This was posted 2 years 10 months 25 days ago, and might be an out-dated deal.

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Macquarie Bank - 2.34% Variable Rate (2.34% CR) Home Loan, 2.62% With Offset

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Macquarie Bank - 2.34% Variable Rate (2.34% CR) Home Loan, 2.62% With Offset
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pjwellsey on 24/05/2021 - 09:18 macquarie.com.au (200 clicks)
Last edited 24/05/2021 - 13:02 by 1 other user

Basic

  • Fee free redraw from your loan using online banking
  • Opt in to receive Qantas Points (different rates apply) (https://www.macquarie.com.au/content/bfs/en/home-page/home-l…): 10,000 Qantas Points for every $100,000 drawn at settlement / 1,000 Qantas Points every month for the life of your loan / 25,000 Qantas Points on the third and fifth anniversaries of your loan
  • Up to 6 loan accounts.

Offset

Offset Annual Fee $248
Waived annual fee for an award winning credit card~ linked to your offset home loan
$0 international purchase fees on your Debit Mastercard and credit card that are linked to an offset account

Financial Home Loan

Related Stores

Macquarie Bank
Macquarie Bank

closed Comments

  • stockastics on 24/05/2021 - 09:26
    +1

    so what is the deal? My home loan rate is 2.4% with offset.

  • ufoninja on 24/05/2021 - 09:31
    +1

    I’m at fixed 1.74% with offset with homestar. What’s the deal here?

    • hoxyz on 24/05/2021 - 09:59

      How many years please?

  • drillvoice on 24/05/2021 - 09:37

    Based upon the content of this post, there are many banks offering better loan terms.

  • HiredGoon on 24/05/2021 - 09:45
    +2

    1.84% with offset available at St George with $4K cashback, Annual fee $395. Fixed for 2 years.
    Waived annual fee on Signature CC with 200K points over 2 years.

    Seemed much better deal to me, settled on this myself last week.

    • stockastics on 24/05/2021 - 09:48

      Wow, fixed with offset? Incredible

      • HiredGoon on 24/05/2021 - 09:52
        +1

        I'm not a wiz at these things, so it's possible I'm wrong, but it's literally called 'Complete Freedom Offset', so pretty sure.
        The swap from Bankwest, including rolling in a small personal loan has saved me about $900 a month…

    • No Child Support on 24/05/2021 - 10:18

      Not a fan of fixed but thats not a bad deal. Is it available for public or only a broker has access to it

      • HiredGoon on 24/05/2021 - 12:26

        I went through a broker myself, but it's available to all.
        St George - Fixed Rate Home Loan
        St George - Amplify Signature Credit Card

        • No Child Support on 24/05/2021 - 12:30

          The $4k cashback im assuming is only available through the broker.Easily offsets the annual fees.Did you refinance or a new loan?

          • HiredGoon on 24/05/2021 - 18:17
            +1

            @No Child Support: I refinanced, and no, the 4k is for anyone, given the following conditions from their website.

            "$4K Cashback When you Refinance

            For new Owner Occupier (P&I repayments) and Investment loans. Available on our Advantage Package home loans, with a $395 annual package fee and Basic home loans (no annual fee). $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 30th June 2021, and settle by 30th September 2021. Only 1x $2k cashback per property refinance will be paid regardless of the number of loans involved. Only 1x $2k bonus cashback will be paid for the initial application regardless of the numbers of customers, properties or applications involved with a maximum LVR up to 80% at time of approval.^"

    • chocfrogs456 on 24/05/2021 - 13:47

      Didnt think you could get offset with fixed?
      and their website rate is 2.49% with offset, not sure how you are getting 0.6% lower

      • HiredGoon on 25/05/2021 - 07:40

        Direct from the page I linked before…
        2 year fixed rate 1.84% p.a 3.38% p.a. Comparison rate*

        • chocfrogs456 on 25/05/2021 - 09:35

          Yes. but fixed doesnt come with offset facility

    • lethological on 29/05/2021 - 16:55

      recommendations on broker?

      • HiredGoon on 03/06/2021 - 07:16

        I went through Daniel Leung from Plus Loans in Midland WA. I made it easy for him, as I had mostly done my homework already and narrowed down my choices. Mainly used a broker to make the process easier, but I can't lie that part of my motivation was simply to drum up some free business for a local from the banks, that didn't cost me a cent.

        In any case, Daniel was very knowledgeable, and while the process was lengthy due to delays on my end with paperwork, he was very thorough and patient with us. Being local meant we could do our meetings face-to-face as well, which can certainly make things easier.

    • Homr on 07/06/2021 - 22:26

      Sorry, I'm new to this, but 1.84% is 3.38% p/a comparison rate.

      3.38% is high isn't it? Tic Toc home loans has 2.05% comparison rate.

      • HiredGoon on 08/06/2021 - 06:18

        This page has something for you to have a bit of a read up of, should you be interested.

        Essentially it uses an example loan of $150,000, for a period of 25 years, for principal and interest loan, and takes into account most basic fees.

        There are many reasons why it's really not that good of a comparison, and you should definitely do your own calculations to make an informed decision.

        Low interest rate, with higher annual fees would show a pretty poor comparison rate, and yet for a 400-500k loan, could still provide significant savings over the life of the loan. Also taking in to account bundling in a waived annual fee credit card, with bonus redeemable points etc, as well as a lump sum cash back on settlement, can change everything. Anyway, lots more things to consider than comparison rate.

        The comparison rate would make a lot more sense if they increased the example loan size, to something more reflective of todays standard loan sizes. $150k is too low to be relevant these days.

      • El-Rhi on 12/06/2021 - 08:22

        Fixed rates generally have a higher comparison rate as they revert to the standard variable rate at the end of the fixed term. Most people will just refinance to a better deal at the end of the fixed rate, so the comparison rate becomes irrelevant

  • BlinkyBill on 24/05/2021 - 09:52
    +9

    I'm not sure why people are comparing fixed-rate loans to variable-rate loans. The rate above is good, certainly not great, but comparing it to how you got a sweet deal on a fixed-rate loan is misleading. Compare it to other variable rate products out there.

    • hoxyz on 24/05/2021 - 12:17

      I think it makes sense as at the end of the day we are comparing how much we pay.

  • hq on 24/05/2021 - 10:02
    -1

    Athena variable rate is way lower (1.99% variable with future drops as you pay down your loan). Not sure why this is a deal.

    • aaronaldo on 24/05/2021 - 10:13

      Do they offer an offset facility?

      • taurenpally on 24/05/2021 - 10:25

        not yet but they are hoping to in about 4months ive been told.

      • t3chshopper on 24/05/2021 - 12:39
        -1

        No, but full redraw facility, so better than nothing.

        • t3chshopper on 19/06/2021 - 08:54

          Ah yes, downvoted for stating facts.

  • bubblebobble2 on 24/05/2021 - 10:08
    +2

    the deal here is… 'you bank with Macquarie' :0)

    • bibeputt on 24/05/2021 - 14:04

      I am with Macquarie. They don't pass the reduced rates to existing customers.

      • Ughhh on 24/05/2021 - 18:06

        Have you tried calling them and they refused to?

  • lknight on 25/05/2021 - 08:36

    did Macquarie increase their variable rates recently? My offset with them is 2.49

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