Firstmac Standard Variable Home Loan


The Firstmac Standard Variable Home Loan offers a range of variable interest rates, depending on your deposit amount, where the bigger your deposit is, the lower your rate will be.

This loan can be split between the variable rate and one of Firstmac’s fixed rate products which gives you the opportunity to set the interest rate for part of your loan without losing too much flexibility.

The loan includes a 100 per cent offset account which allows you to reduce the amount of interest you pay by keeping additional funds in a linked transaction account. It also lets you make additional repayments or, alternatively, switch to interest only repayments for a few years.

As part of this loan you will be issued with a Visa debit card which includes five free ATM transactions each month and continual use of BPAY without charge.

A perk of the Firstmac Standard Variable Home Loan is that investors do not have to be an Australian citizen or permanent resident to qualify for the investment loan option.

Who is the Firstmac Standard Variable Loan good for?

This loan is suitable for both owner occupiers and investors who need to borrow up to 90 per cent of a property’s value. The ability to make interest only repayments will appeal to investors, particularly foreign investors who might not be able to get a loan from other providers.

Review - What RateCity says

The Firstmac Standard Variable Home Loan offers a variety of features that give you options to pay off your loan early and to choose how and when you repay.

The biggest downsides to this loan are the high entry fees and the variable interest rates which will depend on how large your deposit is. While they are still mostly moderate, there are lower rates out there for people who are focused on securing an ultra-low rate.

Firstmac Standard Variable Home Loan Options

The Firstmac Standard Variable Home Loan is offered to owner-occupiers and investors at different borrowing amounts.

Variable Rates from


Advertised rate


Comparison rate
  • 100 per cent offset account.
  • Early repayments and redraw allowed penalty-free.
  • Interest-only repayment option.
  • High entry fees.
  • Moderately high interest rate for investors with a small deposit.
  • No branches.

Must be over 18 years of age.

Must be able to provide proof of income.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $720.00
  • Discharge fees: $550
  • Ongoing fees: $0

The Firstmac Standard Variable Home Loan has a high upfront fees in the form of valuation, documentation, settlement and establishment fees. There are, however, no ongoing costs throughout the life of your loan, until the end of your loan where you will pay a moderate exit fee.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Firstmac

Firstmac is an Australian financial institution focusing on home and investment loans and term deposits. They are primarily an online lender with an Australian-based call centre which operates 24 hours a day throughout the week as well as through the online chat portal and via email.

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