6.6 / 10

based on 295 reviews as rated by Mozo community

Macquarie home loans

Macquarie is a homegrown success story - it began in Sydney in 1969 and has since flourished into a global business, operating in 28 countries around the world. It has a range of home loans on offer to suit every budget, lifestyle and goal, so whether you’re buying your first home or your fifth, you’ll find a mortgage to make it happen here. And for all the globetrotters out there, you’re in luck - choosing a Macquarie home loan can also help you rack up Frequent Flyers points quicker. Check out the details below.

What home loans do Macquarie offer?

Rates and fees verified as correct at 24 October, 2020. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

The fixed rate Basic Home Loan from Macquarie is a fee free option - no service or application fees in sight. Don’t let the name fool you though, the Basic Home Loan is packed with handy features to help you save money on your mortgage like free extra repayments and the ability to make redraws. Just keep in mind that these features do come with conditions - your extra repayments are capped at 5% p.a. and redraws will attract a fee if you do it over the counter. You can also bundle your Basic Home Loan - or any Macquarie home loan for that matter - with a Macquarie Credit Card, and skip paying the annual credit card fee for the life of your loan. This loan is only available for amounts between $150,000 and $750,000, for borrowers with an LVR of less than 80%.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

2.29% p.a.

2.57% p.a.

$0.00

$0

2.19% p.a.

2.45% p.a.

$0.00

$0

2.69% p.a.

2.85% p.a.

$0.00

$0

Variable Rate Home Loans

If you opt for the variable rate Basic Home Loan, you’ll get all the great features packed into the fixed rate alternative, but with added flexibility. You won’t pay upfront or service fees on this loan, and borrowers can get their hands on amounts up to $5,000,000 and in some circumstances, with an LVR up to 95%. Flexible features include unlimited fee free extra repayments, unlimited free redraws and the opportunity to take repayment holidays. You can also choose how you repay your loan by opting for fortnightly or monthly repayments, and either a principal and interest or interest only loan. If you’re a traveller, check out the Flyer option and earn Qantas points on your home loan balance.

Home loan repayments calculator

years

Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡  

3.24% p.a.

3.25% p.a.

$0.00

$0

3.09% p.a.

3.10% p.a.

$0.00

$0

2.99% p.a.

3.00% p.a.

$0.00

$0

3.04% p.a.

3.05% p.a.

$0.00

$0

3.04% p.a.

3.05% p.a.

$0.00

$0

2.49% p.a.

2.49% p.a.

$0.00

$0

Go to site

2.54% p.a.

2.54% p.a.

$0.00

$0

Go to site

2.64% p.a.

2.64% p.a.

$0.00

$0

2.64% p.a.

2.64% p.a.

$0.00

$0

3.85% p.a.

3.86% p.a.

$0.00

$0

3.85% p.a.

3.86% p.a.

$0.00

$0

2.69% p.a.

2.69% p.a.

$0.00

$0

Go to site

2.79% p.a.

2.80% p.a.

$0.00

$0

Go to site

2.89% p.a.

2.90% p.a.

$0.00

$0

2.89% p.a.

2.90% p.a.

$0.00

$0

Fixed Package Home Loan

The fixed rate Offset Home Loan Package from Macquarie is similar to the fixed rate Basic Home Loan, in that it’s available for amounts up to $750,000, for borrowers with an LVR lower than 80%. It differs in that you will pay a half-yearly service fee. The tradeoff for this fee is the use of a 100% offset account to keep your home loan costs low. Other money saving features include the ability to make extra repayments up to 5% each year, choose between an interest only or principal and interest loan and make your repayments either fortnightly or monthly to suit your schedule.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

2.29% p.a.

2.83% p.a.

$248.00 yearly

$0

2.69% p.a.

3.12% p.a.

$248.00 yearly

$0

Variable Package Home Loan

Borrowers who opt for a variable rate Offset Home Loan Package from Macquarie can secure up to $5,000,000 and depending on your situation, up to 95% of the property’s value. Some of the flexible features included with this package are unlimited free extra repayments, the option to take repayment holidays, fee free online redraws and the use of a 100% offset account. You can also opt for either monthly or fortnightly repayments to suit your budget and choose either a principal and interest or interest only loan. Just keep in mind that in return for all these great features, you will pay a half-yearly service fee.

Home loan repayments calculator

years

Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡  

3.24% p.a.

3.51% p.a.

$248.00 yearly

$0

2.99% p.a.

3.26% p.a.

$248.00 yearly

$0

2.99% p.a.

3.26% p.a.

$248.00 yearly

$0

3.04% p.a.

3.31% p.a.

$248.00 yearly

$0

3.04% p.a.

3.31% p.a.

$248.00 yearly

$0

2.49% p.a.

2.76% p.a.

$248.00 yearly

$0

Go to site

2.54% p.a.

2.81% p.a.

$248.00 yearly

$0

Go to site

2.64% p.a.

2.92% p.a.

$248.00 yearly

$0

2.64% p.a.

2.92% p.a.

$248.00 yearly

$0

3.85% p.a.

4.11% p.a.

$248.00 yearly

$0

3.85% p.a.

4.11% p.a.

$248.00 yearly

$0

2.69% p.a.

2.97% p.a.

$248.00 yearly

$0

Go to site

2.79% p.a.

3.07% p.a.

