The Mac Standard Variable Rate Loan

Features

The Mac Standard Variable Loan provides borrowers with a set of features to allow for quick refinancing and control over the loan.

Borrowers have access to a 100 per cent offset account, which they can deposit savings into to directly reduce the interest paid on their home loan.

Borrowers also have the opportunity to make additional repayments at any time, which allows them to reduce their loan amount faster if desired. A redraw facility is provided as well, which allows borrowers to withdraw repayments should they be needed for something else.  

The Standard Variable Loan also offers borrowers the opportunity to make interest-only payments for a certain period, or to progressively draw down funds for construction purposes.

These features will allow a good deal of flexibility and control in terms of the loan’s structure, and give borrowers the opportunity to mould the Standard Variable Loan to their specific needs.

Who is the The Mac Standard Variable Rate Loan good for?

With its versatile options for refinancing, home buying, or construction, the Standard Variable Rate Loan could suit a range of borrower needs. Investors and owner-occupiers alike may be able to find something useful in its suite of features.

Review - What RateCity says

The Mac Standard Variable Loan offers a simple but flexible suite of features that can help a variety of borrowers to meet their home loan goals.

It offers facilities for construction, rapidly paying off the loan amount and reduction of interest payments over the course of the loan.

Borrowers are able to make use of the features that will be most useful to them, while paying no ongoing fees on a loan with a moderately-high rate of interest.

The Mac Standard Variable Rate Loan Options

The Mac Standard Variable Loan provides a range of options to accommodate a variety of borrower needs.

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Variable Rates from

4.49%

Advertised rate

4.58%

Comparison rate
Pros
  • 100 per cent offset account.
  • No ongoing fees.
  • Additional repayments.
Cons
  • Variable rate only.
  • Not portable.
  • Some upfront fees.
Eligibility

Australian resident.

At least 18 years of age.

Minimum deposit.

Proof of income.

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

The Mac charges borrowers no ongoing fees for the Standard Variable Loan. Borrowers do, however, pay a moderate upfront fee and a discharge fee at the end of the loan term. Borrowers may also be required to pay for lenders mortgage insurance, and fees for add-on services.

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

The Mac offers a range of financial services in the Macarthur area of NSW. It has a board comprised of leaders from the Macarthur community and works to provide services to locals of the Macarthur area.

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