Variable interest rate - basic owner-occupied home loans
For basic owner-occupied home loans with principal and interest repayments.
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Competitive rates and low fees
Our competitive rates and low fees could help you pay off your home loan faster.
Borrowing power
Use the calculator to understand your borrowing capacity with Macquarie.
Get pre-approval
Pre-approval gives you confidence that you’re looking at the right type of properties and it will enable you to act quickly when you find ‘the one’.
Variable rate home loan
- Flexibility to pay off your loan faster
- Ability to make unlimited additional repayments
- Option to add offset accounts to minimise interest
Fixed rate home loan
- Lock in certainty
- Easier to manage cashflow
- Choose 1-5 year terms
Split home loan
- Take advantage of both fixed and variable rates
- No fee to split
- Option to add an offset to the variable account
Ready for pre-approval?
Pre-approval is an initial assessment that gives you clarity on what a bank would be willing to lend you based on your circumstances. Whilst pre-approval is not a guarantee for a home loan, it can give you confidence to negotiate and make an offer to purchase a property.
- Online pre-approval can take as little as 15 minutes and there is no fee to apply.
- Have your income and expenses on hand for a more accurate and seamless application.
- After you’ve applied online, one of our home loan specialists will get in touch to talk through the results.
- Pre-approval lasts for 90 days and we’ll notify you when it’s about to expire.
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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.
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
Frequently asked questions
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%.
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.
Once you’ve completed an application with your broker or home loan specialist, we can (in most cases) provide you with a pre-approval within one business day if your application qualifies. Once you are successful with a property and provide us with all required documentation, we work quickly to provide you with unconditional approval and open your home loan account.
This timing depends on how quickly we can verify your identity, assess your application, and transfer security.
We’ll let you know by email if your application is successful and when your account is open and ready to use.
If you have any questions about the status of your application, talk to your broker or your home loan specialist.
The home loan interest rate is the actual rate at which interest is charged on your home loan and doesn’t include fees.
The home loan comparison rate is a rate that helps you work out the true cost of the loan and allows you to compare rates amongst other lenders. It reduces to a single percentage figure the interest rate plus some of the fees and charges relating to a loan. As well as the comparison rate, it’s important to consider the features each loan offers and how valuable these are to you.
Redraw is a product feature that allows you to make extra payments to reduce the outstanding balance of your home loan, which in turn reduces the amount of interest you pay. A redraw facility may allow you to access the extra payments you’ve made up to your loan limit at that time.
Redraw is a product feature enabled on most home loan products except for:
- construction loans with a BSB starting with 183
- accounts during a fixed rate period. Any extra payments you’ve made whilst your interest rate is fixed is only available at the end of your fixed rate period
- SMSF home loans.
Your redraw balance may change over time depending on several factors, including:
- loan limit changes
- repayment amount changes
- missed or late repayments and fees.
The below is an example explaining how redraw works where an extra payment has been made and the repayment amount has not changed on the home loan.
Sarah has a $300,000 home loan with a 30-year term. 10 years into her loan she makes an extra payment of $50,000. Her repayment amount does not change and the extra payment she’s made means she is paying less interest on her home loan. This results in Sarah paying off her home loan sooner. Because Sarah has maintained her repayments at the same amount, she can access her redraw balance up until her loan is paid off. If she continues to keep her loan open after it’s paid off, then available redraw will start reducing to ensure her home loan limit is $0 at the end of her loan term.
Checking your redraw balance
You can view or access your redraw fee free by using Macquarie Online Banking or the Macquarie Mobile Banking app.
To check your available redraw balance on Macquarie Online Banking:
- Hover over the home loan account in the account list
- Select I want to
- Select View account details
- Available funds for redraw is shown as Redraw balance or Available funds under Account Summary.
Alternatively, you can:
- Select your home loan account from the account list
- Select I want to in the banner near your account product name (or account nickname)
- Select View account details in the menu drop-down
- Available funds for redraw is shown as Redraw balance or Available funds under Account Summary.
To check your available redraw balance on the Macquarie Mobile Banking app:
- Select a home loan account from the main screen
- Available funds figure is displayed at the top of the screen above account balance.
Accessing your redraw balance
To access your available redraw balance on Macquarie Online Banking:
- Select the icon from the side menu; or first click on the icon in top left-hand corner to display the side menu
- Select the home loan account with available redraw balance
- Select the Macquarie account you wish to pay to, or New payee/biller.
To access your available redraw balance on the Macquarie Mobile Banking app:
- Select the icon on the front screen
- Select either Internal transfer or Make a payment
- Select the home loan account with available redraw balance
- Select the Macquarie account you wish to pay to, or New payee/biller.
The daily limit for Pay Anyone and BPAY payments from your home loan can be viewed here.
To access redraw on your Reverse Mortgage or Accommodation Bond loan, please call us on 1800 007 722 (+61 8245 4383) from 8am to 7pm (Sydney time) Monday to Friday.
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Additional information
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.
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.
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.
Fixed rate loans may be subject to significant break costs. Please refer to the loan contracts for terms and conditions regarding break costs. At the end of the fixed rate period, the interest rate will revert to the discount variable rate applicable at that time.
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.
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.
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.
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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.
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Home loan information and interest rates are current as at 30 January 2024 for new loans only and are subject to change.