executing your home loan.
  • Account management fee. The normal $398 per year fee that is charged for other Macquarie Bank loans is waived for the basic home loan.
  • Valuation fee. Valuations for properties up to $2 million are $0 with this loan.
  • Legal fees $363. These fees are charged to cover the legal costs of having a solicitor and other professionals process the relevant documents.

How to apply

Waiving the application fees usually associated with a home loan could be a big draw for a home buyer looking to save money during the home loan process. If this seems like the loan for you visit the Macquarie Bank website where you can begin an application or submit an enquiry so a Macquarie Bank lending specialist can contact you.

Check below to ensure that you meet the following eligibility requirements:

  • Age. You can only be considered for this loan if you are at least 18 years of age.
  • Residency. Australian citizens and permanent residents are eligible to apply.
  • Credit. Your credit rating must be in good standing if you wish to be considered for this loan.

If you meet the eligibility requirements continue with the application process, having the following documentation handy:

  • Income. The bank will ask that you provide proof of a steady income.
  • Driver's license. Your driver's license number will be needed in order to proceed with the application. In place of a driver's license, other government-issued identification can be accepted such as a passport or non-driver ID.

It is important that you compare the options and rates of various home loans before making a final decision. While no fees and a competitive fixed rate are appealing for the short term, this loan is missing some key features that could help you save money over the long term, such as an offset account, so make sure to compare before you apply.

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