RateCity.com.au
powering smart financial decisions
RateCity.com.au

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 Macquarie Credit Union home loan rates

TMD

Loan typePrincipal & Interest rateInterest Only
Special Low Rate (Min Deposit 5%)
3.1% p.a.
3.15% p.a. Comparison rate
n/a
Power Home Loan Package (Min Deposit 5%)
4.6% p.a.
5.01% p.a. Comparison rate
n/a
Basic Rate (Min Deposit 5%)
4.2% p.a.
4.24% p.a. Comparison rate
n/a
2 Year Fixed Rate Home Loan (Min Deposit 5%)
3.55% p.a.
4.33% p.a. Comparison rate
n/a
1 Year Fixed Rate Home Loan (Min Deposit 5%)
3% p.a.
4.36% p.a. Comparison rate
n/a
3 Year Fixed Rate Home Loan (Min Deposit 5%)
4.02% p.a.
4.38% p.a. Comparison rate
n/a
Introductory Variable Rate (Min Deposit 5%)
2.75% p.a.
4.56% p.a. Comparison rate
n/a
Standard Variable Rate (Min Deposit 5%)
4.7% p.a.
4.75% p.a. Comparison rate
n/a
Home Equity Loan (Min Deposit 20%)
5.7% p.a.
5.75% p.a. Comparison rate
n/a

Investment purpose Macquarie Credit Union home loan rates

TMD

Loan typePrincipal & Interest rateInterest Only
2 Year Fixed Rate Home Loan (Min Deposit 10%)
n/a
3.73% p.a.
4.52% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 10%)
n/a
3.23% p.a.
4.55% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 10%)
n/a
4.2% p.a.
4.57% p.a. Comparison rate
Special Low Rate (Min Deposit 5%)
3.35% p.a.
3.3% p.a. Comparison rate
n/a
Power Home Loan Package (Min Deposit 10%)
4.79% p.a.
5.19% p.a. Comparison rate
n/a
Basic Rate (Min Deposit 10%)
4.39% p.a.
4.43% p.a. Comparison rate
n/a
Standard Variable Rate (Min Deposit 10%)
4.64% p.a.
4.68% p.a. Comparison rate
n/a
Introductory Variable Rate (Min Deposit 10%)
3.89% p.a.
4.75% p.a. Comparison rate
n/a
Introductory Variable Rate (Min Deposit 5%)
2.94% p.a.
4.75% p.a. Comparison rate
n/a
Home Equity Loan (Min Deposit 20%)
5.89% p.a.
5.94% p.a. Comparison rate
n/a

Macquarie Credit Union home loan 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.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 3%

Total interest payable

$0

Total loan repayments

$0

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)
  • ATMs
  • 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

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 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. 

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.

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.

What is a property report estimate?

A property report estimate is an approximate calculation of a property’s value, found in an online property report. These estimates are typically based on the property’s age, size, location, and number of bedrooms, bathrooms and car spaces. The property’s history of previous sales, plus recent sales of similar properties in the local area, may also help to calculate the property’s current value. 

What do people do with a Macquarie Bank reverse?

There are a number of ways people use a Macquarie Bank reverse mortgage. Below are some reasons borrowers tend to release their home’s equity via a reverse mortgage:

  • To top up superannuation or pension income to pay for monthly bills;
  • To consolidate and repay high-interest debt like credit cards or personal loans;
  • To fund renovations, repairs or upgrades to their home
  • To help your children or grandkids through financial difficulties. 

While there are no limitations on how you can use a Macquarie reverse mortgage loan, a reverse mortgage is not right for all borrowers. Reverse mortgages compound the interest, which means you end up paying interest on your interest. They can also affect your entitlement to things like the pension It’s important to think carefully, read up and speak with your family before you apply for a reverse mortgage.

How do multiple credit inquiries affect your credit score?

Credit inquiries are records on your credit file that appear when you apply for a loan. If you have multiple credit inquiries on your file, lenders may see you as a high-risk borrower.

When you have multiple credit checks for mortgage or other loans, reflecting on your file can negatively impact your credit score. These remain on your credit report for two years; however, their impact reduces over time.

Generally, lenders prefer if you've had one or two hard inquiries over the previous six months. More than this may result in the lender declining your mortgage application. However, your overall credit history is important, and if you have a consistent history of timely payments and low revolving credit balances, the impact of multiple inquiries may be lower.

How long does Westpac take to approve a home loan?

Applying for a home loan at Westpac is fairly simple. The process from initial application to settlement varies in its time frame. Some customers receive in-principle approval within a couple of days. 

You can initiate the process by filling out the bank’s home loan form and requesting a callback. A Westpac representative will get in touch with you within 24 hours. You will need to provide the following information to the representative during the call: 

  • Total income
  • Total expenses
  • Details about all your liabilities and debts
  • Information and value of all your assets. 

The Westpac representative will then share with you information about the types of home loans you may qualify for, along with an estimate of interest rates and applicable fees. 

Once Westpac has received all your details, loan preferences, and documents, the representative will assess all the information. If everything is in order, you may receive an Approval in Principle (AIP) within 2 working days. This specifies the amount Westpac is willing to offer for your home loan. 

Your Approval in Principle will often remain valid for only 90 days and if you don’t find a suitable property within that time frame, you need to apply for a renewal on your Approval in Principle. In this circumstance, if the Westpac representative confirms that there are no changes in your financial circumstances, your Approval can be extended for another 90 days. 

After you have found a home that matches the Approval in Principle, you will need a confirmed contract of sale before Westpac initiates the loan settlement. This process takes about 4-12 weeks or 2-5 days if you’re refinancing. 

How much of a deposit do I need for a home loan from the Commonwealth bank?

The minimum deposit the Commonwealth Bank usually accepts is 10 percent of the amount you wish to borrow. However, a deposit of at least 20 percent of the amount you’re borrowing is needed if you wish to avoid Lenders Mortgage Insurance (LMI). LMI is charged for smaller deposits to give the lender extra recourse if the borrower fails to repay their loan. 

As an alternative to LMI, some borrowers with smaller deposits may opt to pay the Commonwealth Bank’s low deposit premium fee. It is a one-time, non-refundable charge that is added to a low-deposit home loan.

The deposit and the loan amounts are used to determine the LDP -, the higher the deposit, the lower is this cost. 

When calculating how much you need to save, don’t forget to factor in other expenses like stamp duty, insurance, legal fees, and moving costs.

Are fixed rates or variable rates cheaper?

Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.

Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.