Variable home loan

  • Competitive rates and low fees
  • Fast approval times
  • Flexible home loan options 
     

Rates from

6.14
% p.a.

Interest rate

6.16
% p.a.

Comparison rate

Variable interest rate - basic owner-occupied home loans

Variable interest rate* and comparison rate for basic owner-occupied home loans with principal and interest repayments.

Principal and interest repayments

LVR#Basic
Interest rate
Basic
Comparison rate
Offset
Interest rate
Offset
Comparison rate
≤ 60%6.14% pa6.16% pa6.14% pa6.39% pa
≤ 70%6.14% pa6.16% pa6.14% pa6.39% pa
≤ 80%6.19% pa6.21% pa6.19% pa6.44% pa
≤ 90%6.39% pa6.41% pa6.39% pa6.64% pa
≤ 95%7.19% pa7.22% pa7.19% pa7.43% pa

 

Interest only repayments

LVR#Basic
Interest rate
Basic
Comparison rate
Offset
Interest rate
Offset
Comparison rate
≤ 60%6.50% pa6.53% pa6.50% pa6.75% pa
≤ 70%6.54% pa6.57% pa6.54% pa6.79% pa
≤ 80%6.65% pa6.68% pa6.65% pa6.90% pa

Principal and interest repayments

LVR#Basic
Interest rate
Basic
Comparison rate
Offset
Interest rate
Offset
Comparison rate
≤ 60%6.34% pa6.36% pa6.34% pa6.59% pa
≤ 70%6.34% pa6.36% pa6.34% pa6.59% pa
≤ 80%6.45% pa6.48% pa6.45% pa6.70% pa
≤ 90%7.29% pa7.32% pa7.29% pa7.53% pa

 

Interest only repayments

LVR#Basic
Interest rate
Basic
Comparison rate
Offset
Interest rate
Offset
Comparison rate
≤ 60%6.50% pa6.53% pa6.50% pa6.75% pa
≤ 70%6.54% pa6.57% pa6.54% pa6.79% pa
≤ 80%6.65% pa6.68% pa6.65% pa6.90% pa

Features and benefits

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Reduce the amount of interest you pay

A variable interest rate on your home loan allows you flexibility to use your savings to reduce the interest you pay by using offset accounts. With up to 10 offset accounts per loan account, you can structure your offset accounts in a way that makes your savings work for you.

 
icon

Pay off your loan faster

With a variable interest rate on your home loan, there’s no limit on additional payments. Whether you’re using an offset or redraw facility, extra repayments could help you pay off your home loan faster and reduce the amount of interest you pay over the life of your loan.

 
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Easily access additional funds in your redraw

Sometimes it’s good to have a little buffer in your back pocket. Enjoy peace of mind knowing that you have unlimited, fee-free access to any additional repayments you’ve made on your variable home loan with our redraw facility.

 

Fixed rate home loans from

6.25
% p.a.

Interest rate

6.20
% p.a.

Comparison rate

For 3 year fixed basic owner-occupied home loans with principal and interest repayments**

  • Lock in certainty
  • Easier to manage cashflow
  • Choose 1-5 year terms
     
  • Lock in certainty
  • Easier to manage cashflow
  • Choose 1-5 year terms
     

Applying online is easy

Submit your application in a few simple steps. Apply if you are 18 years or older and a permanent resident of Australia.


 

Get a quick quote

3 minutes

Answer a few simple questions and we’ll provide a tailored quote with your rate and repayments.

 

Continue to apply online

15 minutes

Provide information about you, your property, what you earn and what you owe.

 

Get an answer fast

Once you’ve submitted your application, one of our friendly banking specialists will review it and get in touch to answer any questions and guide you through the next steps.

 

Talk to a home loan specialist

 

Thanks for your enquiry. We’ll aim to contact you within one business day.

For some enquiries we will contact you via email only.

There has been an error. Please contact us.


If you're refinancing, request a call or contact us on 13 62 27 Monday to Friday 8am - 6pm (Sydney time).

For a faster response on your pre-approval enquiry, try our calculator to estimate your borrowing power and continue to apply online.

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By submitting this form, I acknowledge that I have read Macquarie Bank’s Privacy Statement and understand Macquarie Bank may use my personal information as outlined in the Statement.

Why Macquarie?

Settle for nothing less than great rates and low fees.

