The Macquarie Bank Offset Home Loan Package helps you save on interest without making additional repayments.
A Macquarie Bank Offset Home Loan Package can be a great way to reduce the cost of a home purchase, as it has an offset account that you can use to reduce your interest payments.
An offset works by linking an ordinary bank or savings account to your mortgage so that you’re charged interest on the difference between the mortgage and what you have in your offset account. This significantly brings down your interest repayments and saves you money.
- Winner of Money magazine's 2014 Best of the Best award for Cheapest Home Loan Package.
|Product Name||Macquarie Bank Offset Home Loan Package|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$150,000|
|Maximum Loan Amount||$2,000,000|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest|
|Lender's Legal Fee||$363|
|Ongoing Fees||$398 p.a.|
- 100% offset account
- Interest only options
- Annual fee of $398
- Legal fee of $363
Things to consider about the Macquarie Bank Offset Home Loan Package
The Macquarie Bank Offset Home Loan Package can be suited to anyone looking to refinance their home or investment property or for home buyers looking to purchase or construct a house.
There are different options available with this loan, such as making interest-only payments or making interest and principal payments together. If you are considering whether to apply for this loan, talking to a mortgage broker or a Macquarie Bank home loans specialist could help.
Features of the Macquarie Bank Offset Home Loan Package
- 100% offset sub-account. This feature allows you to reduce the amount of interest you pay on your mortgage. The account is linked to your home loan and the amount in that account is used to offset the home loan balance and reduce how much is paid in interest.
- Optional credit card. The Macquarie Bank Offset Home Loan Package comes with an optional Macquarie Visa Platinum Card that enables you to access more reward and pay no annual fee on the card.
- Flexible loan structure. The home loan gives you an option to include various rate types within your offset mortgage, allowing you to have different sub-accounts with a variable or fixed rate. Borrowers can also choose to have a variable rate loan which allows them to make unlimited repayments, or go for a fixed rate loan where they can pay up to 5% of the loan in extra payments each year.
- Interest-only repayments. Borrowers can free up their cash flow for a specified period and reduce their home loan repayments by opting to pay the interest-only portion on their offset home loan. However you will be required to pay off the interest and principal once the interest only period lapses.
Fees you can avoid
- Lender’s Mortgage Insurance (LMI). This is an insurance premium charged on home loans that are financed at over of the home value. To avoid paying LMI, customers can borrow less than of the home value and put down a 20% deposit in an offset account.
- Application fee. This loan doesn't charge an application fee, saving you hundreds of dollars.
Fees you can’t avoid
- Annual fee. $398. This loan has an annual fee of $398 which is paid in two instalments of $199 every six months.
- Exit fee. $400. This fee is charged when you pay out your loan in full and the accounts are closed.
- Legal fees. $363. This fee covers any legal applications made for your loan by the bank.
Calculate your repayments by filling in some of your details
How to apply for the Macquarie Bank Offset Home Loan Package
The Macquarie Bank website has a pre-approval tool that lets you estimate how much you can borrow based on certain criteria such as the home price, the deposit you have, your income and expenses.
Here are the basic eligibility requirements on this home loan:
- You must be over 18 years old
- You must have a good credit rating
You will also be required to produce the following documents:
- Your Australian driver’s licence
- Documents showing details of your income
- Your employer’s contact details
Take advantage of the 100% offset account on a Macquarie Bank Offset Home Loan Package to make savings on your mortgage by reducing how much you pay in interest over the life of the loan. Compare this loan’s features today and choose one that suits your needs and preferences.