Macquarie Bank

Offset Package Home Loan (Interest Only) (LVR 70%-80%)

Real Time Rating™

1.92

/ 5
Advertised Rate

3.24%

Variable

Comparison Rate*

3.50%

Maximum LVR
80%
Real Time Rating™

1.92

/ 5
Monthly Repayment

$1,304

based on $300,000 loan amount for 25 years

Calculate repayment for Macquarie Bank product

Advertised Rate

3.24%

Variable

Comparison Rate*

3.50%

Maximum LVR
80%
Real Time Rating™

1.92

/ 5

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,304

based on $300,000 loan amount for 25 years

Pros and Cons

Pros and Cons

  • No upfront fees
  • 100% full offset account
  • Extra repayments and redraw facility
  • Free redraw facility
  • Ongoing fee
  • Discharge fee at end of loan
  • Maximum loan amount is limited to 80% of the property's value

Macquarie Bank Features and Fees

Macquarie Bank Features and Fees

Details

Maximum LVR

80%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

0 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Monthly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$0

Application fee

$0

Valuation fee

At Cost

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$248 annually

Discharge fee

$400

Application method

Online

Phone

In branch

Other Benefits

Apply for a Macquarie credit card with your offset home loan and receive a competitive rate of 5.90% p.a for the first 14 months and waived annual fee. No international purchase fees when you shop overseas or online with your Debit MasterCard.

Pros and Cons

  • No upfront fees
  • 100% full offset account
  • Extra repayments and redraw facility
  • Free redraw facility
  • Ongoing fee
  • Discharge fee at end of loan
  • Maximum loan amount is limited to 80% of the property's value

Macquarie Bank Features and Fees

Details

Maximum LVR

80%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

0 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Monthly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$0

Application fee

$0

Valuation fee

At Cost

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$248 annually

Discharge fee

$400

Application method

Online

Phone

In branch

Other Benefits

Apply for a Macquarie credit card with your offset home loan and receive a competitive rate of 5.90% p.a for the first 14 months and waived annual fee. No international purchase fees when you shop overseas or online with your Debit MasterCard.

Macquarie Bank is available through brokers

Tony Imbruglia
5.0
12 Reviews
Meet Tony Imbruglia. He is your Mortgage Professional. Tony has been in the Banking and Finance Industry since 1975 and worked for much of his career for a major Australian bank. During his career, Tony began licking stamps at a bank branch and worked his way up to become a Senior Executive, relationship managing some of the country's largest mortgage broking groups. He is a Justice of the Peace (which comes in handy when you need documents witnessed) and he holds a Diploma in Finance and Mortgage Broking Management. After leaving the bank, he became involved in developing software to help Australians manage their household budgets and mortgage brokers monitor their client's loan portfolios. Using his many years of experience in the corporate world, he also started a mortgage broking business in 2007 and after leaving this partnership, he started My Mortgage Professionals in 2016. He uses his sound communication skills to educate his clients to ensure they understand how finance works. He is extremely methodical and has streamlined his business to make the loan application process as easy as possible for his clients using technology and sound lending practices. You will find that applying for a loan has never been so easy and most things can be done remotely without the need for numerous meetings. Tony will lead you through the loan application process step by step and explain the process as he goes. In his spare time, Tony loves to entertain, listen to music, spending time with family, cooking and reading. He enjoys a glass of red wine with a good Italian meal and relaxing is his favourite pastime.
NSW2745
CRN: 494854
Madhu Chaudhuri
5.0
20 Reviews
Madhu Chaudhuri’s journey from a practicing Architect to a Broker has shaped her 27-year career in Australia culminating in the formation of her company Finance & Mortgage Solutions in 2001. Her vision to assist people to grow themselves financially, to be able to contribute and flourish in the community is the foundation of her practice, resulting in Industry recognition at the State and National level as a top mortgage broker. At FMS, Madhu leads a multi-lingual team to design and engineer finance solutions whether to build a home and material stability or supporting emerging entrepreneurs to open and run small businesses in their local communities. Coming to Australia as an immigrant herself more than 20 years ago, Madhu has lived experience and understanding of some of the struggles of relocating financially and emotionally- especially for migrants. Recognising the need for multi-lingual and multi-cultural access points, FMS has filled this need for migrant journey’s to be heard and supported. She donates her time for various women’s groups such as Saheli Club and Indian Mums Sydney and receives genuine fulfillment when counselling and advising on financial matters to help women achieve financial independence. She has now also been invited to Lean In Org to be the financial mentor in a workshop series for migrant women. Madhu’s drive lies in genuine connection with the community, recognising that it is built by diverse perspectives and experiences and there is a lot to learn from the young and old collectively. Madhu has sponsored an annual ‘Good Word Award’ at the local public school to support public speaking and communication programs for children for the past 7 years, as well as regular events and outing for the aged South Asian community. Finance & Mortgage Solutions strength lies in guiding, mentoring and coaching clients as well as brokers, which has resulted in growth in cities including Sydney, Melbourne, Brisbane, Adelaide & Canberra. Their services break down a pathway for migrants to financial autonomy into achievable milestones to build a strong, foreseeable financial future in their new country.
ACT2604
ACL: 384375

