The Standard Variable Loan’s features include a 100 per cent offset account and redraw facility, which make it easy for buyers to make additional repayments and withdrawals.
Borrowers also have access to a top up feature and a time out repayment pause, which adds to the package’s flexibility.
Customers may also gain access to a pre-approved credit card with no annual fee, although this is conditional on having a relationship with the lender.
The Standard Variable Loan will appeal to borrowers who are looking for flexibility around their repayments and those who have a pre-existing relationship with Macquarie Credit Union or would like to use their other banking products, such as credit cards. An annual fee-free credit card comes pre-approved provided the applicant has a $100,000 relationship with Macquarie Credit Union.
Those with a low deposit may also be interested in this loan, as it accepts deposits as low as 5 per cent provided the borrower takes lenders mortgage insurance.
The high rate on this loan compared to others in the market could be a deterrent for borrowers in a reasonably low rate environment.
However, those who want the flexibility to pause repayments or top up the loan may still find it attractive. It has a number of features borrowers may like, including a 100 per cent offset account and a redraw facility, but the high rate in combination with the fees is hard to overlook.