Advertiser disclosure
Macquarie Bank
Macquarie Group Limited (commonly known as Macquarie Bank) employs more than 14,000 staff in over 70 office locations across 28 countries. It is headquartered in Sydney.
Macquarie Bank provides a wide range of home loans, including mortgages for first homebuyers, investors, upgraders and renovators.
Customer service is available through the online service portal, mobile app, or via phone.
Macquarie home loan repayment calculator
Thinking about taking out a home loan with Macquarie Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Macquarie Bank home loans compare with other options.
Your estimated mortgage repayments
at interest rate 2.09%
Total interest payable
$0
Total loan repayments
$0
Pros and cons
- Large variety of home loan products to suit all borrowers
- Flexible loan options
- Ability to earn Qantas Points on some loans
- Some loans have high fees
- Limited physical branch network
Macquarie Bank home loans rates
Product | Advertised Rate  2.09 % p.a Fixed - 3 years | Total estimated upfront fees $363 | Comparison Rate* 2.28 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.29 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.29 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.09 % p.a Fixed - 2 years | Total estimated upfront fees $363 | Comparison Rate* 2.30 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.09 % p.a Fixed - 1 year | Total estimated upfront fees $363 | Comparison Rate* 2.32 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.14 % p.a Fixed - 3 years | Total estimated upfront fees $363 | Comparison Rate* 2.33 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.09 % p.a Fixed - 2 years | Total estimated upfront fees $363 | Comparison Rate* 2.34 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.19 % p.a Fixed - 3 years | Total estimated upfront fees $363 | Comparison Rate* 2.34 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.34 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.34 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.34 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.34 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.14 % p.a Fixed - 2 years | Total estimated upfront fees $363 | Comparison Rate* 2.35 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.09 % p.a Fixed - 1 year | Total estimated upfront fees $363 | Comparison Rate* 2.36 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.14 % p.a Fixed - 1 year | Total estimated upfront fees $363 | Comparison Rate* 2.37 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.14 % p.a Fixed - 2 years | Total estimated upfront fees $363 | Comparison Rate* 2.39 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.24 % p.a Fixed - 3 years | Total estimated upfront fees $363 | Comparison Rate* 2.39 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.39 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.39 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.39 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.39 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.39 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.39 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.14 % p.a Fixed - 1 year | Total estimated upfront fees $363 | Comparison Rate* 2.41 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.44 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.44 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.69 % p.a Fixed - 4 years | Total estimated upfront fees $363 | Comparison Rate* 2.45 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.39 % p.a Fixed - 3 years | Total estimated upfront fees $363 | Comparison Rate* 2.47 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.39 % p.a Fixed - 2 years | Total estimated upfront fees $363 | Comparison Rate* 2.47 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.39 % p.a Fixed - 1 year | Total estimated upfront fees $363 | Comparison Rate* 2.48 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.49 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.49 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.74 % p.a Fixed - 4 years | Total estimated upfront fees $363 | Comparison Rate* 2.50 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Fixed - 5 years | Total estimated upfront fees $363 | Comparison Rate* 2.51 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.44 % p.a Fixed - 3 years | Total estimated upfront fees $363 | Comparison Rate* 2.52 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.44 % p.a Fixed - 2 years | Total estimated upfront fees $363 | Comparison Rate* 2.52 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Fixed - 4 years | Total estimated upfront fees $363 | Comparison Rate* 2.52 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.44 % p.a Fixed - 1 year | Total estimated upfront fees $363 | Comparison Rate* 2.53 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.09 % p.a Fixed - 3 years | Total estimated upfront fees $0 | Comparison Rate* 2.56 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.84 % p.a Fixed - 5 years | Total estimated upfront fees $363 | Comparison Rate* 2.56 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.29 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.57 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.49 % p.a Fixed - 2 years | Total estimated upfront fees $363 | Comparison