based on 328 Macquarie banking product 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. Plus, In 2022 Maquarie took out a Mozo Experts Choice Home Loan Award  in the Packaged Home Loan category.

Check out the details of all their mortgage options below.

What home loans do Macquarie offer?

Rates and fees verified as correct at 21 May 2022. 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  

5.49% p.a.

3.74% p.a.

$0.00

$0

5.19% p.a.

3.43% p.a.

$0.00

$0

4.85% p.a.

3.08% p.a.

$0.00

$0

Go to site

5.59% p.a.

3.86% p.a.

$0.00

$0

4.79% p.a.

3.02% p.a.

$0.00

$0

Go to site

5.49% p.a.

3.74% p.a.

$0.00

$0

5.19% p.a.

3.43% p.a.

$0.00

$0

5.09% p.a.

3.33% p.a.

$0.00

$0

5.85% p.a.

4.11% p.a.

$0.00

$0

4.99% p.a.

3.23% 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  

3.14% p.a.

3.14% p.a.

$0.00

$0

2.84% p.a.

2.84% p.a.

$0.00

$0

2.84% p.a.

2.84% p.a.

$0.00

$0

2.94% p.a.

2.94% p.a.

$0.00

$0

3.26% p.a.

3.26% p.a.

$0.00

$0

2.39% p.a.

2.39% p.a.

$0.00

$0

Go to site

2.44% p.a.

2.44% p.a.

$0.00

$0

Go to site

2.49% p.a.

2.49% p.a.

$0.00

$0

Go to site

3.50% p.a.

3.50% p.a.

$0.00

$0

2.54% p.a.

2.54% p.a.

$0.00

$0

2.64% p.a.

2.64% p.a.

$0.00

$0

2.74% p.a.

2.74% 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

5.49% p.a.

3.99% p.a.

$248.00 yearly

$0

5.19% p.a.

3.69% p.a.

$248.00 yearly

$0

4.85% p.a.

3.34% p.a.

$248.00 yearly

$0

5.59% p.a.

4.11% p.a.

$248.00 yearly

$0

4.79% p.a.

3.29% p.a.

$248.00 yearly

$0

5.49% p.a.

3.99% p.a.

$248.00 yearly

$0

5.19% p.a.

3.69% p.a.

$248.00 yearly

$0

5.09% p.a.

3.59% p.a.

$248.00 yearly

$0

5.85% p.a.

4.36% p.a.

$248.00 yearly

$0

4.99% p.a.

3.49% 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  

3.14% p.a.

3.40% p.a.

$248.00 yearly

$0

2.84% p.a.

3.11% p.a.

$248.00 yearly

$0

2.84% p.a.

3.11% p.a.

$248.00 yearly

$0

2.94% p.a.

3.21% p.a.

$248.00 yearly

$0

3.26% p.a.

3.52% p.a.

$248.00 yearly

$0

2.39% p.a.

2.67% p.a.

$248.00 yearly

$0

Go to site

2.44% p.a.

2.72% p.a.

$248.00 yearly

$0

Go to site

2.49% p.a.

2.77% p.a.

$248.00 yearly

$0

Go to site

3.50% p.a.

3.76% p.a.

$248.00 yearly

$0

2.54% p.a.

2.81% p.a.

$248.00 yearly

$0

2.64% p.a.

2.91% p.a.

$248.00 yearly

$0

2.74% p.a.

3.01% p.a.

$248.00 yearly

$0

2.74% p.a.

3.01% p.a.

$248.00 yearly

$0

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 loans 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
Price
Features
Customer service
Convenience
Trust

151 Reviews

Recent Macquarie home loan reviews

Macquarie Basic Home Loan (Fixed)
Overall 10/10
The Best Customer Service that I ever had in Oz

I’m so happy with Macquarie Bank, they have the best Customer Service of any Bank that I have used in Australia. Is so easy to deal with Macquarie by Phone, that I never hesitate to call them when I need to change something. The waiting times are reasonable and also the knowledge of the person on the other side of the line excellent. On top of that, Macquarie provides with very good rates, better than the big 4 and quite competitive with the new financial startups.

Read full review

I’m so happy with Macquarie Bank, they have the best Customer Service of any Bank that I have used in Australia. Is so easy to deal with Macquarie by Phone, that I never hesitate to call them when I need to change something. The waiting times are reasonable and also the knowledge of the person on the other side of the line excellent. On top of that, Macquarie provides with very good rates, better than the big 4 and quite competitive with the new financial startups.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Luis, New South Wales, reviewed about 1 month ago
Macquarie Basic Home Loan
Overall 1/10
Ruthless, be wear.

