How to earn Qantas Points with the Macquarie Bank Line of Credit Flyer Home Loan Package and enjoy rewards sooner.
The Macquarie Bank Line of Credit Flyer Home Loan is a flexible line of credit product that comes with many features including fixed and variable interest rate options and an option to make interest-only repayments for a fixed period in order to free up your cash flow. The loan also allows you to earn Qantas Frequent Flyer Points upfront and over the first five years of the loan.
The loan is designed to help you access cash fast and have more control over how you pay it off. A line of credit home loan gives you an approved limit of borrowing that you can access at any time for investment or other purposes. As you pay off your Macquarie Bank Line of Credit Flyer Home Loan, the credit limit available to you also increases.
- Winner of Money magazine's 2014 Best of the Best award for Best Line of Credit Loan.
Things to consider about the Macquarie Bank Line of Credit Flyer Home Loan
The Macquarie Bank Line of Credit Flyer Home Loan is suited to anyone planning to purchase or construct a new home, renovate their home or even refinance their current mortgage. Customers can draw funds from their home loan up to the approved credit limit, making the loan ideal for accessing money quickly for investments or other purposes.
The line of credit can especially be useful for one-off renovation projects or for accessing quick financing during emergencies. It could help to talk to a Macquarie Bank home loans specialist to find out if the loan suits you.
Features of the Macquarie Bank Line of Credit Flyer Home Loan
- Qantas reward points. You earn Qantas Frequent Flyer Points for the life of the loan, plus additional points for keeping the loan for the first five years. For example, you could earn up to 160,000 Qantas Frequent Flyer Points on a $500,000 Macquarie Bank Line of Credit Flyer Home Loan in the first five years.
- Global borrowing limit. This feature allows you to access the equity in your home loan for investment purposes. With a line of credit home loan, you can set up two accounts, with one used for paying off the loan and the other for investment purposes. You can then draw from your credit line any time you want during the allowed draw period.
- No contractual repayments. The loan allows you to skip repayments without any penalties during the line of credit period, letting you free up money for other purposes. Choosing when to make your repayments gives you more control over your mortgage.
- Interest-only repayments. This feature enables you to reduce your home loan repayments and free up your cash flow for a fixed period by choosing to only make interest repayments on your mortgage and pay the principal amount later.
How do you earn Qantas points with this loan?
The Macquarie Bank Line of Credit Flyer Home loan allows you to earn Qantas Frequent Flyer Points for the life of your home loan, which you can redeem on your travels for perks such as additional flight miles and flight discounts. These points are earned once you are approved for the loan, and each month as long as the balance on your loan is at least $150,000. You also earn an additional $25,000 points on the 3rd and 5th anniversaries of your mortgage as an incentive to keep you from exiting early.
Fees you can avoid
- Lender’s Mortgage Insurance (LMI). You’ll be required to take up LMI for a home loan that is 80% or more of the home value. The insurance can raise the cost of your mortgage significantly, so financing your home loan at less than 80% LVR can help you avoid such insurance costs.
- Application fee. This loan doesn’t charge an application fee.
Fees you can’t avoid
- Annual fee: $398. This loan comes with an annual fee which is charged in two instalments of $199 every six months.
How to apply for the Macquarie Bank Line of Credit Flyer Home Loan
In order to be approved for any home loan, Macquarie Bank requires that you satisfy certain eligibility criteria. Below are the eligibility requirements for approval for a Macquarie Bank Line of Credit Flyer Home Loan:
- You must be over the age of 18
- You must be an Australian resident
The following documents will also be required:
- Your Australian driver’s licence or another form of photo ID
- Details of your annual income as well as any other income producing asset and any liabilities you are currently paying off
The main advantage of the Macquarie Bank Line of Credit Flyer Home loan is that it allows you to draw funds from your available line of credit, with each repayment you make replenishing your credit limit. You will also accumulate Qantas Points that you can redeem for various travel perks. Add this to your comparison today.