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Macquarie Bank Offset Loan

Features

The Macquarie Bank Offset Home Loan offers a number of features that might help borrowers to dictate the structure of the loan and reduce their interest payments significantly over time.

Borrowers will have access to a 100 per cent offset account, which may be a popular loan feature for some.

Borrowers looking for an even more flexible structure will have the opportunity to split the loan between an unlimited number of these accounts, allowing for a great deal of control when it comes to the arrangement of the loan. Each of these accounts can have a fixed or a variable rate of interest according to the borrower’s preference.

The offset accounts attached to the Macquarie Bank Offset Loan can be accessed for the purposes of redraw through any St. George, Westpac, or BankSA ATM free of charge. This will allow borrowers to more flexibly manage their finances over the course off their loan term, should they need access to any funds in one of their accounts, or wish to use one for the purposes of spending.

Borrowers will also have the option of making interest only payments for a period of the loan term, which may appeal to some investors or those which need a repayment reprieve.

The Offset Loan also comes with an optional Macquarie Bank credit card, the annual fee of which will be waived for the duration of the loan. 

Who is the Macquarie Bank Offset Loan good for?

The Offset Loan may suit a borrower looking for a flexible loan that will allow them to minimise their interest payments as much as possible.

The 100 per cent offset account will allow for rapid reduction of interest payments. It may suit owner-occupiers or first time investors.

On the downside, the Offset loan does not offer additional repayments of any kind.

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The Macquarie Bank Offset Loan is available to both investors and owner-occupier borrowers.

It offers a range of loan options, including variable and fixed for several loan terms. Split options are also available.

Borrowers can also choose a principal and interest or interest only repayment option, depending on which best suits their circumstances.

While as the name suggests, this loan offers a mortgage offset account, it does not allow for additional repayments to be made. However, a redraw facility is available with this loan.

Macquarie Bank Offset Loan Options

The Macquaire Bank Offset Loan offers a wide range of options for borrowers, for more information about the options available, click the links below.

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Fixed Rates from

3.88%

Advertised rate

4.20%

Comparison rate

Variable Rates from

3.79%

Advertised rate

4.19%

Comparison rate
Pros
  • 100 per cent offset account.
  • Split interest rate options.
  • Redraw facility.
Cons
  • No additional repayments.
  • Limited options for reducing premium.
  • Not portable.
Eligibility

Australian resident.

At least 18 years of age.

Proof of income.

 

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $400
  • Ongoing fees: $199 semi annually

Borrowers signing up to the Macquarie Bank Offset Loan can expect to pay minimal upfront fees. A discharge fee will also be payable at termination of the loan, when the premium is paid in full.

Ongoing fees may also apply, and borrowers may be required to pay for lenders mortgage insurance.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Macquarie Bank

The Macquarie Bank is owned by Macquarie Group, an international financial services group that provides banking and financial services to a wide range of customers. It was founded in 1969 as Hill Samuel Australia, and focuses on seeking new opportunities in its business endeavours.

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