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Home» Personal» Loans» Home loans» Macquarie Classic

Macquarie Classic

A basic loan with no account management fees

> Apply now or Request a call

Features & benefits
More information
Rates & fees
FAQs

Features and benefits

Our Macquarie Classic loan is designed for home buyers and investors who want a simple loan with no ongoing fees and a competitive interest rate. It provides you with all the basics you need in a home loan and more.

The Macquarie Classic loan includes:

No monthly or annual account management fees
No application or settlement fees – save an extra $600^^
Up to two accounts
Redraw facility
Interest only option
Fixed rate options (1 to 5 years)
Family guarantee option
Construction option
Convenient account access 24 hours a day, 7 days a week.

Credit card option:

Macquarie Visa Ratesaver Card**
Waived annual fee for Macquarie Visa Ratesaver Card.

Compare the features of Macquarie’s home loans.

To assist you when comparing home loan products, please view the Home Loan Key Facts Sheet.

More information

Features

Accounts to suit your needs – with a Macquarie Classic loan you can have two loan accounts. You can choose different features for each account including fixed or variable interest rates, and principal and interest or interest only accounts.

Flexibility to make additional repayments – you can make additional repayments on variable loans. For fixed loans you can make additional repayments of up to five per cent each year. Redraw is also available.

Get help from your family – Family Guarantee allows an immediate family member to support your application for a home loan. This is done using the equity in their own property via a limited guarantee+.

Suitable for building or renovating your home – funds can be used to build your home on new or existing land, or to renovate your existing home. No account management fee – a Macquarie Classic loan has no account management fees.

No account management fee

Banking with Macquarie

Convenient access – via phone and internet banking.

Credit card option – as part of the Classic loan a Macquarie Visa RateSaver Card** offers you a competitive interest rate and the flexibility of up to 55 days interest free on purchases^††.

Rates and fees

Effective date 9 May 2012

Interest rates*

Macquarie classic	Home loan interest rate	Comparison rate*
Standard Variable Interest Rate (SVR)	7.06% pa	7.11% pa*^##
Standard Discounted Rate (0.86%^# discount off SVR)	6.20% pa^##	6.25% pa*^##
1 Year Fixed Rate	5.85%pa	6.21%pa*^##
2 Year Fixed Rate	5.99%pa	6.21%pa*^##
3 Year Fixed Rate	5.99%pa	6.19%pa*^##
4 Year Fixed Rate	6.39%pa	6.32%pa*^##
5 Year Fixed Rate	6.39%pa	6.33%pa*^##

For Macquarie Bank Mortgage Solutions fixed and credit card rates see our rate card.

Application fees:

No application fee
Limited time only - $600 settlement fee waived^^.

Other fees and charges apply. Please see the fees and charges guide for full details.

Frequently asked questions

Finding the right home loan

What is an offset account?

An offset account is a feature available on the Macquarie Premium loan. It may help you to pay off your loan sooner. An offset is an account that can be used for your everyday transactions. The funds in the offset can be accessed using your Cashcard or via online banking. When interest is calculated on your loan the funds in the offset account are offset against your loan balance. This means you can save on the amount of interest you pay but still have the convenience of being able to access your funds if you require them.

What if I don’t have enough saved for a deposit?

One option to consider is Family Guarantee. It is available on the Macquarie Classic loan . It allows an immediate family member to support your application for a home loan. This is done using the equity in their property via a limited guarantee+.

What is a Global Borrowing Limit?

The Global Borrowing Limit is a feature available on the Macquarie Line of Credit. It gives you the flexibility to access funds as you pay down your loan. With a Global Borrowing Limit you are in control. Once you have sufficient funds available within your global facility, if you want to access those funds for other purposes you don’t have to apply for an additional loan or request permission to move money between loan accounts. Applying for a home loan with Macquarie

Applying for a home loan with Macquarie

How do I apply for a loan?

It’s easy to apply now for a Macquarie home loan. Call us now on 1800 245 555 to apply over the phone or use the Request a call button on this page and we will call you to discuss your needs.

Can I apply for a home loan in a company name or family trust?

Our home loan solutions are designed to be flexible and our team understands company and family trust structures. Speak to one of dedicated mortgage specialists on 1800 245 555 about your needs. Managing your Macquarie home loan

Managing your Macquarie home loan

How is interest calculated and charged?

The interest on your loan account is calculated daily and charged to your loan on the first business day of each month.

How can I increase the size of my loan?

If your home loan is less than 80 per cent of your property’s value and you have met your regular repayments, you may qualify to increase the size of your loan. Call our Client Service Team on 1800 007 722 to discuss your needs.

Can I redraw funds from my variable interest rate loan?

If you have deposited more than the minimum repayments into your variable interest rate loan account, you are able to redraw those funds whenever you like. Your available redraw amount appears on your loan statement, and is also listed in the ‘Account profile’ section on our internet banking service. Please note, if your account goes into arrears you will not be able to access redraw.

How do I change from a variable interest rate home loan to a fixed rate home loan?

Fixed terms of between one and five years are available. Once selected the interest rate will not change during the specified period. Contact our Client Service Team on 1800 007 722 for more information.

What’s the difference between Principal & Interest and Interest Only?

With a principal & interest loan, a borrower repays both the principal and interest over the term of the loan. By contrast, with an interest only loan the borrower repays only the interest during the specified interest only period and then principal and interest until the end of the loan term.

Can I split my home loan into fixed and variable accounts?

Macquarie’s range of products gives you the flexibility to have more than one loan account. You can determine what portion of your loan is fixed or variable and set up your loan accounts accordingly.

