Though, the variable rate offered is moderately high and there is no 100 per cent offset account that would give you the ability to offset your interest.
However, you can flex your repayment schedule to meet your income cycle with monthly, fortnightly or weekly repayments and the ability to pay off your loan early through making additional repayments.
The redraw facility gives you control by allowing you to redraw any early repayments you’ve made if you need to access these funds, although you do have to pay a fee for each redraw you make.
A nice benefit of the Basic Home Loan is that there are no ongoing fees that you have to pay for maintaining your home loan account and the deposit requirement is small, though you should calculate how much you’ll have to pay in lenders mortgage insurance if you make smaller than a 20 per cent deposit.
If you’re planning future renovations or want to consolidate your debt and need to borrow more, this loan lets you use the equity in your home to access extra funds via the top-up facility, though there will be a fee if you top up.
If you’re looking for a basic home loan at a variable rate with no ongoing fees, this loan could be a suitable if you’re eligible. Refinancers and investors might be put off by the high upfront fee and lack of 100 percent offset account, and the top-up facility and simple features make this loan better suited to owner occupiers.
The Macquarie Credit Union Basic Home Loan has basic features and no packaging option, so if you’ve got a couple of extra accounts, a package loan might be a better option and can also help you save by bundling the account fees together.
This loan doesn’t have as many bells and whistles as other loans on the market, though if you’re looking for simplicity then this might not be considered a downside. However, the lack of 100 percent offset account could make the moderately high variable rate a deal breaker.
Another thing to consider is that Macquarie Credit Union has a limited branch network and strict criteria for membership so it’s worth checking to see if you’re eligible to be a member with this lender and for this home loan.
Follow the below link to read more about the Basic Low Rate Home Loan from Macquarie Credit Union.
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