Macquarie Credit Union Basic Home Loan

Features

If you’re looking to borrow more than the high minimum loan amount requirement, the Macquarie Credit Union Basic Home Loan offers a variable interest rate and basic features.

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.

Who is the Macquarie Credit Union Basic Home Loan good for?

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. 

Review - What RateCity says

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.

Macquarie Credit Union Basic Home Loan Options

Follow the below link to read more about the Basic Low Rate Home Loan from Macquarie Credit Union.

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Variable Rates from

4.52%

Advertised rate

4.56%

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Pros
  • No ongoing fees.
  • Early repayments and redraws allowed.
  • Top up facility.
Cons
  • High upfront cost.
  • No 100 percent offset account.
  • Limited branch network.
Eligibility

Must be a member of Macquarie Credit Union.

Must be an employee working in a government council or other eligible industry.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $570.00
  • Discharge fees: $200
  • Ongoing fees: $0

The Macquarie Credit Union Basic Home Loan has higher than average amount in upfront fees, in addition to a discharge fee which is payable when the loan ends or if you choose to refinance with another lender. There are no ongoing fees, however, there is a redraw fee and a loan top-up fee.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Macquarie Credit Union

Established in 1964, the Macquarie Credit Union was set up by electricity workers of the Macquarie City Council. Since then the union has grown to offer its 6000 plus members a wide range of financial products and services like home loans, savings accounts, personal loans, term deposits and credit cards.

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