Macquarie Bank Home Loan Review
Choosing a home loan can be a complex process, with many factors to consider. One of the most important things to look for is a bank that offers competitive rates and flexible features. Macquarie Bank is one such bank, and in this review, we’ll take a closer look at its home loan options.
Macquarie Bank offers a wide range of home loans to suit different needs and budgets. Whether you’re looking for a fixed-rate loan, a variable-rate loan, or an offset account, Macquarie Bank has something to offer. The bank also offers features that can help you save money on your home loan, such as loyalty discounts and early repayment bonuses.
- Borrow up to 80% of the property price
- No minimum foreign income verification or residency requirements
- Macquarie Bank offers flexible repayment options for expats
Macquarie Bank Home Loan Options
Macquarie Bank offers a variety of home loan options for Australian expats. These include the following.
Variable Rate Loans
Fixed Rate Loans
Offset Accounts
Variable rate loans have an interest rate that fluctuates with the market. This means your monthly repayments may go up or down over time. Variable rate loans often have lower interest rates than fixed rate loans, but this can fluctuate depending on market conditions.
Fixed rate loans have an interest rate that remains the same for a set period of time. This can provide peace of mind if you are concerned about interest rate changes. Fixed rate loans typically have higher interest rates than variable rate loans, but they offer more stability.
Offset accounts allow you to offset your home loan debt against your savings. This can help reduce your monthly repayments. For example, if you have a $500,000 home loan balance and $100,000 in savings, the offset account will reduce your monthly repayments by $1,000.
Introductory rate loans offer a lower interest rate for a set period of time, typically one to two years. After the intro period, the rate reverts to the standard variable rate. Introductory rate loans can be good if you plan to refinance after the intro period.
Macquarie Bank Home Loan Review
Macquarie Bank’s home loans have various advantages and disadvantages:
| Pros | Cons |
|---|---|
Competitive interest rates. As of July 2023, the bank's variable home loan rate is 3.99% p.a. and its fixed rates range from 4.49% p.a. for a one-year term. | Macquarie Bank has strict eligibility criteria for its home loans. Borrowers must have good credit history and stable income. |
Offset accounts to offset their home loan debt against their savings. | The offset account can help reduce monthly repayments, but only if borrowers have a high savings account balance. |
Flexible repayment schedules offering interest-only payments, principal and interest payments, and split payments. |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Macquarie Bank Home Loan Features
There are a number of features that Macquarie Bank offers for Australian expats looking for a home loan. These include the following.
| Feature | Details |
|---|---|
Deposit Size | Macquarie Bank requires a minimum 20% deposit for most loans, but some loans allow 10% or 5% deposits. |
Repayment options | Macquarie Bank offers variable, fixed, and split rate loans. |
Early Repayment Fees | No fees for making extra repayments. |
Cashback Offers | Cashback amounts vary by loan type. |
Interest Rates | Competitive interest rates compared to other Australian banks. |
Digital Banking Platform | User-friendly online platform to manage your loan |
Expat information | Home loans available to Australian expats. No minimum residency requirements. |
Facts about Macquarie Bank
Macquarie Bank operates in over 31 countries globally.
Macquarie Bank is listed on the Australian Securities Exchange (ASX).
The bank offers a wide range of financial products and services to businesses, institutions, and individuals.
Leading provider of infrastructure investment and advisory services.
How Do I Apply?
You can apply online or in person at a Macquarie’s Bank branch.
Online application
- Go to the Macquarie Bank website and click “Home Loans”.
- Click “Apply Now”.
- Enter personal details.
- Provide property and income information.
- Select loan type and terms.
- Submit application.
In-person application
- Go to a Macquarie Bank branch.
- Speak to a financial advisor.
- Provide personal details.
- Provide property and income information.
- Select loan type and terms.
- Sign the loan application form.
Who is Eligible?
To be eligible, you must:
- Be a permanent resident of Australia.
- Have a good credit history.
- Be able to afford the monthly repayments.
- Have a minimum deposit of 20% of the property value.
What Documents Do I Require?
To apply for a home loan from Macquarie Bank, you will need to provide the following documents:
- Proof of Identification and Residency: Passport, driver’s licence, birth certificate etc.
- Statement of Income: Bank account statements showing three months of salary income.
- Statement of Assets: Assets like shares, vehicles, credit card limits and living expenses.
- Valuation Report: A valuation report on the property you are buying.
Related Products from Macquarie Bank
First Home Buyer Loans
Macquarie Bank offers a number of first home buyer loans, including loans with low deposit requirements and loans with government grants.
Construction Loans
Macquarie Bank offers construction loans to help you build your dream home. Construction loans typically have a higher interest rate than other types of home loans, but they can provide you with the financing you need to complete your project.
Investment Property Loans
Macquarie Bank offers investment property loans to help you purchase a property to rent out. Investment property loans typically have a higher interest rate than other types of home loans, but they can provide you with the financing you need to grow your wealth.
Low Doc Loans
Low doc loans are designed for borrowers who do not have a lot of documentation to support their income. These loans typically have higher interest rates than standard loans, but they can be a good option for borrowers who are self-employed or who have difficulty obtaining traditional documentation.
Speak with a Specialist Mortgage Broker
Our mortgage brokers can help you understand Australian mortgages, especially if you’re an expat or foreign investor. Speak with one of our advisors to apply for a mortgage in Australia today.
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About (LENDER)
What is the minimum deposit required for a Macquarie Bank home loan?
The minimum deposit required for a Macquarie Bank home loan is 20% of the property value. However, there are some exceptions to this rule. For example, first home buyers may be able to borrow up to 95% of the property value, and borrowers with a high credit score may be able to borrow up to 80% of the property value.
What are the interest rates for Macquarie Bank home loans?
Macquarie Bank’s interest rates for home loans vary depending on the type of loan, the loan term, and the borrower’s credit score. As of July 2023, Macquarie Bank’s variable home loan rate is 3.99% p.a. and its fixed rates range from 4.49% p.a. for a one-year term to 5.49% p.a. for a five-year term.
What are the features of Macquarie Bank home loans?
Macquarie Bank offers a variety of features on its home loans, including:
- Competitive interest rates
- Flexible repayment options
- No early repayment fees
- 24/7 customer support
- Digital banking platform
- Loyalty discounts
What are the eligibility criteria for a Macquarie Bank home loan?
To be eligible for a Macquarie Bank home loan, you must:
- Be a permanent resident of Australia
- Have a good credit history
- Be able to afford the monthly repayments
- Have a minimum deposit of 20% of the property value
What is the application process for a Macquarie Bank home loan?
To apply for a Macquarie Bank home loan, you can either apply online or in person at a Macquarie Bank branch.
Online application
- Go to the Macquarie Bank website and click on the “Home Loans” tab.
- Click on the “Apply Now” button.
- Enter your personal information and contact details.
- Provide information about your property and your income and expenses.
- Select the type of loan you want and the terms of your loan.
- Submit your application.
In-person application
- Go to a Macquarie Bank branch.
- Speak to a financial advisor.
- Provide the financial advisor with your personal information and contact details.
- Provide information about your property and your income and expenses.
- Select the type of loan you want and the terms of your loan.
- Sign the loan application form.
How long does it take to get a decision on my Macquarie Bank home loan application?
The processing time for a Macquarie Bank home loan application varies depending on the complexity of the application. However, most applications are processed within two weeks.
Featured In
