Macquarie bank home loan refinance, rates, calculator, review, contact

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MR Laboratory

14 Jun, 2022

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macquarie bank home loan refinance, rates, calculator, review, contact

macquarie bank home loan

With great rates, low fees and fast approval times, more good borrowers are choosing a Macquarie home loan. . You may need a lot of money to buy a new house, to renovate the old house. Not everyone has savings. Macquarie has come up with a home loan for them. Today I will try to discuss in detail about macquarie bank home loan.

About Macquarie Bank

Except for Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (MBL), any Macquarie entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of MBL. Any investments are subject to investment risk including possible delays in repayment and loss of income and principal invested. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

The Macquarie was dubbed the Millionaire Factory by the media for its skyrocketing bonuses and even higher profits. McCurry, the bank that financed Aussie home loans in the late '90s, competed with major banks and forced them to cut interest rates.

Macquarie Mortgages has a somewhat checkered reputation because during the GFC they completely withdrew from the market and left many customers at high interest rates, especially those with low dock loans.

Nowadays Macquarie focuses on home buyers and investors and stays away from low dock lending. They are still the non-bank lender and wholesale fund or part-owner of mortgage brokers.

Discuss a good interest rate

A good interest rate can be negotiated with McCurry, but usually only for large loan sizes or when they lose customers to other lenders.

Your mortgage broker may request a price from their Macquarie Relationship Manager and they will offer you one. Macquarie has a large deposit and a preference for owner-occupied loans used with principal and interest payments.

Do you want us to ask for a price for you? Call us on 1300 889 743 or fill out our free evaluation form online.

Innovation and digital mortgage

Macquarie has always been an innovator in the mortgage market. First with securitization using Aussie home loan funding, then with low dock loans and now with digital mortgages.

The idea of a digital mortgage is that you can get rid of most of the paperwork and instead apply, get approved and accept your contract all electronically. They've worked hard and invested a fortune to make it a reality but only time will tell if it delivers on the promised great customer experience.

Secret bonuses and crazy work time.

Macquarie mortgage workers often work long hours to approve and dispose of the huge amount of home loan they receive. It is not uncommon for them to work long hours at night and on weekends.

Instead of paying overtime, Macquarie's employees receive a 'secret bonus' that is part of an annual profit. Obviously, overtime is considered but it is difficult to be sure and none of us know how it is calculated.

This is a strange way to motivate a team because a lot of employees think it is unfair and we hope to get some huge bonuses that are very strongly lip service to it.

What home loans do Macquarie offer?

Rates and fees verified as correct at 14 June 2022. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

The fixed rate Basic Home Loan from Macquarie is a fee free option - no service or application fees in sight. Don’t let the name fool you though, the Basic Home Loan is packed with handy features to help you save money on your mortgage like free extra repayments and the ability to make redraws. Just keep in mind that these features do come with conditions - your extra repayments are capped at 5% p.a. and redraws will attract a fee if you do it over the counter. You can also bundle your Basic Home Loan - or any Macquarie home loan for that matter - with a Macquarie Credit Card, and skip paying the annual credit card fee for the life of your loan. This loan is only available for amounts between $150,000 and $750,000, for borrowers with an LVR of less than 80%.

What home loans does Macquarie Bank offer?

Macquarie Bank offers principal and interest (P&I) and interest-only (O) home loans for both owner-occupiers and investors.

These home loans are available in variable and fixed interest rates under the options of ‘Basic’ and ‘Offset’. A split option of both variable and fixed interest rates is also available for those seeking added flexibility in their new home journey.

Why macquarie bank home loan?

Fast turnaround times

With a straightforward application process and fast turnaround times, you'll get a timely response on the status of your loan.

Flexible loan options

Tailor your loan with options such as splitting between variable and fixed interest rates, adding an offset account, or our low fee basic home loan.

Exceptional service

We'll keep you informed and up to date throughout the process. And if you need any help along the way, our home loan specialists are available to answer any questions.

Great rates and low fees

Macquarie home loans are built on great value. Our competitive rates and low fees help you pay off your home loan faster.

Macquarie Bank Home Loan rates from 2.39%

Compare Macquarie Bank home loans for June 2022

Hit the "Load more" button to compare a bigger selection of products. You can also find more information on each individual product by clicking "more info".

