Macquarie Credit Union First Home Loan


The First Home Buyer’s loan gives borrowers a rate discount for the first three years of the loan, then goes back to the standard variable rate. It’s worth keeping in mind that the variable rate is higher than many others in the market.

Borrowers can opt for weekly, fortnightly, or monthly repayments, which allows them to match their repayments to their salary cycle. 

There is also the option to top up or increase the loan amount, as well as a redraw facility that lets borrowers draw back some of their past payments. Additional repayments are similarly allowed and the loan comes with a 100 per cent offset account.

Macquarie Credit Union will lodge borrowers’ first home owners grant if they are approved.

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

The Macquarie Credit Union’s First Home Buyer’s Home Loan is best suited to first home buyers, who are eligible for the First Home Owner’s Grant.

It may work for those who are looking for a loan with some flexibility in the future, as it allows borrowers to apply for extra credit, or redraw should they need extra funds.  It also allows borrowers to make additional payments if they want to pay off their loan a little more quickly. 

Review - What RateCity says

For first home buyers making their foray into the property market, this loan offers quite a number of useful features. The rate discount for the first three years is handy, but borrowers would be wise to consider whether they will be able to make the repayments when it reverts to the standard variable, which is relatively high.


The offset account, redraw facility and top up function are all convenient features and in combination with the first home owners grant, may make this loan appealing to first home buyers looking for flexibility. 

Macquarie Credit Union First Home Loan Options

The Macquarie Credit Union First Home Buyer's Home Loan is a variable rate loan with flexible add-ons for first home buyers.

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  • Discounted rate for the first three years.
  • Redraw facility.
  • 100 per cent offset account.
  • No fixed-rate option.
  • Limited branch access.
  • Establishment and discharge fee.

Only available to first home buyers.

Not available to refinancers.


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

The Macquarie Credit Union First Home Buyer’s Home Loan has no ongoing monthly account keeping fees. However, there are some moderate upfront costs and a small to moderate discharge fee charged when the loan term ends. 

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

Macquarie Credit Union is a member- owned financial organisation that serves local and state government employees in the Dubbo local government area. It offers a range of products like car loans, credit cards, home loans, savings accounts, term deposits, insurance, and financial planning.

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