Macquarie Bank home loan review
Also known as Macquarie Bank Limited, Macquarie Home Loans
Macquarie suits borrowers with a solid deposit who want several offset accounts at a low annual cost: its Offset Home Loan allows up to 10 offsets for a $248 annual fee, and its Basic Home Loan has no ongoing fees. It rewards larger deposits with lower rates. It doesn't take part in the 5% Deposit Scheme, and it has no branch network.
This review explains Macquarie's two loans, its fees, how its LVR-based pricing works, and how it compares with ING.
By Better Rate Mate Editorial Team · Last reviewed · Checked against Macquarie's own website
Latest Macquarie variable rate change
On 29 September 2026, the day of the RBA's decision, Macquarie announced a 0.25% p.a. rise in its variable home loan reference rates, effective 15 October 2026. Macquarie's announcement (checked 10 October 2026). For today's rates, see Macquarie's rates page.
Macquarie home loans at a glance
| Feature | Macquarie |
|---|---|
| Offset account | Up to 10 on the Offset Home Loan |
| Annual fee | $0 Basic; $248 Offset |
| Documentation fee | $350 on both loans |
| Split loans | Yes, no fee (up to 6 loan accounts on Basic) |
| Redraw | Yes, no fee; not available during a fixed rate period |
| Extra repayments while fixed | Up to $10,000 a year without break costs |
| Offset on fixed loans | No: offsets link only to variable accounts, and the Offset Home Loan can't be fully fixed |
| Loan size | $150,000 to $10,000,000 for new loans; terms of 5 to 30 years |
| Pricing | Lower rates for lower LVRs |
| Ways to apply | Online or with a Macquarie specialist |
| 5% Deposit Scheme | Not a participating lender |
Macquarie mortgage and home loan repayment calculator
Enter the rate for the Macquarie loan you're considering (from its rates page), your loan amount and term. The calculator uses the standard principal and interest formula lenders use, so for the same rate, amount and term it gives the same repayment as Macquarie's own calculator. It doesn't include fees or future rate changes. For the maths and assumptions, see our mortgage repayment calculator page, and test your buffer with the stress test calculator. If you're buying, you can also estimate your stamp dutyand work out how much you can borrow.
Mortgage repayment calculator
Repayments and total interest, with optional extra repayments, an offset account or an interest-only period.
Monthly repayment
$2,997.75
| Loan amount | $500,000 |
|---|---|
| Interest rate | 6.00% a year |
| Time to repay | 30 years |
| Total repayments | $1,079,191 |
| Total interest paid | $579,191 |
Year-by-year balance
| Year | Interest | Principal repaid | Balance |
|---|---|---|---|
| 1 | $29,833 | $6,140 | $493,860 |
| 2 | $29,454 | $6,519 | $487,341 |
| 3 | $29,052 | $6,921 | $480,420 |
| 4 | $28,625 | $7,348 | $473,073 |
| 5 | $28,172 | $7,801 | $465,272 |
| 6 | $27,691 | $8,282 | $456,990 |
| 7 | $27,180 | $8,793 | $448,197 |
| 8 | $26,638 | $9,335 | $438,862 |
| 9 | $26,062 | $9,911 | $428,951 |
| 10 | $25,451 | $10,522 | $418,429 |
| 11 | $24,802 | $11,171 | $407,257 |
| 12 | $24,113 | $11,860 | $395,397 |
| 13 | $23,381 | $12,592 | $382,805 |
| 14 | $22,605 | $13,368 | $369,437 |
| 15 | $21,780 | $14,193 | $355,244 |
| 16 | $20,905 | $15,068 | $340,176 |
| 17 | $19,975 | $15,998 | $324,178 |
| 18 | $18,989 | $16,984 | $307,194 |
| 19 | $17,941 | $18,032 | $289,162 |
| 20 | $16,829 | $19,144 | $270,018 |
| 21 | $15,648 | $20,325 | $249,693 |
| 22 | $14,395 | $21,578 | $228,115 |
| 23 | $13,064 | $22,909 | $205,205 |
| 24 | $11,651 | $24,322 | $180,883 |
| 25 | $10,151 | $25,823 | $155,060 |
| 26 | $8,558 | $27,415 | $127,645 |
| 27 | $6,867 | $29,106 | $98,539 |
| 28 | $5,072 | $30,901 | $67,638 |
| 29 | $3,166 | $32,807 | $34,831 |
| 30 | $1,142 | $34,831 | $0 |
Stress test this loan at higher rates, or see how much you can borrow.
An estimate: interest is charged at the repayment frequency and the rate never changes. It leaves out fees, redraws and rate changes, and assumes the lender accepts extra repayments. Check fixed rate loans for an extra repayment limit, and confirm figures with your lender.
Is Macquarie good for home loans?
Macquarie suits borrowers with a solid deposit who want several offset accounts at a low annual cost: its Offset Home Loan allows up to 10 offsets for a $248 annual fee, and its Basic Home Loan has no ongoing fees.
Pros
- +Up to 10 offset accounts for $248 a year
- +No fee to split or redraw
- +Basic loan has no ongoing fees
- +Lower rates for larger deposits
Cons
- -$350 documentation fee on every loan
- -Not part of the 5% Deposit Scheme
- -No redraw during a fixed period
- -No branch network
Who Macquarie suits
- Refinancers and buyers with a larger deposit
- Borrowers who want several offset accounts at a low annual cost
- People who want to split between fixed and variable without fees
About Macquarie
Macquarie Bank Limited is an APRA-regulated bank within Macquarie Group. Its home loans are sold online and through Macquarie's specialists. Each loan is set up as a facility with a single borrowing limit, which can be split into multiple loan accounts.
