Macquarie Home Loans

Read on to compare some of Macquarie Bank’s key home loan interest rates and the key features they have.

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Summary

About Macquarie Bank

Founded in December 1969, Macquarie Bank set out to provide Australians with a range of financial services of an international standard. Now a global business operating in over 27 countries, Macquarie offers a diverse range of financial products, including mortgages.

Whether you’re a first home buyer, a refinancer or a property investor, Macquarie Bank has a wide range of home loan products to suit a variety of borrowers’ needs. Macquarie says it is committed to providing its customers with competitive interest rates to help facilitate their journey to homeownership.

What home loans does Macquarie offer?

Macquarie offers home buyers two key home loan products:

  • Basic Home Loan: a basic, fee-free home loan with a competitive variable interest rate.
  • Offset Home Loan: a low rate home loan that enables you to offset your savings against the loan principal and reduce the interest you have to pay.

These home loans are available for owner-occupiers and investors with the option of either principal and interest or interest-only repayments.

Macquarie home loan rates

Provider Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
Basic Home Loan OO P&I 3.54% 3.54% $1,805 More details
Basic Home Loan Investor P&I 4.35% 4.35% $1,991 More details
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
Basic Home Loan OO P&I
3.54% 3.54% $1,805
More details
Basic Home Loan Investor P&I
4.35% 4.35% $1,991
More details

Base criteria of: a $400,000 loan amount with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 4 October 2019.

Macquarie mortgage features

Accompanying Macquarie’s key home loan products are the following features:

  • Fee-free: Selected home loan products are free from establishment fees and/or monthly fees.
  • Credit cards: Eligible loan accounts can have the annual fees for their credit cards waived and receive a competitive rate for a limited time with a packaged loan.
  • Split loans: Customers can choose to split their loans into different repayment types.
  • Offset account: Offset account facilities are available for offset home loans.
  • Redraw facility: A redraw facility is available on most Macquarie Bank home loans except for construction loans, fixed-rate home loans or SMSF loans.
  • Additional repayments: Extra repayments can be made to variable interest rate home loan accounts without any additional fees.

Not all products will have all of these features. Be sure to consult your broker or home loan specialist from Macquarie Bank for more details.

How to apply for home loan with Macquarie Bank

Eligibility criteria

To be eligible to apply for a home loan with Macquarie Bank, you generally need to:

  • Be 18 years of age or over
  • Be an Australian citizen or permanent resident
  • Have a regular source of income
  • Demonstrate your ability to service the loan

You can apply for a Macquarie Bank home loan online at https://www.macquarie.com/au/personal or by phone on 13 62 27.

Documents and information needed

To ensure a straightforward application, you should have the following documents handy:

  • A form of identification document (e.g., driver’s license, birth certificate, passport)
  • Your annual income and estimated assets
  • Your estimated expenses and liabilities
  • A current email address and mobile phone number

Frequently asked questions

How long does it take for Macquarie Bank to process my home loan application?

Pre-approval generally takes less time than an unconditional approval. In most cases, you could receive a pre-approval within one business day of completing your application. The time frame for an unconditional approval, on the other hand, can vary as it largely depends on how quickly Macquarie Bank can verify your identity, assess your application and transfer security.

How does Macquarie Bank verify my identity?

The bank verifies your identity electronically, using the personal details you supply during your application. In some cases, should further information is required, it may verify your identity with ZipID; a mobile service that comes to you to conduct the verification in person. You would need to have your driver’s license or passport on hand if that was the case.

Why was my home loan unsuccessful?

Regardless of lenders, your home loan application can be unsuccessful if you don’t meet the eligibility criteria or haven’t supplied all the documentation required for the process to move forward.

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