Macquarie Bank Basic Home Loan
Enjoy a competitive rate with no application fees.
Whether you’re purchasing a new home or refinancing an existing one, the Basic Home Loan from Macquarie is a competitive product for the right kind of borrower. It has no application or monthly fees, and a redraw facility to help you access any extra payments you make.
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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: $60. 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.
Home Loan OffersImportant Information*
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.
Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 90% of the property's value. (Terms, conditions & exclusions apply).
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.