Macquarie Credit Union Power Home Loan

Features

The Power Home Loan Package from Macquarie Credit Union starts off with a very low variable interest rate for greater borrowing amounts, but increases to a moderately high rate the less you’re borrowing for up to the minimum amount.

Although, the 100 per cent offset account gives you an opportunity to reduce the interest payable on your loan with an offset savings account that directly reduces your interest.

Unlimited early repayments for this loan also gives you the ability to reduce your interest through paying your loan off early, and you can use the redraw facility to draw on the funds you’ve put towards extra repayments should you need to access them again, all without penalty.

Your repayments can be made weekly, fortnightly or monthly depending on how you’d like to structure them based on your own income cycle and if you need a break, you can take time out of making repayments if approved by Macquarie Credit Union.

Or, if you need more funds, you can top up your loan for a fee.

This package provides discounts on home and landlord insurance, discounts on interest rates on car and personal loans, bonus rates on term deposits and waives the annual fee on a Visa credit card.

There is a small deposit requirement for the Power Home Loan Package and it is available to owner-occupiers and investors, but keep in mind the cost of lenders mortgage insurance for deposits smaller than 20 per cent.

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

The Power Home Loan Package could be good if you are borrowing at a greater amount and are looking for a competitive interest rate, with the flexibility to make additional repayments as and when you can. Though, the annual fee you must pay for the package benefits means this would be a more suitable option if you’ve already decided you’d like access to the offered products and if you already are a Macquarie Credit Union member, since there are rigid criteria you must meet in order to qualify to become a member.

Review - What RateCity says

There’s no doubt the low interest rate offered with Macquarie Union’s Power Home Loan is attractive if you’re borrowing at a higher amount and have access to these lower rates.

The smaller deposit size, no upfront fees and extra features could make this loan attractive to a range of borrowers, however investors might not see the most benefit with this loan dependent upon your individual needs. And, since there is an annual fee for the extra product benefits, it’s better suited if you’ve already decided you want to take advantage of these options.

Macquarie Credit Union does not operate a branch network and if you are not already a member, there’s restrictive criteria in order to be eligible to become one. So, it’s worth checking first to see if this loan meets your needs and if you’re able to become a member before deciding if the Power Home Loan Package is the loan for you.

Macquarie Credit Union Power Home Loan Options

Read more about the options available at different borrowing amounts below.

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Variable Rates from

3.75%

Advertised rate

4.17%

Comparison rate
Pros
  • Very low variable interest rates available.
  • 100 per cent offset account.
  • Repayment pause option.
Cons
  • Discharge and ongoing annual fees.
  • Moderately high variable rates for smaller borrowing amounts.
  • Strict eligibility criteria.
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: $0
  • Discharge fees: $200
  • Ongoing fees: $400 annually

Although there is no upfront cost to establishing the Power Home Loan Package, you will have to pay a sizeable annual fee every year throughout your loan term as well as a moderate discharge fee when you complete your loan.

Topping up your loan will attract a fee and the additional packaged products and services will have separate added fees and costs.

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

Macquarie Credit Union is based mostly in south western New South Wales, with the head office located in Dubbo. There is no branch network but there are mobile business development officers to assist you with loan inquiries. You also have access to a network of ATMs Australia-wide.

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