Earn Qantas Points and enjoy the security of a fixed rate.
The Macquarie Line of Credit Flyer Fixed Home Loan offers a range of options and bonuses. The frequent flyer can take full advantage of the 160,000 Qantas points available to them, while enjoying the flexibility that a revolving credit at a fixed rate provides.
If you prefer the savings opportunities that an offset account offers, but still want to earn points, Macquarie Bank also offers a Offset Flyer Home Loan Package that can have a fixed portion. With this loan you can still earn bonus Qantas Points and save money on interest by using your 100% offset account.
Things to consider about the Macquarie Line of Credit Flyer Fixed Home Loan
In order to accrue and redeem your Qantas Points with this loan, you must be a member of the Qantas Frequent Flyer program. Macquarie Bank has made arrangements to have any fees waived for you to sign up if you are not already a member. You continue to earn Qantas points so long as your loan balance is above $150,000.
As mentioned above, this is a line of credit loan with a fixed rate of interest. You can select a fixed term of between one and five years. The Line of Credit Flyer Fixed is available to both investors and owner occupiers. The funds may be used towards the purchase of a home for private use or as an investment opportunity. You may also construct, renovate or refinance a home with this fixed rate loan.
Features of the Macquarie Line of Credit Flyer Fixed Home Loan
- Loan to value ratio (LVR). The maximum LVR applicable to this loan is .
- Loan terms. The fixed rate portion of your home loan can be anywhere from one to five years. Once that period ends your loan can continue at a variable rate for up to years.
- Repayment frequency. You are under no contractual requirement to make any repayments so long as your account is under the credit limit.
- Repayment types. You are allowed to make interest-only repayments or interest plus principal repayments.
- Qantas Points. You earn Qantas Points for the life of your loan after the initial bonus of 10,000 points for every $100,000 you borrow. 1,000 points are earned monthly so long as your balance is above $150,000, plus you get 25,000 bonus points on the third and fifth anniversaries of your loan.
- Bonus points. You can earn more Qantas Points with the optional Macquarie Visa Platinum credit card, linked to Qantas rewards.
- Sub accounts. You can set up your home loan to have a total of ten different sub accounts with different terms to suit your various needs. As you work off paying one of these accounts, more credit becomes available to you in your others.
Fees you can avoid
- Application fee. You will not be charged for the assessment and processing of your application.
- Valuation fee. The charge for determining the value of the property will be paid by the bank unless subsequent valuations are necessary.
- Settlement fee. At the time of settling the loan there will be no charge to you.
Fees you can’t avoid
- Annual fee: . An account management fee is applied each year that you have this loan package. The payment is broken down into two payments of $199 every six months.
- Legal fee: . This fee covers the legal requirements of your home loan.
- Exit fee: When you are ready to discharge your home loan in full, you will be charged this fee.
How to apply for the Macquarie Bank Line of Credit Flyer Fixed home loan
If you would like to apply for this home loan, please speak to a mortgage broker or visit the Macquarie Bank website. Before doing so make sure that you are able to meet their eligibility requirements:
- Age. You must be at least 18 years of age to qualify for this home loan product.
- Residency. Macquarie Bank will only consider applicants who are permanent residents or citizens of Australia.
To help the application process, have the following documentation available:
- Drivers licence. You will need to provide a valid Australian driver’s licence number or other form of Government issued photo identification.
- Income and assets. Have a list ready containing all of your monthly income as well as any other investments that are income producing.
- Liabilities. In addition, make a list of all of your current debts. Include balances of other loans and credit cards that you are paying off.
A revolving line of credit could be an option if you are considering making multiple investments along with paying off a property, especially when it has a fixed rate option and earns you those coveted Qantas Frequent Flyer points. Consider all of this along with the rates and the fees when comparing this loan to similar ones being offered by other banks.