Macquarie Bank Basic Home Loan

Rates and Fees verified correct on December 5th, 2016

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 could be a suitable home loan. It has no application or monthly fees, and a redraw facility to help you access any extra payments you make.

Interest Rate Max Insured LVR Max LVR
LVR ≤ 80% ($750,000+ Investor)
4.09% p.a.
Comparison Rate
4.09% p.a.
80% 80%
LVR ≤ 80% ($750,000+ Owner Occupier)
3.84% p.a.
Comparison Rate
3.84% p.a.
80% 80%
LVR ≤ 80% (Up to $750,000 Investor)
4.14% p.a.
Comparison Rate
4.14% p.a.
80% 80%
LVR ≤ 80% (Up to $750,000 Owner Occupier)
3.89% p.a.
Comparison Rate
3.89% p.a.
80% 80%
LVR ≤ 90% ($750,000+ Investor)
4.29% p.a.
Comparison Rate
4.29% p.a.
90% 80%
LVR ≤ 90% ($750,000+ Owner Occupier)
4.04% p.a.
Comparison Rate
4.04% p.a.
90% 80%
LVR ≤ 90% (Up to $750,000 Investor)
4.34% p.a.
Comparison Rate
4.34% p.a.
90% 80%
LVR ≤ 90% (Up to $750,000 Owner Occupier)
4.09% p.a.
Comparison Rate
4.09% p.a.
90% 80%
Product NameMacquarie Bank Basic Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Maximum Loan Amount$5,000,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Loan Redraw FacilityYes
Split Loan FacilityYes
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
Valuation Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$400

Pros

  • $0 application and ongoing fees.
  • Interest only options available.
  • Fee free redraws of extra repayments made.

Cons

  • No offset account available.
  • $400 discharge fee when you close your home loan.
  • Legal fees from $363.

Things to consider about the Macquarie Bank Basic Home Loan

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.

Features 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.

Fees

Fees you can avoid

  • 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.

Fees you can't avoid

  • 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 for the Macquarie Basic Home Loan

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


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This page was last modified on 21 September 2016 at 14:22.

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Macquarie Bank Basic Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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