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Personal Loan FAQ's

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Read our FAQ's on personal loans and open up a world of possibilities.

  Do I have to be a Member of The Mac to take out a loan?
Yes, you must be a member of The Mac to receive a loan. We’re a mutual financial institution and as such, are owned by our members. As we’re not owned by shareholders we can invest our profits back into delivering better rates, products and services for our members.
  How much can I borrow?
The minimum amount that can be borrowed under a Personal Loan is $2,000 and the maximum being $50,000. You may wish to consider an Overdraft for smaller loan amounts. Remember, the amount you can borrow will be assessed and determined by your ability to meet your loan repayments. We pride ourselves on our transparent, honest lending and endeavour to help all members achieve their dreams without living above their means.
  What is a comparison rate?
A comparison rate includes the interest rate and any fees payable over the life of the loan, giving you a true understanding of how much you’ll be paying. It’s always a good idea when comparing loans to compare based on the comparison rate.
  What is a loan term?
A loan term is the period of time you decide to take a loan over. For example, if you decide to take a loan over 7 years, your loan term will appear as 7 years or 84 months.
  What’s the difference between a Secured and Unsecured Loan?
In some circumstances we may require security over your personal loan. We secure your loan by registering an item (such as a vehicle) under the Personal Property Security Register (PPSR) where a $15 fee is payable. Secured loans generally have a better interest rate compared to an unsecured loan.
  Can I redraw on my loan?
There is an optional redraw facility on all of The Mac’s personal loans. This gives you the ability to make additional repayments to reduce the interest payable, whilst still having the flexibility to redraw on the additional amount should any unexpected expenses arise. This facility is free of charge and you have the option to remove this function if it isn’t desired.
  Do you have fixed rate Personal Loans?
Unfortunately we don’t currently offer fixed rate Personal Loans.
  Is there an establishment fee for Personal Loans?
Establishment fees for Personal Loans are $250. If the Personal Loan is secured, there will be a $15 charge to register the security with the Personal Property Security Register (PPSR).
  Are there any monthly or account keeping fees?
There aren’t any ongoing or account keeping fees on our Personal Loans.
  Is there a fee for early loan payouts?
We don’t charge early payout fees on our Personal Loans.
  Can I make additional payments without a fee?
An advantage of having your personal loan with The Mac is that you can make additional repayments without being penalised.
  What are the Personal Loan repayment options?

You can tailor your loan to suit your income flow with the option of weekly, fortnightly or monthly loan repayments.

  How often will I receive a statement for my loan?
Statements will be provided 6 monthly, however you can view your loan balance and payments at any time with Online Banking, The Mac App and Phone Banking. You can request a statement at any time from our branches, although this may incur a charge.
  How do I make payments on my Personal Loan?

Repaying your loan is simple. We can organise to have automatic payroll deductions from your account or if you prefer simply transfer between your own accounts through Online Banking, The Mac App, Phone Banking or in branch. You can set up automated Periodic Payments so you’ll never miss a repayment.

If you’re paying your loan from an external account, you’ll need to provide both the BSB (802-388) and alternate reference number. Remember, funds can take up to 2 business days to be processed.

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Want to talk to a real person about your Personal Loan enquiry?

You can request a call back from our team to answer your question, or call 1300 622 278, Monday to Friday 8am – 5:30pm.
Our Camden, Narellan, Picton or Tahmoor branch teams are also happy to help.

Find out where our local branches are located.

  Find out more


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    I have been a very happy banker with The Mac for about 6 years. My interaction with our local branch has always been a super friendly and professional one. - Sharryn

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    Whatever and whenever you needed assistance or just a quick smile and hello over a simple transaction was enough to make your day. Thank you to a wonderful team. - Jane

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    It's amazing, the stark difference between The Mac and a bank; and for me The Mac was exactly what I needed. - Jane

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    The Mac have helped me to feel at home, have made very helpful suggestions to deal with my financial needs, all with politeness and pleasantness as if I was all important! Thank you all very much. - Elizabeth

    Mia Tindale
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