From standard and retirement home loans to loans that let you earn Qantas Points, Macquarie could be worth including in your comparison.
Macquarie Bank is part of the global Macquarie Group, founded in 1969 in Sydney. It is now a major financial institution not only in Australia, but also internationally. It is the largest investment banking group in Australia and is regulated by the Australian Prudential Regulation Authority (APRA). Macquarie Bank provides a large range of financial services, from investments and loans to insurance, financial planning and funds management. It has an extensive and diverse range of home loans to suit different borrowers’ requirements.
Compare Macquarie Bank home loans
Home loans provided by Macquarie Bank
Basic Home Loan
The Basic package provides competitive interest rates and no account-keeping or annual fees. The loan can be a variable or fixed rate, and offers the option to split the account into up to six sub-accounts on different rates. The Basic Home Loan is available for the purchase of an existing home or for the construction of a new home, with online redraw facilities allowing you to avoid additional fees. Add a Macquarie Visa RateSaver Credit Card and pay no annual fee. The Basic Home Loan
Basic Flyer Home Loan
The Basic Flyer Home Loan provides a basic home loan with competitive interest rates and no account-keeping or annual fees. The loan can be a variable or fixed rate, and offers the option to split the account into up to six sub-accounts on different rates. The Basic Flyer also features an access account, a redraw facility and, like other Macquarie Bank Flyer loans, lets you earn Qantas rewards points with all repayments. The Basic Flyer Home Loan
Offset Home Loan Package
The Offset package is a fully transactional home loan with a 100% offset account that can work to reduce your interest. This loan package also has all the features of the Basic package, but with the option of unlimited sub-accounts allowing for flexibility on repayments. The Offset Home Loan Package
Offset Flyer Home Loan
The Offset Flyer Home Loan package has all the features of the Basic Flyer package but with the addition of an offset account. This home loan option allows you to have more than one sub-account in which you can vary the repayment method. The Offset Flyer Home Loan
Line of Credit Home Loan
A line of credit is a revolving loan amount which is approved up to a certain value and which you can draw down upon when you need it, similar to a credit card. This flexibility allows you to manage your home loan and your investments through one loan account with up to 10 sub-accounts. You'll also have ATM and EFTPOS access, plus a gold or platinum Visa card with the Optimum Package. The Line of Credit Home Loan
Line of Credit Flyer Home Loan
The Line of Credit Flyer Home Loan has all the features of the Basic Flyer Home Loan but is tailored to suit homeowners and investors who want to access the equity in their home. You can create up to 10 separate accounts after settlement of the loan. The Line of Credit Flyer Home Loan
Self-Managed Super Fund (SMSF) Property Loan
This loan provides SMSFs the flexibility to borrow in order to purchase or refinance investment property. Fixed and variable interest rate options are available, and additional payments can be made by the SMSF. Interest-only and principal and interest repayment options are also offered. The SMSF Property Loan
The Reverse Mortgage allows you to access the equity you have built in the family home to cover expenses that arise in your retirement years. The loan offers protected equity and a "no negative equity" guarantee giving you protection from owing more than your home is worth. There is no fixed loan term, and the loan's aged care extension allows up to two years to repay the loan after the date you move into aged care. Reverse Mortgage
Accommodation Bond Loan
This loan has many of the same features and benefits of the Reverse Mortgage but for a five year term, with no repayments required to be made until the end of the loan term. This loan provides the finances for your relocation into an aged care home. Accommodation Bond Loan
Features and benefits of a Macquarie Bank home loan
- Ability to make additional repayments - Most Macquarie Bank home loans allow you to put extra money towards your home loan. This is one of the best ways to reduce your loan term and pay less in interest.
- Redraw facilities - Most of the home loans offered by Macquarie Bank also allow you to withdraw additional repayments. This is an extra degree of flexibility which is useful in the event you need extra cash for unforeseen expenses.
- Interest-only options - You can opt to pay only the interest portion of your repayments each month rather than the interest and the principal. This is useful for investors wanting to increase their cash flow or those wanting to reduce their repayments for a time.
- Complete online access - A Macquarie Bank home loan gives you complete access to your loan account whenever you need.
What else does Macquarie Bank offer?
Macquarie Bank offers a full suite of financial services. Some of these include:
- Bank accounts - Macquarie Bank has a cash management account and term deposit account for those looking for a flexible cash hub or those looking to invest.
- Loans - Borrowers can apply for car finance and margin loans which have a range of innovative features, such as a car sourcing service.
- Credit cards - Macquarie Bank has a range of rewards credit cards and low rate credit cards which have features such as 55 interest-free days and balance transfer promotions.
- Investments - You can put your money to work with managed funds, cash investments and more with Macquarie Bank.
- International funds transfer - Need to get money overseas, Macquarie offers a range of options.
Pros and cons
- Size. The main advantage of taking out a Macquarie Bank home loan is the size of the banking group and its considerable assets compared to some of the smaller credit unions and co-ops offering similar loan packages.
- Rewards. If you have a frequent flyer account with Qantas, the Qantas points on offer are a definite plus.
- Range. Macquarie offers a full range of different home loans to suit a variety of potential borrowers.
- Loan split options. Split loans enable borrowers to take advantage of both fixed and variable rates.
- Online tools. The bank’s website has a number of easy-to-use online calculators which allow potential customers to calculate their borrowing power and repayment options.
- No branch presence. Macquarie Bank doesn't have any physical branches that you can visit, so if you prefer face-to-face communication, this could be a disadvantage.
How to apply for a Macquarie Bank home loan
If you want to find out more about a home loan from Macquarie Bank, you can read more on the review page for the loan product you are interested in. These pages will list the most important information regarding the loan so you can quickly and easily compare it with other loans. If you’d like to apply for a home loan from Macquarie Bank, please contact a mortgage broker or visit the Macquarie Bank website to start the application or make an enquiry. About a Mortgage Broker
The application form is very detailed and allows for two joint applicants or for an application by a business, corporation or trust. You will need to fill in each mandatory section, which includes your personal details, address, employment details and information about your assets, as well as the type and amount of loan you require. The main documents required are a passport or driver’s licence, and you can send in certified copies of these with the form. If one of Macquarie Bank’s home loan options sounds like a good choice for you, use finder.com.au’s comparison tools to ensure you find the best possible home loan.