Macquarie Credit Union
Macquarie Credit Union is a financial institution that offers a full range of banking services including home and car loans, savings deposits, credit cards and insurance products.
Macquarie Credit Union, based in Dubbo, was established to service the needs of the employees and families of local, state or federal government agencies in NSW or the ACT and essential energy services. Anyone working for these organisations or residing in the Dubbo local government area can become a member.
The credit union meets the same regulatory standards as banks and is a long-standing financial service provider. The difference between credit unions and the banks is that Macquarie Credit Union guarantees to serve its members first rather than profit making.
Macquarie Credit Union Home Loan Calculator
Interested in a Macquarie Credit Union home loan? RateCity has a suite of calculators that can show you what your repayments would be and how Macquarie Credit Union compares to its competitors. Simply plug in your borrowing amount below.
Pros and cons
- Variety of home loan products to choose from.
- Package deals available to bundle financial products and get discounts.
- Flexible home loans for investors and owner-occupiers.
- Generous borrowing limits for home loans and low interest rates.
- Comprehensive customer service offering.
- Must be a member.
- Limited branch access.
- Minimum asset/liability levels on some home loans.
- Limited ATM access.
Owner occupied products interest rates
|Loan type||Principal & Interest rate||Interest Only|
Special Low Rate (Min Deposit 5%)
2.89% p.a. Comparison rate
Power Home Loan Package (Min Deposit 5%)
4.76% p.a. Comparison rate
Fixed Rate Home Loan (Min Deposit 5%)
4.33% p.a. Comparison rate
Basic Rate (Min Deposit 5%)
4.24% p.a. Comparison rate
Introductory Variable Rate (Min Deposit 5%)
4.31% p.a. Comparison rate
First Home Buyers (Min Deposit 5%)
4.36% p.a. Comparison rate
Standard Variable Rate (Min Deposit 5%)
4.49% p.a. Comparison rate
Home Equity Loan (Min Deposit 20%)
5.49% p.a. Comparison rate
Investment purpose products interest rates
|Loan type||Principal & Interest rate||Interest Only|
Fixed Rate Home Loan (Min Deposit 10%)
4.53% p.a. Comparison rate
Power Home Loan Package (Min Deposit 10%)
4.94% p.a. Comparison rate
Basic Rate (Min Deposit 10%)
4.43% p.a. Comparison rate
Introductory Variable Rate (Min Deposit 10%)
4.5% p.a. Comparison rate
Standard Variable Rate (Min Deposit 10%)
4.68% p.a. Comparison rate
Home Equity Loan (Min Deposit 20%)
5.68% p.a. Comparison rate
Home loan repayment calculator
Thinking about taking out a home loan with Macquarie Credit Union? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Macquarie Credit Union home loans compare with other options.
Your estimated mortgage repayments
at interest rate 2.7%
Total interest payable
Total loan repayments
Macquarie Credit Union customer service
Macquarie Credit Union has a head office in Dubbo which you can visit five days a week. Customers are also able to ring Macquarie Credit Union staff at their call centre or conduct telephone or internet banking 24/7. They also offer access to RediATM facilities.
- Customer service centre (phone)
- Mobile app
- Online banking
- Email inquiries
- NSW branch
How to Apply
Macquarie Credit Union offers a number of different ways to apply for a home loan, but first, you must be a member. You will also need to provide documentation when applying for a home loan. This will include:
- Personal identification material.
- Proof of income – whether you are self-employed or work for an employer.
- Proof of other income, including rental income.
- Information regarding your debts and assets.
Learn more about home loans
Cash or mortgage – which is more suitable to buy an investment property?
Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.
A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.
Why does Westpac charge an early termination fee for home loans?
The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee.
The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.
Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.
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.
What is a bad credit home loan?
A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.
If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.
How can I get a home loan with bad credit?
If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.
One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.
Two points to bear in mind are:
- Many home loan lenders don’t provide bad credit mortgages
- Each lender has its own policies, and therefore favours different things
If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.
Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:
- You have a secure job
- You have a steady income
- You’ve been reducing your debts
- You’ve been increasing your savings
What is a credit file?
A comprehensive summary of your credit history from an authorised credit reporting agency.