FAQs

Do mortgage brokers need a consumer credit license?

In Australia, mortgage brokers are defined by law as being credit service or assistance providers, meaning that they help borrowers connect with lenders. Mortgage brokers may not always need a consumer credit license however if they’re operating solo they will need an Australian Credit License (ACL). Further, they may also need to comply with requirements asking them to mention their license number in full.

Some mortgage brokers can be “credit representatives”, or franchisees of a mortgage aggregator. In this case, if the aggregator has a license, the mortgage broker need not have one. The reasoning for this is that the franchise agreement usually requires mortgage brokers to comply with the laws applicable to the aggregator. If you’re speaking to a mortgage broker, you can ask them if they receive commissions from lenders, which is a good indicator that they need to be licensed. Consider requesting their license details if they don’t give you the details beforehand. 

You should remember that such a license protects you if you’re given incorrect or misleading advice that results in a home loan application rejection or any financial loss. Brokers are regulated by the Australian Securities & Investment Commission (ASIC), as per the National Consumer Credit Protection (NCCP) Act. 

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

How to break up with your mortgage broker

If you find a mortgage broker giving you generic advice or trying to sell you a competitive offer from an unsuitable lender, you might be better off  breaking up with the mortgage broker and consulting someone else. Breaking up with a mortgage broker can be done over the phone, or via email. You can also raise a complaint, either with the broker’s aggregator or with the Australian Financial Complaints Authority as necessary.

As licensed industry professionals, mortgage brokers have the responsibility of giving you accurate advice so that you know what to expect when you apply for a home loan. You may have approached the mortgage broker, for instance, because you have questions about the terms of a home loan a lender offered you. 

You should remember that mortgage brokers are obliged by law to act in your best interests and as part of complying with The Australian Securities and Investments Commission’s (ASIC) regulations. If you feel you didn’t get the right advice from the mortgage broker, or that you lost money as a result of accepting the broker’s suggestions regarding a lender or home loan offer, you can file a complaint with the ASIC and seek compensation. 

When you first speak to a mortgage broker, consider asking them about their Lender Panel, which is the list of lenders they usually recommend and who may pay them a commission. This information can help you decide if the advice they give you has anything to do with the remuneration they may receive from one or more lenders.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

What fees are there when buying a house?

Buying a home comes with ‘hidden fees’ that should be factored in when considering how much the total cost of your new home will be. These can include stamp duty, title registration costs, building inspection fees, loan establishment fee, lenders mortgage insurance (LMI), legal fees and bank valuation costs.

Tip: you can calculate your stamp duty costs as well as LMI in Rate City mortgage repayments calculator

Some of these fees can be taken out of the mix, such as LMI, if you have a big enough deposit or by asking your lender to waive establishment fees for your loan. Even so, fees can run into the thousands of dollars on top of the purchase price.

Keep this in mind when deciding if you are ready to make the move in to the property market.

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

How can I avoid mortgage insurance?

Lenders mortgage insurance (LMI) can be avoided by having a substantial deposit saved up before you apply for a loan, usually around 20 per cent or more (or a LVR of 80 per cent or less). This amount needs to be considered genuine savings by your lender so it has to have been in your account for three months rather than a lump sum that has just been deposited.

