The Mac
Intro Basic
Owner Occupied Variable Interest Only 2 Years 95% LVR
5.92%
Interest rate
7.57%
Comparison rate
Ratings
★ ★ ★ ★ ★ (1 reviews)
About Intro Basic
Key Features
- While it does not have the convenient that comes with an offset account, but $Intro Basic comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
The Mac Intro Basic is a 2 year introductory rate loan. An introductory rate is a special interest rate discount offered for the first year of your home loan, allowing you to get a headstart on your repayments.
Fees & Costs
- The Mac charge a discharge fee of $200, which covers the cost for removing the mortgage that has been registered on the title of your property.
- There is upfront costs of $620 to apply for Intro Basic, with no ongoing account keeping fees.
Borrowing Limits
- The Mac Intro Basic does not offer tier pricing for lower LVR. With Intro Basic, you can borrow upto $95% LVR.
💡 Tip: Many lenders give you a cheaper rate in the first year as a carrot, then revert your rate to the Bank Standard Variable Rate and then refuse to give you a discount. This is the major problem with introductory rates, don't get caught out, ask your lender about discounts after the introductory rate has expired!
IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with The Mac or a mortgage broker just to be sure. This information should be used as a guide only.
Other rate options for Intro Basic
Frequently Asked Questions
Are there costs when I exit or refinance to another lender?
The Mac charge a discharge fee of $200, which covers the cost for removing the mortgage that has been registered on the title of your property.
Does The Mac Intro Basic comes with an offset account?
No, Intro Basic does not come with an offset account. While it does not have the convenient that comes with an offset account, but $Intro Basic comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.
What are the costs to apply for The Mac Intro Basic?
There is upfront costs of $620 to apply for Intro Basic, with no ongoing account keeping fees. Application fee: $400
Valuation fee: $220
Fees
- Application fee
Important Information
Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with The Mac or a mortgage broker just to be sure. This information should be used as a guide only.