Macquarie Bank
Lender Overview
Macquarie Bank is the banking subsidiary of Macquarie Group, a global investment bank. While better known for investment banking and asset management, Macquarie's retail banking arm has grown rapidly, offering consistently competitive home loan rates and a premium digital banking experience. Macquarie Bank is regulated by APRA and listed on the ASX (ASX: MQG).
Loan Products Offered
Macquarie Home Loan (Basic)
Competitive variable rate with no annual fee, unlimited extra repayments and a redraw facility.
Macquarie Offset Home Loan
Variable rate with a 100% offset account. No annual fee. One of the few lenders to offer a fee-free offset product.
Macquarie Fixed Rate Home Loan
Competitive fixed rate terms of 1 to 5 years with limited extra repayments during the fixed period.
Pros and Cons
Pros
- +Among the most competitive rates available from an APRA-regulated bank
- +Fee-free 100% offset account, rare among lenders at a competitive rate point
- +Highly rated digital banking platform and mobile app
- +Fast conditional approval times, often within 48 hours for refinancers
Cons
- -No physical branch network
- -Does not accept all income types (some self-employed or complex income situations may be declined)
- -May not be as flexible as the major banks for non-standard borrower profiles
Typical Rates
| Loan Type | Indicative Rate |
|---|---|
| Owner-Occupier Variable (P&I) | RBA cash rate + 2.20% to 2.70% (indicative) |
| Owner-Occupier Fixed | Market rate at time of fixing, varies by term |
| Investor Variable (P&I) | RBA cash rate + 2.55% to 3.10% (indicative) |
Macquarie regularly offers some of the sharpest rates in the market. Rates vary by LVR. Confirm current rates directly with Macquarie or via a broker.
Application Process
- 1
Apply online via Macquarie's website or through a mortgage broker
- 2
Digital document submission including ID, income evidence, and asset details
- 3
Macquarie orders an AVM (automated valuation) or formal valuation as required
- 4
Fast conditional approval, often within 1 to 3 business days for clean applications
- 5
Settlement managed with your conveyancer
Who Macquarie Bank Suits Best
- ✓Borrowers with straightforward PAYG income and good credit history
- ✓Those seeking the best rate from an APRA-regulated bank with offset functionality
- ✓Refinancers who want a fast, digital process without paying a rate premium
