Macquarie Bank Home Loans


Macquarie Bank Refinancing

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Macquarie Bank Home Loan Products

Macquarie Bank Basic Home Loan

This general loan is for anyone who wants to get a low rate loan for their home. It has no fees for an application or for account management and can be used for construction, investment, or renovation. It is available as a fixed rate or variable rate loan. A credit card is optional.

Macquarie Bank Basic Fixed Rate

Year 1

Refinancing home loans for owner-occupied homes is available for up to 95% of LVR with LMI, or 80% without it. The money can also be used for an investment. The options include a choice between interest only or principal and interest; split loan, and extra repayment.

Year 2

Living in an owner-occupied home enables homeowners to refinance their mortgage and enjoy the benefit of not having any fees for monthly management. Borrow as much as 95% LVR with LMI, or 80% otherwise. Options include extra repayments, split loan, and a choice between interest only and principal and interest.

Year 3

Living in an owner-occupied home enables refinancing of up to 95% LVR, as long as LMI is purchased with it. The loan may also be used for investment, construction, or renovations. Options include split loan, choosing between principal and interest or interest only, and making extra payments.

Year 4

Being in an owner-occupied home can provide homeowners with 4 years of fixed interest rates when refinancing up to 95% LVR, with insurance. Without LMI, 80% LVR is available. The loan also comes with features such as split loan, interest only or principal and interest, and extra payments.

Year 5

Enjoy being able to know what the payments will be for 5 years. Borrowers can get as much as 95% LVR with LMI, or 80% if they do not have it. Choices can also be made about principal and interest or interest only payments, split loan, and taking advantage of extra payments.

Macquarie Bank Line of Credit

Year 1

Borrowers can get a refinanced mortgage with a fixed interest rate for one year with this option. Borrow up to 95% LVR with insurance, or 80% without. Use a credit card to get revolving credit during the draw portion. No required payments during this time, but they are optional. Money can be used to refinance, buy, build, or renovate.

Year 2

Get peace of mind with two years of fixed interest rates on a new mortgage. The money, up to 95% with LVR or 80% without, can be used for refinancing, renovation, or investment. Funds from the account can be accessed with a credit card. Options include revolving credit, repayments – although unnecessary during the draw period – and interest rates can be split between accounts.

Year 3

Borrowers enjoy three years of fixed interest rates as a hedge against economic changes. Get up to 95% LVR on a home with LMI, or 80% without it. Money can be used to invest, build, refinance, or renovate. Access it via credit card. No payments are due during the draw period.

Year 4

Homeowners can enjoy the fixed interest rate for four years on a refinance loan for up to 95% LVR with insurance. They also get the benefit of split loan, redraw, and can make extra payments, but do not need to during the draw period. Money is usable for refinancing, building, renovation or investment.

Year 5

Borrowers benefit from a 5 year fixed interest rate. Get up to 80% LVR, or 95% LVR with insurance. Options include redraw, split loan, and extra payment. Payments may be withheld during the draw period.

 Macquarie Bank Standard Variable Offset Home Loan

Borrowers living in the home they want to refinance can take advantage of a 100% offset account that will greatly reduce their interest. They can also make as many payments as they want and get unlimited sub-accounts. A credit card is also available with no annual fee.

Macquarie Bank Offset Home Loan Package

Refinancing home loans with this package enables those living in the home to enjoy many benefits. The interest is greatly reduced by the 100% offset sub-account. It comes with a flexible loan structure and an optional credit card, as well as redraw, split loan, and extra repayment.

Macquarie Bank Line of Credit Home Loan Package

Refinance a home by tapping into the home’s equity. Get a loan for up to 95% of the LVR if LMI is obtained with it; otherwise, it’s 80%. Interest is variable or fixed. Money can be used to renovate, refinance, or buy an owner-occupied home or an investment property.

About Macquarie Bank Refinancing

Examining Costs

If you are  committing to refinancing, then you  are likely to incur costs from several sources. The original lender is likely to charge a discharge or termination fee, while the new bank or institution could charge a registration fee or levy other charges. You may also be required to pay the legal costs associated with title exchange.

This can make  refinancing an expensive exercise. Macquarie recommend that you  use a two year’ period as a yardstick: if costs will not be recouped within two years, now is not the time to refinance.

Establishing Motives

The Macquarie refinancing guide also recommends that you  establish your  motives before fully entering into the refinancing agreement. This will give you  a strong understanding of what you will be hoping to achieve from refinancing, and in turn will provide you with a set of very clear goals.

When researching the market, examining different products and features, you can apply these goals and objectives to each loan product. If the goals cannot be easily achieved with a particular product, perhaps this loan agreement is not the most ideal.

Getting Underway

As long as all the paperwork is in order, the refinancing application will be similar to application for any home loan. However, the following can distort and delay the process;

  • Impaired credit record
  • A change in liabilities
  • No equity in the property
  • Changes in income sources and levels

If the above do not apply or if you are refinancing through the same bank or lending institution a pre-approval should be offered with only a minimal delay. This will be followed by a valuation and a formal approval, which completes the process.

FAQs

Does refinancing hurt your credit score?

Refinancing your home loan involves applying for a home loan. This is counted as a credit enquiry, which can always lead to a slight dip in your negative score. This will be especially significant if you don’t have a long credit history.

Does refinancing lower your mortgage repayment?

Refinancing can lower your mortgage repayments by reducing your interest rate and interest term. It can also allow you to make additional mortgage repayments, which allows you to pay off your loan faster and save thousands of dollars in interest.

Does refinancing extend your loan term?

When some people refinance, they end up switching to a longer term loan  say, 15 to 30 years in order to get access to a better interest rate. However, you can also switch to a shorter long term and still get access to a better deal.

Do you have to pay stamp duty when refinancing?

Whether you have to pay stamp duty when refinancing depends on which state you are in. For example, in NSW, you don’t have to pay stamp duty when refinancing on an owner occupied home. If you are liable for stamp duty, this will normally amount to 0.35% of your loan and include GST. However, be sure to check the requirements in your state.

Can you refinance with the same bank?

Many people choose to refinance with the same bank. Not only does this reduce administration, but it often gives you access to a better deal as most banks want to retain their customers!

Can I take equity out of my house without refinancing?

You can also access the equity in your home through a cash-out refinance or a home equity loan. However, these both have different processes and requirements, so be sure to do your research to determine which path is right for you.

When is refinancing a bad idea?

If you have a poor credit score, are behind on your mortgage repayments, aren’t able to easily afford the costs involved in switching home loans or are in the final few years of your mortgage, refinancing might not be the best idea for you.