Macquarie Bank joins a growing number of lenders who have changed their variable rates in recent months, making cuts of up to 0.10% this morning.
As the pressure to raise fixed rates increases, lenders have started to fine-tune their variable rates to attract customers.
Borrowers can now take advantage of rates as low as 2.29% per annum (2.57% per annum comparison rate *) on the Macquarie Compensatory Home Loan Package.
The lowest rates for this product are available on loans with an LVR of 60%, which means borrowers will need to have saved a deposit (or built up equity, in the case of refinancers) equal to 40% of the loan. value of a property.
On loans with an LVR of 80%, the variable rates are 2.39% pa (comparison rate of 2.68% pa *), which still compares favorably to the average of 2.94% pa. among the packaged loans that we monitor.
Macquarie Basic Home Loan
- Variable rates from 2.29% pa (comparison rate of 2.29% pa *)
- Free additional refunds and possibility of withdrawal
- No upfront or ongoing costs
With the Macquarie Basic Home Loan, homeowners can take advantage of interest rates as low as 2.39% per annum (compare rate of 2.39% per annum *) on LVR loans at 80%, as well as of a number of features to help reduce the amount of interest paid. Repayments are made monthly, but you will be able to pay off your loan sooner than expected without penalty. And if you ever need to collect those additional funds, you will be able to recover them using the free withdrawal feature. There’s also a lot of flexibility offered, with the ability to split your loan across six loan accounts, each with a different rate, repayment type, and frequency. When it comes to fees, you won’t have to worry about upfront fees or account maintenance. However, there will be a discharge fee of $ 400 which you will need to anticipate after your loan is terminated.
Macquarie Compensatory Home Loan
- Variable rates from 2.29% pa (comparison rate 2.57% pa *)
- 100% compensation account
- Winner of the 2021 Mozo Experts Choice award ^
The Macquarie Compensatory Home Loan offers homeowners a range of benefits with its competitive variable rate of 2.39% per annum (comparison rate of 2.68% per annum *), available on loans with an LVR of 80% . You will be able to open up to 10 clearing accounts per loan (each with a Mastercard debit card for daily transactions), split your account between a variable rate and a fixed rate, and benefit from annual fee waivers on credit cards linked.
You can also choose to receive Qantas Points for an additional interest charge of 0.05% per annum, with a potential of 170,000 Qantas Points to be earned in the first 5 years when you borrow $ 600,000 (terms and conditions apply). Borrowers should also be aware that while there is no upfront or account maintenance fee on the loan, an annual service charge of $ 248.00 and a discharge fee of $ 400 will apply.
^ See information on the Mozo Experts Choice Home Loan Awards
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