If you are wealthy and don't fault you might be OK. If your average and get into trouble you will be shredded, even if there is a way out the will still mash you into the ground.

Read full review

If you are wealthy and don't fault you might be OK. If your average and get into trouble you will be shredded, even if there is a way out the will still mash you into the ground.

Price
4/10
Features
4/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Matthew, New South Wales, reviewed 3 months ago
Macquarie Basic Home Loan
Overall 1/10
Customer Mental Health and Suicide not a concern

Disgusting attitude to customer Mental Health and suicide. Happy to provide info on how suicide could be used by the customer as a fix from foreclosure. Their Customer Advocate Department is just a tool they use for their benefit, completely shattering for the customer. Complaints department what can I say, I was thinking hard about offing myself after my last run-in with the manager there.

Read full review

Disgusting attitude to customer Mental Health and suicide. Happy to provide info on how suicide could be used by the customer as a fix from foreclosure. Their Customer Advocate Department is just a tool they use for their benefit, completely shattering for the customer. Complaints department what can I say, I was thinking hard about offing myself after my last run-in with the manager there.

Price
5/10
Features
4/10
Customer service
1/10
Convenience
4/10
Trust
1/10
Less
Matthew, New South Wales, reviewed 4 months ago
Macquarie Home Loan
Overall 1/10
Banks somewhere else, they charge loyalty tax

The banks service has gone down hill. Now they give a 1300 number to ring and the wait times are awful. I've tried to get the bank to match the new customer home loan rate after being a loyal customer for 10 years and they keep refusing to review the rate. They are very poor in responding to emails and are very fast to raise rates when they can. Avoid at all costs.

Read full review

The banks service has gone down hill. Now they give a 1300 number to ring and the wait times are awful. I've tried to get the bank to match the new customer home loan rate after being a loyal customer for 10 years and they keep refusing to review the rate. They are very poor in responding to emails and are very fast to raise rates when they can. Avoid at all costs.

Price
1/10
Features
4/10
Customer service
1/10
Convenience
6/10
Trust
1/10
Less
Tara, Australian Capital Territory, reviewed 7 months ago
Macquarie Offset Home Loan (Package)
Overall 1/10
No one at Macquarie is responsible for your loan

I recently took out a construction loan with Macquarie and the service so far has been terrible. The problem stems from the fact that you don't get a direct contact/bank manager that is accountable for the management of your loan. As a result, if you need something to happen (e.g. submit a progress payment so that your builder gets paid), then there is no single point of responsibility to makes sure that action is taken and any further communication is requested for. This is manifests in the (daily) experience below. 1. call their home loan line, be on hold until a consultant is available 2. go on hold again while they read through your notes/case (because they’ve never dealt with your loan before) 3. Provide the same answers to previously unresolved questions (because they’ve never dealt with your loan before) 4. Go on hold again while they make the same enquiries that the previous consultant made 5. Give “assurance “ that its being sorted but don't give any timeline or commitment to rectify 6. When pushed on 5. be given the answer “try calling us tomorrow to see if there’s any progress” (no one is responsible) 7. Repeat previous steps with a different consultant tomorrow Short story - their process doesn't seem to involve anyone having ownership of your account. Until Macquarie Bank make fundamental changes with how they handled construction loans I couldn't in good faith recommend Macquarie. I'll provide updates if we (ever) receive any communications or action on our loan.

Read full review

I recently took out a construction loan with Macquarie and the service so far has been terrible. The problem stems from the fact that you don't get a direct contact/bank manager that is accountable for the management of your loan. As a result, if you need something to happen (e.g. submit a progress payment so that your builder gets paid), then there is no single point of responsibility to makes sure that action is taken and any further communication is requested for. This is manifests in the (daily) experience below. 1. call their home loan line, be on hold until a consultant is available 2. go on hold again while they read through your notes/case (because they’ve never dealt with your loan before) 3. Provide the same answers to previously unresolved questions (because they’ve never dealt with your loan before) 4. Go on hold again while they make the same enquiries that the previous consultant made 5. Give “assurance “ that its being sorted but don't give any timeline or commitment to rectify 6. When pushed on 5. be given the answer “try calling us tomorrow to see if there’s any progress” (no one is responsible) 7. Repeat previous steps with a different consultant tomorrow Short story - their process doesn't seem to involve anyone having ownership of your account. Until Macquarie Bank make fundamental changes with how they handled construction loans I couldn't in good faith recommend Macquarie. I'll provide updates if we (ever) receive any communications or action on our loan.

Price
5/10
Customer service
1/10
Convenience
3/10
Trust
1/10
Less
Adam, Victoria, reviewed 8 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