It includes your credit details, credit taken in the last five years, any default payments or credit infringements, arrears, repayment history, bankruptcy filings and a list of credit applications (including unapproved credit applications) in addition to your personal details.
Are bad credit home loans dangerous?
Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.
Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).
That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.
How can I qualify for a joint home loan if my partner has bad credit?
As a couple, it's entirely possible that the credit scores of you and your partner could affect your financial future, especially if you apply for a joint home loan. When applying for a joint home loan, if one has bad credit, there may be steps that can help you to qualify even with bad credit, including:
- Saving for a higher deposit, ideally 20 per cent or more. Keep in mind: a borrowed amount of less than 80 per cent of the property value also saves the cost of Lender's Mortgage Insurance (LMI).
- Consistent employment records, regular savings habits, and an economical lifestyle can help prove financial stability and responsibility. These can improve your chances of approval even if there are some negative marks on a credit report.
- Delaying your decision to buy a property until your partner’s credit score improves. Alternatively, you may want to consider a solo application.
While these tips may assist, if you find this overwhelming, consider consulting an expert advisor who can offer personal guidance based on your financial situation.
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.
How long can you fix a home loan rate for?
Most lenders should let you fix your interest rate for anywhere between one and five years. While rare, a few lenders may offer fixed rate terms for as long as 10 years.
Fixing your home loan interest rate for a longer term can keep your budgeting fairly straightforward, as you shouldn't have to factor in changes to your mortgage repayments if variable rates change, such as when the Reserve Bank of Australia (RBA) changes its rates at its monthly meeting. Additionally, if variable rates rise during your fixed rate term, you can continue to pay the lower fixed rate until the fixed term ends, potentially saving you some money.
Of course, a longer fixed term also means a longer length of time where you may have less flexibility in your home loan repayments. It’s also a longer period where you won’t be able to refinance your mortgage without paying break fees. If variable rates were to fall during this period, you may also be stuck paying a higher fixed rate for a longer period.
Can you borrow the deposit for a home loan?
Most lenders will want the majority of your home loan deposit to be made up of ‘genuine savings’ which is income earned from your job. While a small number of lenders may let you use a personal loan or a credit card to help cover the cost of your deposit, this may potentially cost you more in interest, and put your finances at higher risk.
If you haven’t saved a full deposit, it may be possible to effectively borrow the deposit for a mortgage with the help of a guarantor. This is usually a parent of other family member who guarantees your mortgage with the equity in their own property.
It may also be possible to borrow the money for a home loan deposit from a family member (e.g. the Bank of Mum & Dad) or a friend, provided you draw up a formal legal agreement to pay this money back, showing your mortgage lender that you’re taking responsibility.
How fast can you get a home equity loan?
Completing an application for a home equity loan may only take 20 to 30 minutes. It may take a lender anywhere from a day to a few weeks to process and approve your application. This may be affected by your financial situation, your level of equity, and whether or not your lender needs to organise an in-persona valuation of the property.
Before you can apply for a home equity loan, you’ll need to build up some equity in your property. The more money you can put towards extra repayments to reduce your home loan principal, the faster you can increase your equity. Also, if property values in your area increase, this may help deliver an instant equity increase once your property has been valued.
Can I get pre-approval for a home loan from BCU?
BCU offers home loan applicants a pre-approval that is valid for up to three months. To get the pre-approval, you’ll first need to provide information about your homebuying budget and whether you intend to occupy the home, through an online application form.
A specialist will then discuss your application with you and confirm that you’ve submitted all necessary documents.
If you meet BCU’s criteria, you could get the conditional approval within 2-3 days of this discussion.
Remember to get written confirmation of the pre-approval. You can then go back to the bank once you’ve selected the home you want to buy to get the final approval.
Does UBank offer home loan pre-approvals?
If you’re applying for a home loan with UBank, you can first get an approval in principle. You’ll need to provide information about your job and earnings, your household expenses, the assets you own and the debts you owe.
UBank will assign a home loan specialist to discuss these details over a phone call, which can take about 30 minutes.
The bank will then confirm if you’ve received in-principle approval for your home loan. Depending on how you submit your documents, this could take a few days or a few weeks. If successful, the approval will be valid for 60 days.