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Expert review

The Basic Home Loan is suited to people wishing to buy or refinance a home. It can also be used to make improvements to an existing home or to invest in an additional property. As mentioned, this loan is a no frills loan, so it doesn't come with an offset account or other expensive options. As a result of this the rates and fees offered are competitive.

About this loan

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

  • No application fee. All Macquarie Basic Home Loans are managed without an application fee or management fees.
  • Loan amount and term. The maximum loan amount is $2,000,000 with a Loan-to-Value Ratio (LVR) of up to 80% however if you are borrowing a maximum of $600,000 you can have an LVR up to 95%. The maximum loan period for this loan is 30 years.
  • Optional credit card. The Macquarie Visa RateSaver credit card is available as an option with this loan. No annual fee applies to this card as long as the loan is held.
  • Interest-only repayments. Borrowers have the option of paying back only the interest on the principal, an alternative for those wishing to resell quickly or who receive tax benefits on the interest.
  • Free redraw facility. The redraw facility allows borrowers to send excess funds to an account where it works to reduce the interest on the loan. Borrowers can also use this facility to access funds whenever necessary.

What fees and charges come with this loan?

  • Application and management fees. Borrowers are not charged these fees when taking out the Basic Home Loan.
  • General consent fees: $250. This fee is charged for switching from interest-only to principal repayments and vice versa, opening additional accounts and for variations on the loan like a principal increase or partial releases.
  • Contractual arrears fee: $50. As long as repayments are made on time, borrowers are exempt from paying this fee.
  • Mortgage discharge fee: $400. This fee is levied once the loan has been repaid or at the end of the loan period. This covers the administration involved in finalising and closing the account.
  • Registration fee. This fee varies depending on what state or territory the property is located and is payable to the government for the registration of certain documents pertaining to the loan.

How to apply

Required information includes:

  • Proof of salary as well as any other sources of income
  • Information on the price of the house and the deposit to be put down
  • Details of living expenses, including any savings, debts or other outgoing that may affect your ability to pay back the loan
  • Purpose of the loan, whether it is for owner occupier or an investment property
  • Positive identification, including photo id and contact details

The Basic Home Loan is a no-frills mortgage offered by Macquarie Bank. With no application fees, no management fees and interest-rate options that allow the borrowers to choose how they'd like to repay their loan, borrowers can be in control of when and how much they repay.

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    Default Gravatar
    October 12, 2022

    I’m 51 and have 10% deposit for home loan. My hubby just changed jobs same industry and similar pay and I’m about to commence a new casual job and will be qualified RN next year so would them be full time. Can we get a home loan? We have clear credit. Not first home buyers. Rent being paid can prove we can afford the loan.

      October 22, 2022

      Hi Lou,

      Eligibility requirements may vary from one lender to another. If you’re looking to apply from Macquarie, it is best to contact them directly to make sure you’re eligible.

      You could also speak to a mortgage broker about your specific employment and financial circumstances to find a home loan that would suit you.


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    August 25, 2022

    I am on a pension getting $26,000 a year, I own my house, can I borrow $8,000 for 2 or 3 years to settle a credit card amount?

      August 29, 2022

      Hi Chris,

      If you need to borrow $8,000 to cover a credit card debt you can’t use a normal home loan to do so. It’s possible you could borrow some of the equity in your home using a line of credit loan. Alternatively, you could see if taking out a balance transfer credit card with an interest-free period would be a cheaper way of managing your card debt and paying it off.

      All the best,

    Default Gravatar
    June 14, 2019

    I was told by NAB that they do not give loans on apartaments less than 50sqm.I was looking at a studio of 22 sqm in Sydney does your bank approve this type of loans

      Default Gravatar
      June 15, 2019

      Hi Tamara,

      Thanks for your inquiry.

      As of this writing, we don’t have information if Macquarie approves a home loan for a 22 sqm studio so it would be best to contact them directly regarding this.

      According to our guide on home loan for a studio apartment, small apartments of less than 40 square meters, you most likely won’t be able to borrow more than 80% of the property’s value, which means you’ll need to have a deposit of at least 20% of the purchase price ready to go. The maximum LVR you will usually be able to borrow is 90%. Our guide provides a list of lenders offering apartment home loans. You can use our comparison table to help you find the lender that suits you. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Hope this helps!


    Default Gravatar
    October 22, 2018

    can i make weekly or fortnightly payments on a loan

      October 22, 2018

      Hi Chris,

      Thank you for leaving a question.

      Yes Weekly or Fortnightly payments are accepted repayment options for the Macquarie Bank Basic Home Loan. This may be further discussed with you once you have been approved for the loan. Hope this helps!


    Default Gravatar
    May 15, 2018

    I started a new job 6 weeks ago and am on 6 months probation before becoming permanent. Prior to this I was employed ongoing for 3 years with the same company. My bank will not give me a home loan (even thought I qualify financially) until my probation period has expired. Are there any banks that would consider my application? If so, who should I try?

      Default Gravatar
      May 15, 2018

      Hi Mary,

      Thanks for your message and for visiting Finder.

      Each lender has its own application and lending criteria but despite this, the basics of the home loan application process are similar no matter which lender you apply with.

      Regarding income and employment, the amount of income you earn will have a huge impact on the amount you can borrow. You’ll need to provide multiple recent payslips that show your name, your employer’s name, and your annual salary or a year-to-date figure. Some lenders will require your most recent income tax return or a signed letter from your employer explaining your occupation, how long you have been employed by the company, and your annual salary.

      For more information, you may view our guide on how to apply for a home loan.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.


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