Macquarie Credit Union 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.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 5.00%

Total interest payable

$0

Total loan repayments

$0

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.

Macquarie Credit Union home loans rates

Advertised Rate

2.85%

Variable

Total estimated upfront fees
$200
Comparison Rate*

2.89%

Ongoing fee
$10 monthly
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Company
Macquarie Credit Union
More details
Advertised Rate

2.79%

Fixed - 3 years

Total estimated upfront fees
$320
Comparison Rate*

4.06%

Ongoing fee
$0
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Company
Macquarie Credit Union
More details
Advertised Rate

2.70%

Fixed - 2 years

Total estimated upfront fees
$320
Comparison Rate*

4.18%

Ongoing fee
$0
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Company
Macquarie Credit Union
More details
Product
Advertised Rate

4.20%

Variable

Total estimated upfront fees
$570
Comparison Rate*

4.24%

Ongoing fee
$0
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Company
Macquarie Credit Union
More details
Advertised Rate

3.06%

Fixed - 3 years

Total estimated upfront fees
$320
Comparison Rate*

4.27%

Ongoing fee
$0
Go to site
Company
Macquarie Credit Union
More details
Advertised Rate

3.85%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.27%

Ongoing fee
$400 annually
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Company
Macquarie Credit Union
More details
Advertised Rate

3.45%

Intro 24 months

Total estimated upfront fees
$250
Comparison Rate*

4.31%

Ongoing fee
$0
Go to site
Company
Macquarie Credit Union
More details
Advertised Rate

2.76%

Fixed - 1 year

Total estimated upfront fees
$320
Comparison Rate*

4.33%

Ongoing fee
$0
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Company
Macquarie Credit Union
More details
Advertised Rate

3.95%

Intro 36 months

Total estimated upfront fees
$570
Comparison Rate*

4.36%

Ongoing fee
$0
Go to site
Company
Macquarie Credit Union
More details
Advertised Rate

2.98%

Fixed - 2 years

Total estimated upfront fees
$320
Comparison Rate*

4.38%

Ongoing fee
$0
Go to site
Company
Macquarie Credit Union
More details
Product
Advertised Rate

4.39%

Variable

Total estimated upfront fees
$570
Comparison Rate*

4.43%

Ongoing fee
$0
Go to site
Company
Macquarie Credit Union
More details
Advertised Rate

4.04%

Variable

Total estimated upfront fees
$0
Comparison Rate*

4.46%

Ongoing fee
$400 annually
Go to site
Company
Macquarie Credit Union
More details
Advertised Rate

4.45%

Variable

Total estimated upfront fees
$570
Comparison Rate*

4.49%

Ongoing fee
$0
Go to site
Company
Macquarie Credit Union
More details
Advertised Rate

3.64%

Intro 24 months

Total estimated upfront fees
$200
Comparison Rate*

4.50%

Ongoing fee
$0
Go to site
Company
Macquarie Credit Union
More details
Advertised Rate

3.07%

Fixed - 1 year

Total estimated upfront fees
$320
Comparison Rate*

4.53%

Ongoing fee
$0
Go to site
Company
Macquarie Credit Union
More details
Advertised Rate

4.64%

Variable

Total estimated upfront fees
$570
Comparison Rate*

4.68%

Ongoing fee
$0
Go to site
Company
Macquarie Credit Union
More details
Advertised Rate

5.45%

Variable

Total estimated upfront fees
$570
Comparison Rate*

5.49%

Ongoing fee
$0
Go to site
Company
Macquarie Credit Union
More details
Advertised Rate

5.64%

Variable

Total estimated upfront fees
$320
Comparison Rate*

5.68%

Ongoing fee
$0
Go to site
Company
Macquarie Credit Union
More details

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 Macquarie Credit Union

Savings over

Select a number of years to see how much money you can save with different home loans over time.

e.g. To see how much you could save in two years by switching mortgages,  set the slider to 2.

Monthly Repayment

Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

How can I get ANZ home loan pre-approval?

Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget. 

At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.

An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.

You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).

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

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 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.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

If I don't like my new lender after I refinance, can I go back to my previous lender?

If you wish to return to your previous lender after refinancing, you will have to go through the refinancing process again and pay a second set of discharge and upfront fees. 

Therefore, before you refinance, it’s important to weigh up the new prospective lender against your current lender in a number of areas, including fees, flexibility, customer service and interest rate.

Can I refinance if I have other products bundled with my home loan?

If your home loan was part of a package deal that included access to credit cards, transaction accounts or term deposits from the same lender, switching all of these over to a new lender can seem daunting. However, some lenders offer to manage part of this process for you as an incentive to refinance with them – contact your lender to learn more about what they offer.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

How much of the RBA rate cut do lenders pass on to borrowers?

When the Reserve Bank of Australia cuts its official cash rate, there is no guarantee lenders will then pass that cut on to lenders by way of lower interest rates. 

Sometimes lenders pass on the cut in full, sometimes they partially pass on the cut, sometimes they don’t at all. When they don’t, they often defend the decision by saying they need to balance the needs of their shareholders with the needs of their borrowers. 

As the attached graph shows, more recent cuts have seen less lenders passing on the full RBA interest rate cut; the average lender was more likely to pass on about two-thirds of the 25 basis points cut to its borrowers.  image002