Rate* 2.57 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.84 % p.a Fixed - 4 years | Total estimated upfront fees $363 | Comparison Rate* 2.57 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.09 % p.a Fixed - 2 years | Total estimated upfront fees $0 | Comparison Rate* 2.58 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.49 % p.a Fixed - 1 year | Total estimated upfront fees $363 | Comparison Rate* 2.58 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.89 % p.a Fixed - 5 years | Total estimated upfront fees $363 | Comparison Rate* 2.58 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.59 % p.a Fixed - 3 years | Total estimated upfront fees $363 | Comparison Rate* 2.59 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.59 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.59 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.09 % p.a Fixed - 1 year | Total estimated upfront fees $0 | Comparison Rate* 2.60 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.14 % p.a Fixed - 3 years | Total estimated upfront fees $0 | Comparison Rate* 2.61 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.09 % p.a Fixed - 2 years | Total estimated upfront fees $0 | Comparison Rate* 2.62 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.34 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.62 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.54 % p.a Fixed - 2 years | Total estimated upfront fees $363 | Comparison Rate* 2.62 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.89 % p.a Fixed - 4 years | Total estimated upfront fees $363 | Comparison Rate* 2.62 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.14 % p.a Fixed - 2 years | Total estimated upfront fees $0 | Comparison Rate* 2.63 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.54 % p.a Fixed - 1 year | Total estimated upfront fees $363 | Comparison Rate* 2.63 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.94 % p.a Fixed - 5 years | Total estimated upfront fees $363 | Comparison Rate* 2.63 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.09 % p.a Fixed - 1 year | Total estimated upfront fees $0 | Comparison Rate* 2.64 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.64 % p.a Fixed - 3 years | Total estimated upfront fees $363 | Comparison Rate* 2.64 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.14 % p.a Fixed - 1 year | Total estimated upfront fees $0 | Comparison Rate* 2.65 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.89 % p.a Fixed - 5 years | Total estimated upfront fees $363 | Comparison Rate* 2.65 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.14 % p.a Fixed - 2 years | Total estimated upfront fees $0 | Comparison Rate* 2.67 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.24 % p.a Fixed - 3 years | Total estimated upfront fees $0 | Comparison Rate* 2.67 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.39 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.67 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.39 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.67 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.94 % p.a Fixed - 4 years | Total estimated upfront fees $363 | Comparison Rate* 2.67 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.14 % p.a Fixed - 1 year | Total estimated upfront fees $0 | Comparison Rate* 2.69 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.19 % p.a Fixed - 3 years | Total estimated upfront fees $0 | Comparison Rate* 2.69 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.69 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.69 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.94 % p.a Fixed - 5 years | Total estimated upfront fees $363 | Comparison Rate* 2.70 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.99 % p.a Fixed - 4 years | Total estimated upfront fees $363 | Comparison Rate* 2.72 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.99 % p.a Fixed - 5 years | Total estimated upfront fees $363 | Comparison Rate* 2.72 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.69 % p.a Fixed - 4 years | Total estimated upfront fees $0 | Comparison Rate* 2.73 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.39 % p.a Fixed - 3 years | Total estimated upfront fees $0 | Comparison Rate* 2.74 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.59 % p.a Fixed - 3 years | Total estimated upfront fees $363 | Comparison Rate* 2.74 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.39 % p.a Fixed - 2 years | Total estimated upfront fees $0 | Comparison Rate* 2.75 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.39 % p.a Fixed - 1 year | Total estimated upfront fees $0 | Comparison Rate* 2.76 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.49 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.76 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.59 % p.a Fixed - 2 years | Total estimated upfront fees $363 | Comparison Rate* 2.76 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.59 % p.a Fixed - 1 year | Total estimated upfront fees $363 | Comparison Rate* 2.77 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 3.04 % p.a Fixed - 4 years | Total estimated upfront fees $363 | Comparison Rate* 2.77 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.74 % p.a Fixed - 4 years | Total estimated upfront fees $0 | Comparison Rate* 2.78 