Macquarie Bank Home Loans & Rates Comparison

Macquarie Bank has two variable rate home loans which offer different levels of inclusions and LVR options.

The Basic Home Loan has lower fees than Macquarie Bank’s other loans, with the only standard fee to consider being:

• $350 documentation fee

The main fees for Macquarie’s Offset Home Loan include:

• $248 annual fee

• $350 documentation fee

Macquarie Bank offers two fixed rate home loan options: their basic model and a fixed rate loan with offset. Fixed durations are available for up to five years with LVR bands up to 95% available.

The main fee for Macquarie Bank’s Fixed Rate Home Loan include:

• $350 documentation fee

The main fees for Macquarie Bank’s Fixed Rate Home Loan include:

• $248 annual fee

• $350 documentation fee

Macquarie Bank offers the same suite of variable home loans to investors with different rates.

Macquarie Bank offers two fixed home loan options, its basic and offset products, to investors.

Macquarie Bank offers owner-occupiers the same suite of variable home loans with interest-only repayments for a duration up to five years. This allows borrowers to pay just the interest on their loan over a certain period, then payments will include both the interest and principal amount.

It also offers an interest-only repayment option for their suite of fixed rate home loans.

There's two options at Macquarie Bank for investors after a variable interest-only home loan rate. These include the basic and offset variable rate loans.

Macquarie also offers fixed rate interest-only products for investors.

Macquarie’s home loan rates are fairly competitive when it comes to their variable rate options, but currently they’re less competitive for fixed rate loans. Both their basic and offset variable rate loans offer the same interest rates (varying by LVR tier), with the main difference between them being the fees charged. In other words, comparing Macquarie Bank’s home loans just on interest rate won’t give you the full picture.

The fixed interest rates offered by Macquarie Bank are higher than the equivalent loans from Australia’s big four banks. This is likely due to the rising interest rate environment and predictions for more cash rate hikes this year. It’s possible that Macquarie’s strategy is to attract borrowers with comparatively low variable interest rates.

Macquarie’s overall position in the home loan market is decent, especially for their variable rate options. Yet, it's worthwhile looking around at smaller lenders that tend to have sharper rates.

Compare Macquarie's home loan rates to the other major lenders:

• CommBank home loan rates

• NAB home loan rates

• Westpac home loan rates

• ANZ home loan rates‍

• Suncorp Bank home loan rates

• St.George Bank home loan rates

The lowest rate currently available from Macquarie Bank is from their variable rate home loans, both the basic and offset plans have the same fairly low interest rate.

If you’re after Macquarie’s lowest fixed rate home loan, that’s currently seen in their one-year fixed term for owner occupiers with an LVR band up to 70%, with basic and offset options available.

Non-major banks

Think ING, HSBC, Bendigo, Suncorp Bank etc. In terms of products and processes, these will be very similar to the big 4 banks who lead the trends in banking in Australia. But non-major banks often have lower rates and special offers (e.g. refinance cashback) in order to be competitive versus the bigger lenders. The non-major banks are still well-known brands with high-quality online tools systems.

Customer-owned

There are dozens of small member-owned banks and credit unions in Australia. Many are focussed on customers in a particular regional area, or even workers in a certain profession. These lenders often have the lowest rates in the market and personalised customer service, but the eligibility criteria may be more limited and the application process can be slow.

Non-bank lenders

Australian borrowers also have plenty of choice among non-bank home loan providers. Some are mainstream lenders (often online only) offering loans to your typical home loan borrowers. Others specialise in offering loans to cater for specific borrowers and scenarios, such as self-employed borrowers, bad credit borrowers or SMSF loans.