Key product features explained
Here is more information on the key features offered through Macquarie's panel of lenders. Unfortunately, not all of the features listed may be available on your loan. Please speak with one of our Mortgage Consultants to see what features apply to our different loans.
Able to pay interest only
You can choose to repay part of the principal and interest on your home loan; or just the interest only. If you elect to pay interest only, your repayments will not reduce the balance of your loan. Interest only is available for set periods for example, 5, 10 or 20 years. After this time you will be required to repay principal and interest.
Interest can be capitalised to the loan
This means the interest payable is added to your available loan balance.
Multiple accounts or splits available
Under the one loan you can have multiple accounts to allow you to manage parts of your loan differently. For example, a variable interest rate on one account and a fixed rate on the other; or keep your personal and investment activities separate.
Offset account
The balance in your account reduces the amount of interest you pay on your loan. For example, if you have a loan of $60,000 and a linked account of $20,000, you will only pay interest on $40,000 (that is, your loan balance less the amount in the account). Please be aware that an offset account can only be linked and offset against a variable rate.
Fixed and variable rate options
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A fixed rate is an interest rate that does not change in a set period of time and is good if you want certainty in how much your repayments will be. You can choose fixed rate periods from one to five years.
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A variable interest rate goes up or down depending on what is happening in the market and is set by your home loan provider.
You can choose whether to have all or part of your loan fixed or variable.
Redraw available
This ia a feature of your loan that allows you to draw on any of your available loan limit. This is the difference between money paid in accordance with scheduled repayments and other repayments made to your loan.
Payments via direct debit or salary credit
You can make home loan repayments by setting up an automatic withdrawal from your bank account or an automatic deposit from your salary.
Additional repayments allowed
This is a feature of your loan that allows you to make additional repayments to reduce your loan balance without being charged additional fees.
For fixed rates, break costs may apply if you make additional payments of more than 5% of your loan balance in any one year.
Portable
This lets you use the same home loan for a new property rather than going through the hassle of discharging your existing loan and getting a new one.
Internet and phone access
View, enquire and transact on your home loan 24 hours, 7 days a week via internet or phone access.
ATM and EFTPOS access
Withdraw funds from your home loan Australia-wide using an automated teller machine (ATM) or EFTPOS terminal.
Chequebook
Withdraw funds from your home loan by writing a cheque.
BPAY®
Make payments in and out of your home loan using BPAY®.
Other flexible options available
Land and construction option available
When you’re buying land and building your home, you don’t usually need to pay all of your suppliers up front. Payments fall due at various intervals, so you need a flexible home loan that allows you to make payments when required.
Repayment holiday option
A repayment holiday allows you to stop making repayments for a set period of time.
® Registered to BPAY Pty Limited ABN 69 079 137 518.All applications are subject to the normal credit approval criteria set by individual funders. Full terms, conditions and schedule of fees are set out in the relevant loan contracts. Terms and conditions, including fees and charges, may be varied or introduced in the future. Fees and charges are payable. Government charges and taxes may apply. This information should be used as a general guide only. Potential investors should seek independent financial, legal and taxation advice before making any financial investment decision.