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.44 % p.a Fixed - 3 years | Total estimated upfront fees $0 | Comparison Rate* 2.79 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.64 % p.a Fixed - 3 years | Total estimated upfront fees $363 | Comparison Rate* 2.79 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Fixed - 5 years | Total estimated upfront fees $0 | Comparison Rate* 2.79 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.79 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Fixed - 4 years | Total estimated upfront fees $0 | Comparison Rate* 2.79 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.79 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.79 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.44 % p.a Fixed - 2 years | Total estimated upfront fees $0 | Comparison Rate* 2.80 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 3.04 % p.a Fixed - 5 years | Total estimated upfront fees $363 | Comparison Rate* 2.80 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.44 % p.a Fixed - 1 year | Total estimated upfront fees $0 | Comparison Rate* 2.81 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.64 % p.a Fixed - 2 years | Total estimated upfront fees $363 | Comparison Rate* 2.81 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.64 % p.a Fixed - 1 year | Total estimated upfront fees $363 | Comparison Rate* 2.82 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.84 % p.a Fixed - 4 years | Total estimated upfront fees $0 | Comparison Rate* 2.84 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.84 % p.a Fixed - 5 years | Total estimated upfront fees $0 | Comparison Rate* 2.84 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.84 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.84 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.49 % p.a Fixed - 2 years | Total estimated upfront fees $0 | Comparison Rate* 2.85 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.49 % p.a Fixed - 1 year | Total estimated upfront fees $0 | Comparison Rate* 2.85 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.59 % p.a Fixed - 3 years | Total estimated upfront fees $0 | Comparison Rate* 2.86 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.59 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.86 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.89 % p.a Fixed - 5 years | Total estimated upfront fees $0 | Comparison Rate* 2.86 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.89 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.89 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.89 % p.a Variable | Total estimated upfront fees $363 | Comparison Rate* 2.89 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.89 % p.a Fixed - 4 years | Total estimated upfront fees $0 | Comparison Rate* 2.89 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.94 % p.a Fixed - 1 year | Total estimated upfront fees $363 | Comparison Rate* 2.89 % p.a | Ongoing fee $0 | Go to site | More details |
Product | Advertised Rate 2.54 % p.a Fixed - 2 years | Total estimated upfront fees $0 | Comparison Rate* 2.90 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.54 % p.a Fixed - 1 year | Total estimated upfront fees $0 | Comparison Rate* 2.90 % p.a | Ongoing fee $248 annually | Go to site | More details |
Product | Advertised Rate 2.94 % p.a Fixed - 3 years | Total estimated upfront fees $363 | Comparison Rate* 2.90 % p.a | Ongoing fee $0 | Go to site | More details |
Macquarie Bank customer service
Customers can contact Macquarie Bank by phone, or submit an online enquiry to have a Macquarie Bank home loan specialist make contact.
✓    Customer service centre (phone)
✓    Mobile app
✓    Online banking
✓    Email
✓    Mobile banking staff
How to apply for a Macquarie Bank home loan
Borrowers wanting to apply for a Macquarie Bank home loan can complete an online enquiry form or call a loan specialist directly.Â
Before applying for a Macquarie Bank home loan, it’s important to think about how much you can afford to borrow and comfortably repay, as well as what other costs you need to include.
When you apply for a Macquarie Bank home loan, you’ll need to provide:
- Proof of employment and income e.g. recent payslips
- Proof of identity e.g. driver’s license or passport
- Details of any assets, debts or liabilities, including car loans and personal loans
About Macquarie Bank home loans
Macquarie Bank offers home loans that could suit a wide range of customers, including:
- Owner-occupier home loans
- Investor home loans
- Refinancing home loans
- Construction loans
Additionally, Macquarie Bank home loans are available with a variety of interest rate and repayment options, including:
- Principal and interest
- Interest-only
- Variable interest
- Fixed interest
- Split interest
Some Macquarie Bank mortgages include an offset account, which can let you use your savings to help reduce your interest charges.
Macquarie Bank home loans come with a maximum loan term of 30 years. Extra repayments are allowed on selected home loans, as are redraw facilities.
Macquarie Bank home loan rates
Macquarie Bank home loan interest rates tend to be moderately low to moderately high, depending on the amount being borrowed and the Loan to Value Ratio or LVR.
Typically, owner occupiers with smaller loans who can make a deposit of 20 per cent or more can secure some of the lowest interest rates.