$248.00 yearly

$0

Go to site

2.89% p.a.

3.17% p.a.

$248.00 yearly

$0

2.89% p.a.

3.17% p.a.

$248.00 yearly

$0

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

Macquarie home loan features in a glance

Free icon

No account management fees

Opt for a Basic Home Loan from Macquarie and you won’t pay any account management fees at all! But keep in mind that if you go for the Offset Home Loan package, you will pay a half-yearly service fee on your mortgage.

Award icon

Bundling option

Got a Macquarie credit card? Want one? When you bundle your credit card with your Macquarie home loan, the annual credit card fee will be waived for the life of your loan.

Offset icon

Offset account

It’s all in the name for the Offset Account Home Loan Package! Choose this option from Macquarie in either a fixed or variable rate version and get full use of a 100% offset account.

Award icon

Flyer option

Love to travel? You’ll love it even more with the Flyer option of a Macquarie home loan. You’ll pay a little extra interest, but in return, bag a bunch of Qantas Frequent Flyer points.

How are Macquarie home loans rated?

Mozo users have rated Macquarie home loan on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Macquarie home loans
Overall
5.9/10
Price
Features
Customer service
Convenience
Trust
132 reviews

Recent Macquarie home loan reviews

Macquarie Basic Home Loan review
Overall 10/10
Wouldn’t change.

A lot more competitive than the big banks.

Read full review

A lot more competitive than the big banks.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Tess, Victoria reviewed 9 days ago
Macquarie Home Loan review
Overall 1/10
The worst retail bank and lenders in the market!

This bank is the worst bank I have experienced for home loans. From start to end. It has no physical locations to deposit money, and has issued credit and bank cards in different names on multiple occasions. While other banks suggest and provide a halt on mortgage payments due to Covid, they suggested I sell my property and pay out my mortgage with them. I was told I was a risk now that I was no longer employed. Macquarie was concerned about the mortgage being defaulted. You have to wait a loooooong time to speak to someone. Calls will be transferred from one department to another as the customer service is not able to assist with issues. Their app was faulty on numerous occasions last year. They take a long time to release any money out. The list is too looooong. They just do not care about you. They are cheap for many reasons! They should stick to investments not retail banking services! Do what is right not what is easy!

Read full review

This bank is the worst bank I have experienced for home loans. From start to end. It has no physical locations to deposit money, and has issued credit and bank cards in different names on multiple occasions. While other banks suggest and provide a halt on mortgage payments due to Covid, they suggested I sell my property and pay out my mortgage with them. I was told I was a risk now that I was no longer employed. Macquarie was concerned about the mortgage being defaulted. You have to wait a loooooong time to speak to someone. Calls will be transferred from one department to another as the customer service is not able to assist with issues. Their app was faulty on numerous occasions last year. They take a long time to release any money out. The list is too looooong. They just do not care about you. They are cheap for many reasons! They should stick to investments not retail banking services! Do what is right not what is easy!

Price
5/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Geti, New South Wales reviewed about 2 months ago
Macquarie Home Loan review
Overall 7/10
Lots of bonuses, however actually too many

Branches are non existent, phone while answered quickly it is difficult to obtain information. I am sure it have great features, however there are actually too many to go through.

Read full review

Branches are non existent, phone while answered quickly it is difficult to obtain information. I am sure it have great features, however there are actually too many to go through.

Price
7/10
Features
10/10
Customer service
6/10
Convenience
4/10
Trust
7/10
Less
Julie, Victoria reviewed about 2 months ago
Macquarie Home Loan review
Overall 7/10
Good mobile and online banking features

Simple mobile and online bank app. Very easy to analyse and understand where the money has been spent. Rates are very competitive compared to the big four. Initial customer service over email was a little confusing at first (set up the account incorrectly). however once it was fixed, i have not had any issues.

Read full review

Simple mobile and online bank app. Very easy to analyse and understand where the money has been spent. Rates are very competitive compared to the big four. Initial customer service over email was a little confusing at first (set up the account incorrectly). however once it was fixed, i have not had any issues.

Price
8/10
Features
8/10
Customer service
6/10
Convenience
9/10
Trust
8/10
Less
Monica, New South Wales reviewed about 2 months ago
Macquarie Home Loan review
Overall 8/10
Great features and great online platform to bank.

Easy online platform, great customer service with Australian customer service people, competitive rates and great features such as 9 offset accounts with home loan.

Read full review

Easy online platform, great customer service with Australian customer service people, competitive rates and great features such as 9 offset accounts with home loan.

Price
8/10
Features
8/10
Customer service
8/10
Convenience
8/10
Trust
8/10
Less
Ainslie, New South Wales reviewed 3 months ago

What do you need to apply for a Macquarie home loan?

If you’ve picked a Macquarie home loan to make your property buying dreams a reality, then you can either apply online, call Macquarie, or request a call from Macquarie’s mortgage team. Before you start, make sure you're eligible to apply with this quick checklist.

I…

  • am 18 or older
  • have an Australian address, email and phone number
  • have no more than 3 properties as security
  • am applying as an individual or joint applicant (not as a business)
When you apply, you should have a few details on hand to make the process run smoothly, including:
  • Your personal and contact details
  • Information about your financial situation, including income, assets and debts
  • Details about the property you’re planning to buy

Home loan quick links