Some lenders may even require a six months saving history so the best way to ensure you don’t end up paying LMI is to plan ahead for your home loan and save regularly.

Tip: You can use RateCity mortgage repayment calculator to calculate your LMI based on your borrowing profile

What is upfront fee?

An ‘upfront’ or ‘application’ fee is a one-off expense you are charged by your bank when you take out a loan. The average start-up fee is around $600 however there are over 1,000 loans on the market with none at all. If the loan you want does include an application fee, try and negotiate to have it waived. You’ll be surprised what your bank agrees to when they want your business.

What is a cooling-off period?

Once a home loan’s contracts are exchanged between the borrower and the lender, a five-day cooling-off period follows, during which the contracts may be cancelled if needed.

What is a standard variable rate (SVR)?

The standard variable rate (SVR) is the interest rate a lender applies to their standard home loan. It is a variable interest rate which is normally used as a benchmark from which they price their other variable rate home loan products.

A standard variable rate home loan typically includes most, if not all the features the lender has on offer, such as an offset account, but it often comes with a higher interest rate attached than their most ‘basic’ product on offer (usually referred to as their basic variable rate mortgage).

What is the difference between a fixed rate and variable rate?

A variable rate can fluctuate over the life of a loan as determined by your lender. While the rate is broadly reflective of market conditions, including the Reserve Bank’s cash rate, it is by no means the sole determining factor in your bank’s decision-making process.

A fixed rate is one which is set for a period of time, regardless of market fluctuations. Fixed rates can be as short as one year or as long as 15 years however after this time it will revert to a variable rate, unless you negotiate with your bank to enter into another fixed term agreement

Variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts however fixed rates do offer customers a level of security by knowing exactly how much they need to set aside each month.

What are extra repayments?

Additional payments to your home loan above the minimum monthly instalments, which can help to reduce the loan’s term and remaining payable interest.

How can I calculate interest on my home loan?

You can calculate the total interest you will pay over the life of your loan by using a mortgage calculator. The calculator will estimate your repayments based on the amount you want to borrow, the interest rate, the length of your loan, whether you are an owner-occupier or an investor and whether you plan to pay ‘principal and interest’ or ‘interest-only’.

If you are buying a new home, the calculator will also help you work out how much you’ll need to pay in stamp duty and other related costs.

What is stamp duty?

Stamp duty is the tax that must be paid when purchasing a property in Australia.

It is calculated by the state government based on the selling price of the property. These charges may differ for first homebuyers. You can calculate the stamp duty for your property using our stamp duty calculator.

What is mortgage stress?

Mortgage stress is when you don’t have enough income to comfortably meet your monthly mortgage repayments and maintain your lifestyle. Many experts believe that mortgage stress starts when you are spending 30 per cent or more of your pre-tax income on mortgage repayments.

Mortgage stress can lead to people defaulting on their loans which can have serious long term repercussions.

The best way to avoid mortgage stress is to include at least a 2 – 3 per cent buffer in your estimated monthly repayments. If you could still make your monthly repayments comfortably at a rate of up to 8 or 9 per cent then you should be in good position to meet your obligations. If you think that a rate rise would leave you at a risk of defaulting on your loan, consider borrowing less money.

If you do find yourself in mortgage stress, talk to your bank about ways to potentially reduce your mortgage burden. Contacting a financial counsellor can also be a good idea. You can locate a free counselling service in your state by calling the national hotline: 1800 007 007 or visiting www.financialcounsellingaustralia.org.au.

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment. 

What do mortgage brokers do?

Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.

While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.

Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.

As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.

What is the amortisation period?

Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.

Does each product always have the same rating?

No, the rating you see depends on a number of factors and can change as you tell us more about your loan profile and preferences. The reasons you may see a different rating:

  • Lenders have made changes. Our ratings show the relative competitiveness of all the products listed at a given time. As the listing change, so do the ratings.
  • You have updated you profile. If you increase your loan amount, the impact of different rates and fees will change which loans are the lowest cost for you.
  • You adjust your preferences. The more you search for flexible loan features, the more importance we assign to the Flexibility Score. You can also adjust your Flexibility Weighting yourself, which will recalculate the ratings with preference given to more flexible loans.