The Mac Basic Variable Loan

Features

The Basic Variable Loan from The Mac offers offers borrowing of up to 95 per cent of the value of the property, which may make this a popular choice for people with little savings.

But be aware that with most loans, borrowing greater than 80 per cent could lead to the additional charge that is lenders mortgage insurance.

The Basic Variable Loan from The Mac gives you the option to make your repayments in weekly, fortnightly or monthly instalments, giving you an extra element of control and peace of mind over your finances.

The Mac Basic Variable Loan also gives you the choice to make interest only repayments, which may be a popular option for some investors.

You can make extra repayments without penalty or limit, however to use the redraw facility you must take out a minimum amount every time you redraw, so keep this in mind when making transactions.

There is also the option to take out a construction loan under the Basic Variable Rate, which may be a good option for those looking to build or renovate.

The Basic Variable Loan from The Mac also gives you the choice of an auto repayment option, much like a direct debit but for your home loan.

Who is the The Mac Basic Variable Loan good for?

The Basic Variable Loan from The Mac may suit a variety of buyers regardless of where you sit on the house market spectrum.

Specifically, if you’re a buyer on a budget – perhaps an owner-occupier or a first home buyer – the five per cent deposit option and low rate helps might be appealing. The loan is only available to eligible members of The Mac.

Review - What RateCity says

The Basic Variable Loan from The Mac may be a good option for a wide range of buyers, with its relatively-low interest rate and no ongoing fees.

The low deposit required for this loan, may be appealing to some first home buyers and other borrowers will few savings. But be aware that taking on a bigger loan with smaller savings can carry risks and may incur the additional charge that is lenders mortgage insurance. The main disadvantage of this loan is the limited branch access.

The Mac Basic Variable Loan Options

For more information about The Mac Basic Variable Loan options, click on the links below.

1 - 5 of 5
Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site
Compare

More details

Compare

More details

Compare

More details

Compare

More details

Compare

More details

Variable Rates from

3.54%

Advertised rate

3.86%

Comparison rate
Pros
  • Redraw facility available.
  • No ongoing fees.
  • Low variable rate.
Cons
  • Limited branch access.
  • No offset account available.
  • Minimal upfront and discharge fees apply.
Eligibility

Minimum of five per cent deposit.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $220
  • Ongoing fees: $0

The Basic Variable Loan from The Mac has no ongoing fees, however there is an upfront and a discharge fee. By comparison though, the upfront and discharge fees on this loan are minimal. Fees can offset the benefits of low rates so it may be a good idea to factor this into your calculations before beginning the application process.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About The Mac

The Mac is a Credit Union based in the Macarthur region of New South Wales. While you have to become a member to join, as a member and customer, you gain off any benefits the Union makes.

As its not owned by a bank and rather by its customers, any savings and profits are turned over to the members and customers by ways of lower rates, fees and bigger benefits. The Mac has a phone banking hotline that is available 24 hours a day, seven days a week. They have branch access in the Macarthur region of New South Wales, and also have online enquiries and a call centre.

Compare your product with the big 4 banks, or add more products to compare
As seen on