Products & platforms

Classic

Overview
Description The Classic is a simple loan with no account management fee and a competitive interest rate.  It has the option of interest only repayments for up to five years, or a principal & interest repayment plan over the life of the loan.  The Classic Loan offers the flexibility of redraw and a choice of repayment frequencies.  Additional repayments are also accepted at any time (limited during fixed terms).
Purpose

Standard residential loan purposes such as:

  • Purchase or refinance an owner-occupied or investment property
  • Equity loans for investment or personal purposes
Product specifics
Loan term 30 years maximum
Minimum loan amount $150,000
Maximum loan amount $2,000,000. Location and LVR restrictions apply.
Key features
  • Family guarantee
  • Redraw
  • Deposit card
  • Option to split home loan into two accounts (fees may apply)
  • Online and phone banking
  • Expanded income verification available
Interest rate options
  • Variable rate
  • One to five year fixed rates
Interest
  • Calculated daily on closing balance.
  • Charged monthly on the first business day, monthly in arrears.
Repayment types

Principal & Interest

  • Principal & interest repayments are required during the full term of the loan

Interest only

  • Up to five years interest only, converting to principal & interest for the remainder of the loan term. Maximum LVR of 90%.
  • Following the initial interest only term of five years, loans may be extended to a maximum ten year interest only term from the original settlement date, subject to meeting certain lending criteria. A product variation fee may apply.
Changing repayment types

Principal & interest to interest only:

  • A client whose loan was originally established as principal & interest, can convert from principal & interest to interest only repayments (subject to LVR).  A product variation fee may apply.
  • A client whose loan was originally established as interest only and requested a shortened interest only term, can convert from principal & interest back to interest only if within five years from the date of original settlement.  A product variation fee may apply.

Interest only to principal & interest:

  • A client can convert from interest only to principal & interest repayments at any time.  A product variation fee may apply.
Redraw Available.
Loan variations Are permitted and a product variation fee may apply.  Macquarie will cover up to $600 in variation-related third party costs (one valuation up to $300 and solicitor costs up to $300.  Excludes any statutory costs).
Loan statements Bi-annual statements to 30 June and 31 December.

 

Quick links

Flyers

What do you need?

Contact us

New South Wales, Australian Capital Territory, Victoria and Tasmania
Regional Manager
Dino Pesce
0405 131 062
dino.pesce@macquarie.com

 

South Australia, Western Australia, Northern Territory and Queensland 
Regional Manager
Alex Di Toro
0410 499 016
alex.ditoro@macquarie.com

 Sales team contacts