Macquarie offers home loan options for both owner occupiers and property investors. Fixed and variable rates are available, as well as interest only periods and split home loans. Macquarie has a streamlined approach to home loans with just three overarching product lines yet it seems to cover all bases.
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Basic Home Loan
Ideal for both living in and investing, this loan offers competitive variable rates and no initial or ongoing fees. You can make unlimited extra payments without penalty and have access to a redraw facility. Fees still apply for paying the loan off early
Offset Home Loan (Package)
This is a comprehensive option, typically featuring competitive variable rates and up to 10 100% offset accounts. It’s versatile, suitable for various loan amounts and borrowers. This loan also allows extra repayments, online redraws, and splitting, but comes with an annual service and an upfront fee.
Fixed Home Loan
If you prefer knowing exactly what your repayments will be, the Fixed Home Loan could be your best bet at Macquarie. It offers fixed repayments for a set period, after which the loan usually switches to a variable rate.
Macquarie Home Loans Review
Eligibility
As with most lenders, Macquarie runs due diligence on all borrowers, checking the following
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Age: You must be at least 18 years old.
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Residency: Applicants usually need to be Australian citizens or permanent residents.
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Income and Employment: Steady income and stable employment are crucial. Macquarie will assess your earnings and job security to determine your ability to repay the loan.
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Credit History: The bank will review your credit report to evaluate your financial responsibility and past borrowing behaviour. A poor credit score can mean higher rates or an unsuccessful application.
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Property Valuation: The value of the property you wish to purchase plays a role in loan approval. It needs to meet certain standards and pass an appraisal process.
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Loan-to-Value Ratio (LVR): Macquarie has specific LVR limits, and you might need to pay lenders mortgage insurance (LMI) if you borrow more than a certain percentage of the property's value.
Approval times
A Macquarie spokesperson told InfoChoice Group how much the bank prioritises a fast turnaround process for home loan applications.
“As of November 2023, our usual home loan approval time is four hours or less for applications with all the required documents provided,” they said.
Accessibility
Home Loan applications with Macquarie can be done online or over the phone. Macquarie home loans can also be managed through its digital banking platforms.