Save over the life of your home loan with access to great rates and no hidden fees or charges.

Turnaround times that won’t leave you wondering.

At Macquarie, we pride ourselves on having market-leading turnaround times so you can make your next move with confidence.

When it comes to your home loan, we’re flexible.

With fixed rates for more certainty, variable rates, and offset accounts to reduce the amount of interest you pay - you’ve got options.

An award-winning digital app.~

Plan your future, keep track of your investment, and stay in control. Managing your home loan has never been easier from the palm of your hand.

Frequently asked questions

To help you complete your home loan application, make sure you have the following information on hand:

  • documents relating to your income, including payslips or income statements
  • your existing home loan statements and contract if applicable
  • details of any debts you currently hold, including balances, limits and monthly repayments
  • access to your transaction history – this will help you determine your monthly living expenses such as groceries, utilities and insurances.
  • current email address and mobile phone number so you can safely use your account online and in Macquarie Mobile Banking
  • identity documents - some documents may need to be certified

LVR is the amount you need to borrow, calculated as a percentage of the value of your property. For example, if your loan amount is $400K and your property value is $500K, then your LVR is 80%.

If you have a Home Loan account with a BSB starting with 182

You can make additional repayments to your variable interest rate home loan without having to pay any additional fees. You can make an additional payment by electronic funds transfer into your home loan account using your account number and the BSB 182-182.

Alternatively, you can set up a recurring additional direct debit payment from a Macquarie account into your home loan on Macquarie Online Banking:

  1. Select the icon from the side menu; or first click on the icon in top left-hand corner to display the side menu
  2. Update payment details and select the Recurring payment button
  3. Click Schedule payment.


To set up a recurring additional direct debit payment into your home loan from an institution other than Macquarie, this will need to be done on the other institution’s online banking platform.

Please note that your minimum contractual repayment amount will continue to be calculated on the loan limit and not on your actual loan balance.

If you have a Home Loan account with a BSB starting with 183

You can make additional repayments to your variable interest rate home loan without having to pay any additional fees. You can make an additional payment by electronic funds transfer into your home loan account using your account number and the Deposit BSB on your home loan statement. If your account is one of the following, you will not be able to make a manual electronic funds transfer into the account as it will automatically reject:

  • Construction Loan
  • SMSF Loan


If your additional payment is more than the outstanding balance of your loan account, the payment will reject. If you made the transfer via EFT, the funds will be automatically returned to your account you transferred it from. If you made the transfer via BPAY®, please contact us on 1800 007 722 (+61 2 8550 5666) to provide us with the BSB, Account Name and Account Number that we need to return the funds to.

Alternatively, you can set up a recurring additional direct debit payment by calling us on 1800 007 722 (+61 2 8550 5666), 8am to 7pm (Sydney time) Monday to Friday. Note, the additional payment must be on the same payment frequency as your existing contractual payment. For example, if you currently make a monthly repayment, your additional payment must be monthly also, and could not be fortnightly.

® Registered to BPAY Pty Ltd ABN 69 079 137 518

If you have an Offset Home Loan account with a BSB starting with 182

You can open up to 10 offset accounts which can be linked to an offset home loan account if you’re a single or joint borrower. Offset accounts aren’t available for any other type of home loan.

The linked home loan must meet the following criteria:

  • You have a variable rate offset home loan (offset accounts can’t be linked to fixed rate loan accounts)
  • Single or joint borrowers
  • You have less than 10 offset accounts linked to your home loan
  • The borrowers are not a company or trust. Company and trust borrowers can’t open additional offset accounts after your loan settles.


Your new offset account can be either single or joint. Please note joint accounts are limited to two joint account holders who are party to the linked home loan.

All offset account holders must be account holders of the linked offset home loan.

To open additional offset accounts via Macquarie Online Banking:

  1. Log into Macquarie Online Banking
  2. Click Open an account at the top of your accounts list
  3. Find the offset account option and click Open an account
  4. Select the home loan account you want the new offset account to be linked to. Only eligible offset home loans will display in this list
  5. If you chose to link a joint home loan, select the account holders you want to have access to your new offset account. You can choose to have a single or joint offset account. We only offer joint offset accounts with a maximum of two accounts holders, and all offset account holders must be account holders of the linked offset home loan
  6. Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device
  7. Select answers to the three account questions. Your answers will not be used for marketing purposes
  8. Click Open account.