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Macquarie Bank key facts

Macquarie Bank has some quite competitive interest rates, especially on its basic loans. Most of its loans have very minimal fees.

The bank's basic home loans have lower rates, while the package loans have 100% offset accounts.

You need at least a 10% deposit to qualify for some Macquarie Bank home loans, but many require a 20% deposit or even higher. Borrowers with small deposits need to research their options carefully to avoid applying for a rate they cannot get.

Macquarie Bank also offers credit cards, savings accounts and other banking services.

Review by our senior home loans writer Richard Whitten

Macquarie Bank home loan features

Here are the key features and details you need to know about Macquarie Bank's mortgage products.

Feature Details

Minimum deposit While some Macquarie Bank loans have 90% maximum LVRs, meaning you can get them with 10% deposits, many don't. Some of the bank's lowest rates are for borrowers with 30% deposits or more.

Offset account? Macquarie Bank package loans come with offset accounts, while the basic loans do not.

Fees While Macquarie Bank's package loans come with a standard annual fee, most Macquarie Bank loans have very minimal fees.

Repayment options Both Macquarie Bank's fixed and variable rate loans allow you to make interest-only repayments for a limited period. The lender also offers the standard principal-and-interest repayments on its loans.

How do I apply for a Macquarie Bank mortgage?

When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.

Eligibility

Each Macquarie Bank product has specific eligibility criteria, but some will apply to all products. For example:

Age. You must be over 18 years of age.

Residency. You should be a resident of Australia.

Employment. You should have a regular source of income.

Documents required

When you apply for a mortgage with Macquarie Bank you are required to provide certain information, so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:

📄 Property details. You can start a loan enquiry before you've bought a property, but to complete an application, you need the address of the property and a signed contract of sale.

📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.

📄 Proof of income documents. Recent payslips can establish your income.

📄 Asset and liability documents. You need to provide documents showing your current assets (such as savings accounts and investments) and liabilities (for example, your outstanding debt).

What is home loan pre-approval?

Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.

Are there any risks going with a smaller lender?

Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of. But there's no reason to worry just because you've never heard of a lender before.

In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.

Macquarie Bank is an authorised deposit-taking institution (ADI). This means customers with money deposited in a Macquarie Bank savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000, even if the bank itself collapses.

Should I go with a fixed or variable rate?

Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.

A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.

Do I need a mortgage broker?

Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.

Lenders like Macquarie Bank

If you're looking for a home loan from a similar lender to Macquarie Bank, you could look at the Big Four or some of Australia's other mid-sized lenders.

Big Four banks. Check out home loans from Australia's Big Four banks.

AMP. AMP is a large Australian lender and financial services provider.

Bank of Queensland. Another of Australia's larger lenders, with a wide selection of mortgages.

Suncorp Bank. This Queensland-based lender also provides insurance and superannuation services.

ING. This online bank is part of the global, Dutch-based financial group of the same name.

macquarie bank home loans rates

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

macquarie bank home loans calculator

Macquarie home loan mortgage calculators and tools can help compare home loans, calculate how much you can borrow, deposit amount and repayments.

macquarie bank home loans review

How do Macquarie Bank's home loans compare? · Their fixed rate loans are often more expensive than other lenders · Lending policy is very conservative above 80% ...

macquarie bank home loans contact

If you need help or have any concerns about the security of your account, please call us immediately on 133 174 (+61 2 8245 4470), 24/7. ... With Macquarie Online

Macquarie Bank Home Loan Review

So Macquarie Bank was just known as the only investment bank in Australia. So far in the last few years, they have become a retail bank where they are. They are offering home loans and credit cards, even just for everyday accounts how ordinary consumers like us compare their home loans. So now let's go through three things they are really good at. The first thing to look for in Macquarie

Really good they have really good flexible loan options still bare feet

Investor fans need to line up and check.

Macquarie If they've got some pretty cool features you can get a basic home loan that you can have up to six different accounts.

Your Mojo Splurge is a basic home loan that has all the accessories

There is no annual fee even if you are a fan of offset

Accounts will let you have up to 10 different offset partitions so you can go.

macquarie bank home loan refinance

Could you save money by refinancing your home loan? Use our home loan refinance calculator to find out how much you could save

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Macquarie bank home loan refinance, rates, calculator, review, contact