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Firstmac VIP Loan

Features

The Firstmac VIP Package Loan offer principal and interest loans and interest-only loans (for up to five years) at low rates. Fixed rate loans are available for a period of one to three years for both owner-occupiers and investors.

Firstmac VIP variable loans offer a free, unlimited redraw 100 per cent offset account as well as a free Visa Debit Card. You can borrow up to $1 million or 90 per cent of their property value and you can choose to repay the loan on a weekly, fortnightly or monthly basis.

The offset account feature allows you to offset your income and savings against your loan to reduce your interest repayments and you can make additional repayments at any time with no cost on variable loans.

You can split your loan between fixed rate and variable portions, giving you protection against future interest rate rises. There is also a rate lock option for up to 60 days, though a moderate rate lock fee applies. You also have the option to have multiple loan splits.

The loans provide free BPAY, direct credit and debit transactions and you have 24-hour access to your accounts online and by telephone.

Who is the Firstmac VIP Loan good for?

The Firstmac VIP Package offers a number of variable and fixed rate loans at low interest rates, making it suitable for both owner-occupiers and investors. As lower rates are offered when you take out both an owner-occupier and investor loan, and you can have multiple loan splits, it may suit your needs if you are building a property portfolio.

Review - What RateCity says

The Firstmac VIP Package gives you a high level of flexibility whether you need a single home loan or want to take multiple home loans to build a property portfolio. A bonus is that you can take advantage of discounted rates when you take out both an owner-occupier and investor loan.

The package offers all the feature that enable you to save on interest costs such as an offset account on variable loans and you make unlimited extra repayments, meaning you save on interest and pay off your home loan faster. The main downside of this product are the relatively high annual and discharge fees, which might outweigh some of the features.

Firstmac VIP Loan Options

The Firstmac VIP Package offers a number of fixed rate and variable rate home loans for both owner-occupiers and investors.

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Fixed Rates from

4.09%

Advertised rate

3.98%

Comparison rate

Variable Rates from

3.94%

Advertised rate

3.97%

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Pros
  • Flexible payment options.
  • Unlimited redraw facility.
  • Low rates.
Cons
  • High upfront fees.
  • High discharge fees.
  • No branch access.
Eligibility

Must be over 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.  

Must meet Firstmac’s serviceability criteria.  

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $720
  • Discharge fees: $550
  • Ongoing fees: $0

The Firstmac VIP Package has no ongoing annual or monthly fees, but you should be aware that a number of high upfront fees apply. High discharge fees also apply when you pay off the loan and a rate lock fee may also apply.

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

Firstmac Limited is an Australian online non-bank lender based in Queensland. The lender has 35 years’ experience $7 billion in mortgages under management.

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