Home Equity Loan
- Last updated on 10 Apr 2020
Home Value Home Loan
specialGet a low variable interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.
Home Value Loan
based on $300,000 loan amount for 25 years
- No ongoing fees
- Free redraw facility
- Repayments may decrease if RBA cuts rates
- No extra repayments
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$5k - $100m
Principal & interest
Loan term range
1 - 30 years
Redraw fee: $0
Allows split interest
Line of Credit, Owner Occupiers
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Compare and review home loans with similar features
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.
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.
Equity is the value of your property, less any outstanding debt against it. For example, if you have a $500,000 property and a $300,000 mortgage against the property, then you have $200,000 equity. This is the portion of the property that you actually own.
This type of loan is a flexible mortgage that allows you to draw on funds when you need them, similar to a credit card.
Equity refers to the difference between what your property is worth and how much you owe on it. Essentially, it is the amount you have repaid on your home loan to date, although if your property has gone up in value it can sometimes be a lot more.
You can use the equity in your home loan to finance renovations on your existing property or as a deposit on an investment property. It can also be accessed for other investment opportunities or smaller purchases, such as a car or holiday, using a redraw facility.
Once you are over 65 you can even use the equity in your home loan as a source of income by taking out a reverse mortgage. This will let you access the equity in your loan in the form of regular payments which will be paid back to the bank following your death by selling your property. But like all financial products, it’s best to seek professional advice before you sign on the dotted line.