If you’ve been thinking of buying a home, you may be able to do it sooner than you thought with The Mac’s new Low Deposit Home Loan.
We understand that saving a full deposit to purchase a home can be hard, so we’ve developed a solution that means you can avoid paying extra costs up front like Lenders Mortgage Insurance.
With a Low Deposit Home Loan you can still make the most of some fantastic features including:
Things you need to know about the Low Deposit Home Loan from The Mac:
The Mac is offering a Low Deposit Home Loan to eligible applicants. While a loan/loan portion is eligible for the Offer, it will not be eligible for any other interest rate discount or offer which The Mac offers from time to time.
To qualify for the Low Deposit Home Loan offer:
The total loan amount (including all splits) which is applied for and approved must be for a minimum of $250,000. The maximum loan amount available on this offer is $750,000. The loan must be for an owner-occupied property and cannot be used for investment purposes The loan must be for a security located within the 2567, 2570, 2571, 2572, 2573 & 2574 postcodes. Applicants debt service ratio (DSR) must be no greater than 70%. Applicants Loan to Value ratio (LVR) must be no greater than 90%. A premium of 0.25%pa will be applied to loans with an LVR of up to 85%. A premium of 0.75%pa will be applied to loans with an LVR of 85-90%. Loan rates are based on the Basic Variable Home Loan. Your application must be a new application for new funds. The following are not considered to be a new application: Applications for limit increases/variations to existing The Mac home loans and the increase is less than $250,000 Applications must be pre-approved within six (6) weeks from the date of the application (your application is pre-approved when you receive notification in writing from The Mac that states it has been pre-approved) When the LVR falls to a level below 80% (including redraw), the loan will be converted to The Mac’s Basic Variable Home Loan, unless we are instructed in writing by you otherwise. The interest rate tier for the Basic Variable Home Loan will be based on the amount of your original application, not the balance of your loan at the end of the fixed period. This Offer may be closed to new applications at any time at The Mac’s discretion (applications submitted before the Offer is closed will still be eligible to receive the Offer if all other eligibility criteria are met). Applications are subject to lending criteria. Terms & conditions, fees and charges apply. Macarthur Credit Union Ltd ABN 83 087 650 244 AFSL/Australian credit licence No 239933