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.