Macquarie Bank Basic Flyer Fixed Home Loan

Rates and Fees verified correct on December 5th, 2016

Macquarie Bank's Basic Flyer Fixed Home Loan helps you to take off with rewards points earned toward Qantas flights.

With the Macquarie Bank Basic Flyer Fixed Home Loan you earn Qantas Frequent Flyer Points each month your loan closes with a balance in excess of $150,000. You will also receive an extra 25,000 points on the third and fifth anniversaries of your loan. Membership in the Qantas Frequent Flyer program is necessary to redeem your rewards, but Macquarie Bank will even see to it that your joining fees are waived, letting you become a member of the program for free.

If you prefer the flexibility that comes with a variable rate, Macquarie Bank offers the Basic Flyer Home Loan either without an offset account or with one. If you prefer the stability of a fixed rate this home loan comes with a choice of fixing for between one and five years, giving you the security of knowing that your rate won't fluctuate during this time.

Interest Rate Max Insured LVR Max LVR
1 Year Fixed Rate (Investor)
4.34% p.a.
Comparison Rate
4.20% p.a.
95% 80%
1 Year Fixed Rate (Owner Occupier)
4.24% p.a.
Comparison Rate
3.97% p.a.
95% 80%
2 Year Fixed Rate (Owner Occupier)
4.24% p.a.
Comparison Rate
3.99% p.a.
95% 80%
2 Year Fixed Rate (Investor)
4.34% p.a.
Comparison Rate
4.22% p.a.
95% 80%
3 Year Fixed Rate (Owner Occupier)
4.29% p.a.
Comparison Rate
4.03% p.a.
95% 80%
3 Year Fixed Rate (Investor)
4.39% p.a.
Comparison Rate
4.24% p.a.
95% 80%
4 Year Fixed Rate (Investor)
4.54% p.a.
Comparison Rate
4.31% p.a.
95% 80%
4 Year Fixed Rate (Owner Occupier)
4.44% p.a.
Comparison Rate
4.11% p.a.
95% 80%
5 Year Fixed Rate (Owner Occupier)
4.54% p.a.
Comparison Rate
4.18% p.a.
95% 80%
5 Year Fixed Rate (Investor)
4.64% p.a.
Comparison Rate
4.37% p.a.
95% 80%
Product NameMacquarie Bank Basic Flyer Fixed Home Loan
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Maximum Loan Amount$200,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Loan Redraw FacilityYes
Split Loan FacilityNo
Fixed Interest OptionYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Lender's Legal Fee$363
Ongoing Fees$0 p.a.
Discharge Fee$400

Pros

  • $0 application fee.
  • $0 ongoing fee.

Cons

  • $ Legal fee.
  • $400 discharge fee.

Things to consider about the Macquarie Bank Basic Flyer Fixed Home Loan

There are plenty of ways to borrow with this no-frills home loan. Use it to buy a home for your family or an investment property to rent. Or build a house from the ground up on land you already own. You can even use this loan to refinance the mortgage on your current home or renovate it to meet your growing needs.

With a fixed interest rate available for up to the first five years of your loan, you can benefit from a consistent monthly repayment amount. Be careful not to close the loan during those fixed rate terms or you will be subjected to substantial fees and penalty charges.

Features of the Macquarie Bank Basic Flyer Fixed Home Loan

  • Loan-to-Value Ratio (LVR). There are two different maximum LVRs with the Basic Flyer. You can borrow up to 95% of the home’s value as long as your loan size is under $600,000. If your loan falls over $600,000 then you will only be able to borrow up to 80% of the value of the property you are buying.
  • Maximum loan term. You can borrow funds for up to 30 years with this loan.
  • Repayment frequency. This loan allows you to make repayments in the way that is most convenient for you, either fortnightly or monthly. Or when you need the extra cash, you can opt to make interest-only payments, or pay the balance and interest together.
  • Extra repayments and redraw. You are also allowed to invest up to an extra 5% of your loan balance in additional repayments to help reduce the interest charges. If at any time you need access to those extra repayments, you are permitted to redraw them.
  • Optional credit card. With the Basic Flyer Fixed Home Loan you have the option to also get a platinum Visa card issued by Macquarie Bank. Use that card to earn even more reward points to use towards your Qantas Frequent Flyer membership.

Fees

Fees you can avoid

  • Application fee. With this home loan there's no charge to you from the bank for preparing or processing your home loan.
  • Account management fee. Macquarie Bank doesn't charge their standard $398 yearly maintenance fee for this home loan.

Fees you can’t avoid

  • Legal fees: $363. This charge covers the cost of having the legal documents required for your home loan processed.
  • Discharge Fee: $400. This fee is charged when you payout the total of your loan or close your loan account with the bank, whichever comes first.

How to apply for the Macquarie Bank Basic Flyer Fixed Home Loan

Macquarie Bank asks that certain eligibility requirements are met before you are allowed to proceed to the application:

  • Age. Only individuals over the age of 18 will be eligible for this loan offer.
  • Residency. Applicants must be Australian citizens or permanent residents.
  • Credit. Macquarie Bank will only consider individuals whose credit score shows a long standing history of timely repayments.

If you meet the eligibility requirements, proceed with the loan application either through a mortgage broker or online at the Macquarie Bank website making sure to have these documents ready:

  • Income. Pay slips or tax forms that show your current income will be asked for.
  • Driver’s license. You will need to provide a valid driver’s license number or other Australian government-issued form of ID, such as a passport.

This is a good loan to consider if your business causes you to travel frequently, or you like to take family vacations. When comparing this loan with other basic fixed rate loans, keep that added bonus in mind. If Qantas Frequent Flyer points are not something you generally use, you might want to look for a loan that has other features you could take advantage of.


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Macquarie Bank Basic Flyer Fixed Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 4 August 2015 at 18:05.

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Macquarie Bank Basic Flyer Fixed Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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