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.