Read our FAQs on personal loans and open up a world of possibilities.

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.

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.

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.

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.

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.

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.

Unfortunately we don’t currently offer fixed rate 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).

There are no ongoing or account keeping fees on our Personal Loans.

We don’t charge early payout fees on our Personal Loans.

An advantage of having your personal loan with The Mac is that you can make additional repayments without being penalised.

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

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.

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.