Macquarie Credit Union Refinance Home Loan

This loan offers a wide variety of features including a 100 per cent mortgage offset account, which is a popular option for many borrowers to help reduce the interest that must be paid on your loan.

It also has a high advertised variable interest rate, which is above the average for the market and is more typical of some full-featured home loan products.

Though, the split rate option provides the opportunity to split your loan with a fixed rate portion, potentially at a lower rate.

The Refinance Home Loan offers flexible repayment options – such as weekly, fortnightly or monthly payments. You can make additional repayments to pay off your loan faster, however this is not available on a fixed rate portion.

It also offers a redraw facility, which may be used to draw on your early repayments.

Or if you need to take a break, the time out option allows you to have a break from making repayments for a period approved by Macquarie Credit Union.

If you need access to more funds, the top up option allows to you top up your loan amount for a fee.

The loan is designed for owner-occupier and investor borrowers looking to refinance from another lender, so it is not available to first home buyers. 

The loan is available to members and families of members of the credit union and might suit a borrower who prefers the convenience of an offset account, redraw facility and no ongoing fees.

It might also suit a borrower with a small deposit minimum of 5 per cent when lenders mortgage insurance is factored into the loan as an added cost if smaller than 20 per cent.