If you applied for a joint offset account, your joint account holder will need to review and approve the application.

To review and approve an application for a joint offset account via Macquarie Online Banking:

  1. Log into Macquarie Online Banking
  2. Click the bell icon at the top left of the screen to find the notification alerting you that your joint holder has made a request to open a joint offset account with you. Click Review
  3. Read the offset account info and click Open an account
  4. Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device. If your joint applicant also requested a debit card, your card will be sent to their address. If you request a debit card and your joint account holder did not, your debit card will be sent to your specified address
  5. Select answers to the three account questions. Your answers will not be used for marketing purposes
  6. Click Open account.


To open additional offset accounts via the Macquarie Mobile Banking app:

  1. Log into the Macquarie Mobile Banking app
  2. Click the menu icon at the bottom right of the screen
  3. Scroll until you find the offset account option, and click Open an account
  4. Select the home loan account you want the new offset account to be linked to, then click Next. Only eligible offset home loans will display in this list
  5. If you chose to link a joint home loan, select the account holders you want to have access to your new offset account. You can choose to have a single or joint offset account. We only offer joint offset accounts with a maximum of two accounts holders, and all offset account holders must be account holders of the linked offset home loan
  6. Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device
  7. Select answers to the three account questions. Your answers will not be used for marketing purposes
  8. Click Open account.


If you applied for a joint offset account, your joint account holder will need to review and approve the application.

To review and approve an application for a joint offset account via the Macquarie Mobile Banking app:

  1. Log into the Macquarie Mobile Banking app
  2. Click the bell icon at the bottom right of the screen and look for the notification alerting you that your joint holder has made a request to open a joint offset account with you. Click Review
  3. Read the offset account info and click Open an account
  4. Review the linked home loan account and the offset account holders, then click Next
  5. Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device. If your joint applicant also requested a debit card, your card will be sent to their address. If you request a debit card and your joint account holder did not, your debit card will be sent to your specified address
  6. Select answers to the three account questions. Your answers will not be used for marketing purposes
  7. Click Open account.


If you have an Offset Home Loan account with a BSB starting with 183

Additional offset accounts aren't available for these Offset Home Loan accounts.

The difference between a fixed-rate home loan and a variable rate home loan is in the interest rate structure. With a fixed-rate home loan, the interest rate remains constant for a set period, typically one to five years.

At the end of the five years, the loan will usually switch to a variable rate. In contrast, a variable rate home loan has an interest rate that can change, usually in response to market conditions. This means that your repayments can fluctuate over time, potentially increasing or decreasing based on changes in interest rates.

Macquarie offers flexible options, with the ability to split your loan between variable and fixed interest rates to suit your circumstances.

Please note: You can’t have the entirety of your offset home loan assigned to a fixed rate. You must have at least $20k of your offset home loan assigned to a variable interest rate.

Additional information

This information is provided by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Lending criteria, fees and T&Cs apply.

The comparison rates are based on a loan for $150,000 and a term of 25 years. 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.

*

Rate applies for new loans when you borrow up to 60% of the property value with a principal and interest repayment variable rate loan. Subject to change without notice. 

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The information in this calculator is by way of example only and is not a prediction or professional financial advice. Calculations are not forecasts, but may assist you in making your own projections. Subject to law, Macquarie will not be liable for any loss or damage caused by your use of the calculator. The information in the calculator does not constitute an offer to lend or imply the product is suitable for you.

Open up to 10 offset accounts per variable loan account if you have an individual or joint borrower home loan. Company and trust borrowers can open up to 4 offset accounts which must be opened at application. Offset accounts cannot be linked to fixed rate loan accounts. For split loans, with a fixed and variable rate portion, the variable rate loan account must have a minimum limit of $20,000 to qualify for an offset account.

**

Rate applies for new home loans with principal and interest repayment fixed rate when you borrow up to 70% of the property value. Subject to change without notice.

2

Approval is subject to Macquarie credit criteria and suitability assessment. Terms and conditions apply and are available upon request. Fees and charges apply. Allow up to 10 working days to process your application.

3

We don’t charge fees for card purchases or transactions made or processed outside Australia but others, such as the banks of international merchants, might.

~

Bank of the year – Digital, Money Magazine 2023.

Home loan information and interest rates are current as at 24 April 2024 for new loans only and are subject to change.