When will I receive my statement?

Classic and Premium loans: January and July
Line of Credit loans: Monthly

Where can I view details about my loan?

You can view details about your home loan using Macquarie’s internet banking website called myHome. You will need your Macquarie Access Code (MAC) and PIN to access myHome. Please contact our Client Service Team on 1800 007 722 if you require assistance.

Can I access my loan details using phone banking?

To use phone banking, simply call 13 43 53 and follow the voice prompts. You will need your Macquarie Access Code (MAC) and PIN to use phone banking. Please contact our Client Service Team on 1800 007 722 if you require assistance.

Which ATMs can I use for free?

To avoid unnecessary transaction fees when using ATMs, you should use ATMs that are part of the Macquarie Bank Mortgage Solutions home network. ATM transactions are free and unlimited when you use an ATM on the home network. The home network includes any Westpac, St George or Bank of SA branded ATMs. If you need to use an ATM which is not part of the home network, Macquarie Bank Mortgage Solutions does not charge for this. You may, however, be charged directly by the ATM owner at the time of the transaction. To avoid this, it’s best to use the ATMs within the home network.

What should I do if I experience difficulties making repayments?

If you’re having difficulties making your repayments, please call us immediately on 1300 651 393. We can then work with you to help you meet your obligations. We can also assist you with completing a hardship application if required. Please note, if your account goes into arrears you will not be able to access redraw.

Who should I contact if I have lost my Cashcard or PIN?

You must report a lost or stolen Cashcard or PIN as soon as you become aware it is missing by calling the Cashcard help desk on 1800 800 521. This service is available 24 hours, seven days a week. Lost or stolen cards are unable to be reported by Macquarie on your behalf. Once the card is blocked, you can order a replacement card by contacting the Client Service Team on 1800 007 722. Credit Cards

Credit Cards

Where can I find more information about the Macquarie Visa Platinum Card?

Macquarie Visa Platinum Card

Where can I find more information about the Macquarie Visa RateSaver Card?

Macquarie Visa RateSaver Visa Card

For a glossary terms of common terms please click here.

Macquarie Classic

A basic loan with no account management fees

> Apply now or Request a call

Contact us

Service

1800 806 310

Speak to your
financial adviser

Sales

1800 245 555

More contact details

How much can you borrow?

See how your home loan repayments vary depending on interest rate and loan term. How much can you borrow?

More tools and calculators

Did you know?

Macquarie Bank offers you an optional Macquarie Visa RateSaver Card** as part of the Classic Loan. It has a competitive interest rate and the flexibility of up to 55 days interest free on purchases^.

More

Why refinance your home loan?

Discover why you should refinance your home loan with Macquarie.

Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situation or needs. You should not rely on any advice contained in this website and before making any investment decision we recommend that you consider whether it is appropriate to your situation and seek appropriate financial, taxation and legal advice. We recommend that you read our Financial Services Guide before deciding whether to obtain financial services from us. If an offer document is available for a product referred to on this site, you should read it before making any investment decision. Information on this website is intended for residents of Australia only.

Except for Macquarie Bank Limited (MBL) (Australian Credit Licence (ACL) 237502) ABN 46 008 583 542, any Macquarie entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

All applications are subject to Macquarie Bank Limited's normal credit approval criteria. Conditions apply. Fees and charges are payable. Terms, conditions and limitations apply to the Classic and Optimum packages. For more information, refer to the Macquarie Classic and Optimum Package Terms. Macquarie's credit card and mortgages are issued by Macquarie Bank.

^{^^}Only available on Classic Loan applications received where loan amounts and/or loan sub account repayments are 100% Principal and Interest. This offer is subject to change and may be withdrawn by Macquarie at its discretion. Fees, charges and government taxes may be payable. This offer cannot be used in conjunction with any other Macquarie promotional offer, including but not limited to any Macquarie Qantas Frequent Flyer Points offer, and may be withdrawn or changed at any time in the future.

^*Rates are current as at 9 May 2012 and are subject to change. Advertised rate is subject to the credit card issued being activated within 60 days of settlement of your loan. Rates are subject to change without notice. WARNING: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

^**Approval is subject to Macquarie Card Services credit criteria. Terms and conditions, fees and charges apply and are available on request. Your credit card will be made available shortly after settlement of your mortgage. Macquarie Card Services is a division of Macquarie Bank Limited which provides and administers credit. Existing Macquarie credit card holders will retain their existing cards, and these cards will be linked to the package with the card annual fee waived.

^®Registered to BPAY Pty Ltd ABN 69 079 137 518.

^{† †}Up to 55 days interest free on purchases only applies if your Account is paid in full by the due date shown each month (including any balance transfers).

⁺Only applicable to Classic loan products with limited guarantees. Approval is subject to MBL’s normal credit criteria. This feature is limited to variable P&I repayments. Loan and LVR limitations apply. The maximum LVR is 85%.

^#Rates are current as at 9 May 2012 and subject to change. Available on new home loan lodgements only. To be eligible for the discount on Optimum loans, you must: 1. apply for a package loan; 2.apply and be approved for a Macquarie Visa Platinum card and activate your Macquarie Visa Platinum Card within 60 days of settlement of your loan. To continue receiving the 0.91% discount you must keep your Macquarie Visa Platinum card open for the life of the loan. If you close your Macquarie Visa Platinum card before expiry or termination of your loan, the interest rate on your loan will revert to the current standard variable rate.

^## Applicable to interest only loans with a loan to value ratio equal to, or less than, 75% and principal and interest loans with a loan to value ratio equal to, or less than, 80%.