At the other end of the spectrum, investors borrowing a significant amount with a low deposit are often charged some of the highest interest rates.
Borrowers can choose between a variable-rate home loan with Macquarie Bank, which may rise or fall over time, or a fixed-rate home loan, with an interest rate that will stay the same for up to 5 years, for simpler budgeting.
Macquarie Bank’s upfront fees for home loans tend to be very low, while ongoing fees range from very low to high depending on the home loan. Discharge fees may also apply at the end of the loan term.
Macquarie Bank home loans review
Macquarie Bank offers a reasonably wide range of home loans for different borrowers, such as owner-occupiers, investors and those looking to refinance their homes. It’s worth noting, however, that it does not offer low doc home loans.
While it may not necessarily offer the cheapest home loans on the market, Macquarie Bank nonetheless caters to a range of borrowers, and offers flexibility with home loan options such as offset accounts and redraw facilities on some home loans. Macquarie Bank's interest rates and fees are different for these different types of home loans.
Macquarie Bank top home loans products
Learn more about home loans
How to apply for a pre-approval home loan from Bendigo Bank?
Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork.
Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home.
With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances.
To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.
How can I apply for a first home buyers loan with Commonwealth Bank?
Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.
You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.
You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.
CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property. The link to download this app is available on the same webpage.
If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.
How do I apply for a home improvement loan?
When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying.
Besides taking out a home improvement loan, you could also:
- Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement. Speak with your lender or a mortgage broker about accessing your equity.
- Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
- Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
- Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.
Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?
No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.
However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.
Who offers 40 year mortgages?
Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank.
Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.
Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.
Can first home buyers apply for an ING home loan?
First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan.
First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates.
First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.
When does Commonwealth Bank charge an early exit fee?
When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.
The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:
- If you switch your loan from fixed interest to variable rate
- When you apply for a top-up home loan
- If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
- When you prepay the entire outstanding loan balance before the end of the fixed interest duration.
The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay.
When do mortgage payments start after settlement?
Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.
Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.
Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.
What are the features of home loans for expats from Westpac?
If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.
The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.
How do I apply for Westpac’s first home buyer loan?
If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan.
You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments.
When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for.
What are the different types of home loan interest rates?
A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan.
Having understood what are home loan rates in general, here are the two types you usually have with a home loan:
Fixed rates
These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.
Variable rates
With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments.
What are the benefits of getting a pre-approved home loan from Citibank?
While hunting for your dream home, getting a Citibank home loan pre-approval can have multiple benefits, which include:
- You'll have an idea on your personal price range, which can save time to find your home.
- With a pre-approved home loan, you may find yourself with more financial control to better decide how much you can spend.
- A Citibank pre-approved home loan is a commitment by a lender that signals you're ready to jump into the property market.
You can apply for pre-approval by providing basic details, such as name, email, and phone number on the bank’s website. Alternatively, you can contact the bank on 1300 361 922 or find a home lending officer on the website.
How do you determine which home loan rates/products I’m shown?
When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.
We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.
What is the average length of a home loan?
Most Aussie lenders offer home loans with a 30-year term, meaning that you should pay back the full loan amount and the interest you owe on the amount in 30 years.
However, home loans can also have a shorter or longer term. They may be as low as ten years or up to 45 years, depending on the product and lender.
It’s worth remembering that a longer loan term usually means you’ll end up paying a lot more interest in total, but your scheduled repayments may be more manageable. In contrast, you could opt for a shorter loan term if you are comfortable making large repayments in exchange for paying less interest over the term of the loan.
How do I get a pre-approved home loan with Aussie?
Getting Aussie home loan pre-approval means receiving conditional support from Aussie Home Loans to borrow the money you need to buy a home.
It’s an indication of the approximate amount Aussie may offer you, subject to some terms and conditions. Keep in mind, having a pre-approved home loan does not guarantee an actual approval of your loan when it comes time to buy.
Aussie home loan pre-approval often involves speaking to one of the lender’s brokers. You can make an appointment online. You’ll often have to submit your personal details and other information about your assets, income, liabilities and expenses. It’s worth remembering that a pre-approved loan is usually valid for a few months.
