Discover the advantages of a home loan package that comes equipped with all the benefits a homeowner needs
When you have options in your home loan package, you can structure it personally to help you meet your short term and long term financial goals. With the Macquarie Bank Offset Fixed Home Loan Package, you can combine a competitive fixed interest rate with repayment options that allow you to pay off the loan faster or help you save money for those unexpected expenses.
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- This 100% offset loan package (when linked to a variable portion of your loan) was the 2014 winner of Money Magazine’s Best of the Best awards for the cheapest loan package.
Things to consider about Macquarie Bank Offset Fixed home loan
This offset loan package is available to be used towards the purchase of a home or the construction of a new one. The funding may also be used for refinancing, or for the renovation of your current home or investment property.
You choose the terms that best suit your financial needs with this home loan package. The fixed interest rate option is available for up to five years at a rate of
You can lock in that rate for free, and have up to 90 days to complete your loan application before the rate is adjusted.
Features of the Macquarie Bank Offset Fixed home loan
- Loan-to-Value Ratio (LVR). For a loan valued at or less, you can borrow up to of the property’s value. If you are borrowing the maximum it will need to be under of the value of the home.
- Loan terms. Your loan repayments can be spread out over a period of .
- Repayment frequency. Choose the frequency that works best with your budget. Macquarie Bank will allow you to make fortnightly or monthly repayments.
- Repayments types. You have the choice of making interest-only or combined repayments. Make additional repayments as well for up to 5% of your loan balance annually.
- Optional credit. Macquarie Bank will also provide the borrower with their own Visa Platinum card and waive the $200 annual fee that normally accompanies it. You can use your platinum card to make those purchases that every new home needs.
- Offset account. This loan package comes with a 100% offset account linked to a variable portion of your loan. This type of account works like a regular cheque account, but will also enable you to pay off your loan faster.
Fees you can avoid
- Application fee. There are no charges to the borrower for the preparation or execution of the offset fixed rate home loan.
Fees you can’t avoid
- Account management fee. A annual fee is debited from your account annually in two separate instalments of $199 each. These deductions will be made on the last business day of March and September each year. If you were to keep this loan for the maximum 30-year period, the total amount of fees paid would be $11,940.
- Third-party fees. You are responsible for any extra charges by third parties during the processing of your mortgage. These could include special solicitor charges and charges for addition home valuations.
- Mortgage stamp duty. Any additional costs to the lender that are related to the mortgage stamp duty will be paid by you.
How to apply for the Macquarie Bank Offset Fixed home loan
Before applying, make sure that you meet the eligibility requirements listed below.
- Age. This loan package is only available for individuals who are at least 18 years of age.
- Residency. Only permanent residents or Australian citizens can be considered for this loan.
- Credit history. You will be required to have a credit history that is in good standing.
If all of these are met, then continue on with the application having this documentation on hand to refer to:
- Income. You will be asked to supply either paycheques or tax forms that reflect your current income.
- Drivers license. Your valid Australian driver’s license number will be needed or another form of government-issued ID, such as a passport.
This award-winning home loan has the features homeowners like, coupled with rates and fees that they desire. Compare the benefits with other home loan packages to see if this is the loan that will bring you closer to your financial goals.