There are two products: the Basic Home Loan and the Offset Home Loan. Both come in variable and fixed versions and can be split into multiple accounts without a fee.
- Ownership
- Part of Macquarie Group.
- Lender and licence
- Macquarie Bank Limited ABN 46 008 583 542, Australian credit licence 237502
Macquarie home loan products
Basic Home Loan
No ongoing fees, no fee to redraw and no fee to split into up to six loan accounts. Variable and fixed rates available. A $350 documentation fee applies.
Offset Home Loan
Open up to 10 offset accounts, no fee to redraw or split, variable and fixed rates, plus perks on linked cards. $248 annual fee and a $350 documentation fee.
Macquarie home loan rates: how they are set
Macquarie's rates depend on your LVR, loan purpose (owner-occupier or investment), rate type and repayment type. It explicitly rewards borrowers with a larger deposit with a lower rate.
The Offset Home Loan's comparison rate includes the $248 annual fee, which is why it sits further above the headline rate than the Basic loan's. Extra payments made while a portion is fixed can't be redrawn until the fixed period ends.
For a benchmark, the RBA's average rate on new owner-occupier variable loans across all lenders was 6.23% in August 2026, and 6.40% for investors (published 8 October 2026). The RBA's cash rate target was 4.60% as at 10 October 2026, after a 0.25 point rise effective 30 September 2026; its next decision is due on 3 November 2026.
How Macquarie prices by LVR
Macquarie sets its rates by LVR band, loan purpose and repayment type, and says a lower LVR generally means a lower rate. Its published bands for both the Basic and Offset home loans are 60% or less, 70% or less, 80% or less and 90% or less, so a borrower at 58% LVR and one at 79% LVR on the same loan can pay different rates.
The band is set by the lender's formal valuation, so your rate can change if the valuation comes in lower than you expected. Paying the loan down, or a rise in your home's value, can move you into a cheaper band; ask Macquarie whether it will reprice an existing loan when that happens. The Offset Home Loan's comparison rate sits further above its interest rate than the Basic loan's because of the $248 annual fee.
Macquarie vs ING
ING's Mortgage Simplifier has no ongoing fees and no documentation fee shown; Macquarie's Basic Home Loan has no ongoing fees but a $350 documentation fee. For offset, Macquarie gives up to 10 accounts for $248 a year, ING one 100% offset for $299 a year. ING publishes rate tiers up to 95% LVR. See our ING review.
Macquarie vs the big four
The major banks charge $395 packages (CommBank, Westpac) or a monthly fee for offset (ANZ), but all four take part in the 5% Deposit Scheme. If you have a 20% or larger deposit, compare Macquarie's $248-a-year offset loan with the big banks' packages for your loan size; if you are a first home buyer with a 5% deposit, you need a scheme lender. See CommBank and NAB.
How to apply for a Macquarie home loan
- 1
Choose Basic or Offset and how you want to split the facility
- 2
Apply online or talk to a Macquarie specialist
- 3
Macquarie assesses serviceability and values the property; rates can change if the formal valuation changes your LVR
- 4
Approval, then sign the loan documents
- 5
Settlement; open offset accounts in the Macquarie app
Check how much you could borrow with our borrowing power calculator; Macquarie's own calculator applies its own lending policy, so its figure can differ.
Budget for stamp duty: NSW stamp duty calculator · VIC stamp duty calculator · QLD stamp duty calculator · WA stamp duty calculator · SA stamp duty calculator · TAS stamp duty calculator · ACT stamp duty calculator · NT stamp duty calculator
Before you apply, ask for the key facts sheet for your loan amount. Every lender must provide one in the same format, which makes loans easy to compare side by side.
Macquarie home loan questions
How many offset accounts can you have with Macquarie?
Up to 10 per loan on the Offset Home Loan. If your offset balance is higher than the loan balance, the excess doesn't earn interest or offset anything.
What fees does a Macquarie home loan have?
The Basic Home Loan has no annual fee and a $350 documentation fee. The Offset Home Loan has a $248 annual fee and a $350 documentation fee. Neither charges application, monthly, split or redraw fees.
Can I have an offset account on a Macquarie fixed loan?
No. Macquarie says offset accounts can't be linked to fixed rate loan accounts, and its Offset Home Loan can't be fully fixed; the variable account must have a limit of at least $20,000. You can split the loan and offset against the variable part.
Will mortgage rates drop to 3% again?
Nobody can say, and we don't forecast rates. The RBA's average rate on new owner-occupier variable loans was last below 3% between April 2020 and May 2022. See will mortgage rates drop to 3% again? for the RBA's latest figures.
Has Macquarie raised its home loan rates?
It has announced a rise. On 29 September 2026, the day of the RBA's decision, Macquarie said it would raise its variable home loan reference rates by 0.25% p.a., effective 15 October 2026.
Can I redraw from a Macquarie fixed loan?
Not during the fixed period. Extra payments made while the rate is fixed become available at the end of the fixed period.
Is Macquarie part of the 5% Deposit Scheme?
No. Macquarie isn't on Housing Australia's participating lender list.
