Macquarie Bank Classic Home Loan

When it comes to your choice of home loan, there are a lot of options and even more features to choose from. As a result, you may be looking for a simpler option and a basic home loan may be right for you. choosing a basic home loan doesn’t always mean you’re missing out on something because you have been able to identify exactly how you will use your loan account, and avoid paying for features you don’t need.

A basic home loan offers some but not all features common to modern home loans, and as a result, the loan is easier for the lender to manage. This means they pass on the savings they make administering your loan, in the form of fewer fees and an interest rate which can be as much as 1% to 2% lower than the standard variable loan interest rates at the same time.

The Macquarie Classic home loan is a competitive example of a basic home loan because while it is affordable, it is also easy to use, allowing you to pay less for your home loan month to month, and in the long term to help you repay your loan sooner.

Features of the Macquarie Classic Home Loan

The Macquarie Classic home loan is an inclusive and still affordable version of the basic home loan and offers features such as:

• No monthly or yearly account keeping fees. This means that all you need to worry about paying is your monthly repayment, and you won’t be surprised by fees which can sneak into other loans.
• No application fee. The Macquarie Classic home loan is affordable from the start with $0 application fee, which can be a saving of around $800 in most cases. There is just a $600 settlement fee when your loan is finalised.
• Easy access to your account. While you have basic loan features, and very little loan management to worry about, you can easily remain in control and informed when it comes to your mortgage by checking online or on the phone on your account.
• Redraw facility. You are able to deposit any extra funds you have into your Macquarie Classic home loan to reduce your principal loan amount, and in turn your repayments. At the same time, you don’t have to worry if you need those funds again because you can redraw additional repayments at any time too.
• Up to two splits. You can create two accounts within your mortgage to take advantage of different loan features and interest rates. For example, you can choose fixed or variable interest rates, or interest only or principal and interest repayments.
• Interest only repayments. Interest only mortgage repayments can make it easier to track your deductibles on an investment property, and can also give you a reprieve from higher repayments, by reducing the amount you pay each month to be just the interest, rather than a deduction from the principal amount too.
• Fixed interest rate terms. If you are a first home buyer trying to adjust to mortgage repayments, or you simply want a more reliable home loan expense in your budget from month to month if you are on a tight fixed income, then a fixed interest rate can fix that for you. You can choose to fix the interest rate on your Macquarie Classic home loan for a term of between one to five years.
• Increase your loan amount. If your loan amount is less than 80% of the value of your home, and you have shown a history of making your mortgage repayments on time and in full, you may be able to increase your loan amount for investments or improvements, without going through an application process each time.
• Interest calculated daily. The interest on your Macquarie Classic home loan is calculated daily which means that each time you make a one off additional repayment you are instantly rewarded when interest is calculated on a lower loan amount. The accumulated interest is then charged to your mortgage account on the first business day of the month.

Complementary Home Loan Products

With the range of complementary products from Macquarie Bank for your Classic home loan, you can make your mortgage easier to manage with the Classic Package, which includes:

• A 0.60% discounted interest rate. If you add a Classic Package to your Classic home loan you will receive an ongoing discounted standard variable interest rate for as long as you keep the package.
• Annual fee waiver on the Macquarie Visa Ratesaver credit card. The $50 annual fee on the Macquarie Visa Ratesaver credit card is waived as part of the Classic Package to allow you to make the most of your products.
• A 0% balance transfer credit card. You can transfer existing balances to your Ratesaver credit card and not pay any interest for the first four months. This allows you to focus on repaying your outstanding credit cards, which can in turn make it easier to manage your home loan.
• Up to 55 days interest free. You have up to 55 days to spend on your Ratesaver credit card without attracting interest. This allows you to keep your funds in your loan account to reduce your principal, while you spend the bank’s money. You then redraw the funds you need to repay your credit card balance, and the rest can stay in your loan account.
• A low 14.95% p.a. purchase interest rate. When you use your Ratesaver credit card for everyday purchases you will be using one of the lowest interest rate credit cards in Australia, so even if you can’t repay your balance in full before the end of the interest free period, your repayments won’t instantly be insurmountable.

• Comparison of Top 10 Credit Card Offers

Top Home Loans

Home Loan	Details	Interest Rate (p.a.)	Comp Rate^ (p.a.)	App Fee / Ongoing Fee	Max LVR	Min & Max Borrowing
Loans.com.au - Dream Catcher​	A home loan offer with a $0 application fee and one of the lowest available home loan interest rates.	5.85%	6.21%	$0 / $375	80%	$50,000 / $750,000
Bankwest Online Home Loan	A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online.	5.97%	5.97%	$0 / $0	80%	$100,000 / $1,000,000
Illawarra Home Loans Bank Beater Home Loan	A low variable rate, beaten down even further by 0.05% p.a. after 5 years.	6.07%	6.35%	$0 / $345	90%	$250,000 / $1,000,000
State Custodians Mortgage Company Standard Variable Offset Loan	Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years.	6.02%	6.23%	$0 / $345	95%	$150,000 / $1,000,000