Variable Home Loans - Eg. Owner Occ Offset 2.24%, Investor Offset 2.49% with $248 annual fee at Macquarie Bank


Macquarie have dropped the rate by 0.1% on their variable Basic and Offset owner occupier and investor home loans. Their offset home loans in particular look like a real good deal, equivalent to rates for non-offset loans at other lenders. Still requires an annual fee ($248) but even the fee is lower than average. Might have to give my current bank a ring to negotiate.

Macquarie Owner Occ rates from their website as of 11 Sept (basic and offset rates are the same; offset requires $248 fee):

LVR Rate
<= 60% 2.14%
<= 70% 2.19%
<= 80% 2.24%
<= 90% 2.69%

Macquarie Investor rates from their website as of 11 Sept (basic and offset rates are the same; offset requires $248 fee):

LVR Rate
<= 60% 2.29%
<= 70% 2.39%
<= 80% 2.49%
<= 90% 3.25%

Other low owner occupier variable loans for comparison (rates below are for 80% LVR):

Loan Rate Link
Macquarie Basic 2.24% Macquarie
Macquarie Offset 2.24% (requires $248 fee) Macquarie
St George Basic 2.29% St George
UBank 2.34% Ubank
ING 2.49% ING
ING Offset 2.54% (requires $299 fee) ING

Other low investor variable loans for comparison (rates below are for 80% LVR):

Loan Rate Link
Macquarie Basic 2.49% Macquarie
Macquarie Offset 2.49% (requires $248 fee) Macquarie
UBank 2.55% Ubank
St George Basic 2.59% St George
ING 2.64% ING
ING Offset 2.69% (requires $299 fee) ING

Other loans can be found on my rate tracker website: RateRank - Variable Offset | RateRank - Variable | RateRank - Fixed . Note I don't track every single bank, but most of the majors are on there. Missing most of the neobanks/online only lenders but plan to add them eventually.

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Macquarie Bank
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  • St George is 1.84% p.a. 2 year fixed rate & no rate change based on LVR

    • No offset though….?

  • Another 10 basis points off for Macquarie Staff / family and friends I think.

  • +6

    Owner occupier is a fair bit off the best you can find, quite a bit better than this in the market. I'm with TicToc and paying 1.89% variable with $10 per month offset fee.

    • Good to know about Tictoc - what's their app/offset account like for everyday banking?

      • They don't have an ap, but I've never found any use for mobile banking aps personally. It's also just an EFTPOS card (not Visa/Mastercard) that comes with the account. Not an issue for me as I put everything on credit card and just pay that every month and never use cash any more.

        Internet banking is fine (it's just Adelaide Bank rebranded).

  • +3

    Be careful of interest rate creep with Macquarie. You'll find once they lure you in your rate soon becomes uncompetitive, within 2 years my rate was 0.5% higher than the rate offered to new customers. It would be 0.6% higher following this cut if I hadn't switched to another provider.

    I'm now with Athena on 1.99% variable and they have a guarantee to give existing customers the same rate that they offer to new customers.

    • I suppose most lenders will try to push the interest rate up on you. No offset account facility with Athena unfortunately.

      • +1

        Indeed most will, which is in part what drew me to Athena, though mostly it was because they had the cheapest fee free variable rate at the time I was looking about 6 months ago. If I was looking now I'd go with Tictoc at 1.89% posted above

        As for the offset it's true that Athena don't offer one, but typically loans with offsets have a higher variable rate or charge account keeping fees. I try to put all my excess cash into the redraw facilty but probably maintain an average balance of $5k in my transaction account so that's roughly $100 a year in interest savings that I lose out on. If they offered one for $10 a month like tictoc I'd take it. Even though my interest savings would be slightly less than the fees it would save me the hassle of monitoring and transferring excess funds.

    • Interesting about the rate creep, will keep that in mind. I agree Athena is better but no offset is a deal breaker.

      • totally agree with the rate creep, you'd have to keep monitoring their rate and call up to ask to match it, which is very time consuming and annoying

  • Anyone has any luck to get your current bank to match this rate? Westpac told me this rate is for new application only so they refuse to match or do anything close to that rate. As others said, no lender treat existing customers well.

    • +1

      Vote with your feet. That is what is my plan too.

      I have been with Westpac for 12 years now. Previously, my lender manager could always do substantially better than the listed rates, and generally reviewed and dropped rates without even me asking.

      But since a year and a bit, Westpac has dual rates policies. The policy of excluding existing customers from accessing new rates has left a bad taste. We are constructing now. But once that is finished, plan is to go where I get the best price and service combination. Not to forget the cashback offers too.

      • +1

        Yep, my application is in. Thanks OP!

        • I have also been with Westpac for over a decade. They have dropped rates at my request a few times but now will not budge. I will soon be ditching Westpac for Macquarie.

          Aside from pricing, another limiting factor with Westpac is that it can only facilitate one offset account per loan, so it makes it difficult to bucket funds for different purposes. With Macquarie's unlimited splits and 10 offsets per loan, I won't have such a problem.

          CBA offers up to 99 offset accounts per loan. I wish that Macquarie would copy this. Also, CBA has the Viridian equity line of credit. I wish that Macquarie would also offer something similar.

          • @YesPleaseThankYou: I have two offset accounts with Westpac. In fact now the Westpac App gives me reminder which accounts do not have offset accounts. If this is something you are interested in check with them. But, it could be a waste of time if they do not budge on the rates as an existing customer.

            Edit: Sorry I misunderstood what you said. I was allowed to create multiple accounts for each purpose and then have offset accounts for each loan account.

    • apply elsewhere and then your bank will suddenly become interested in giving you a better rate

    • The big banks are usually terrible for this. Something else worth noting about TicToc that I didn't mention above. They have dropped their advertised rate 3 times since I joined them, this was not automatically passed on, but I simply emailed them through internet banking asking them to match the new customer advertised rates and they have done so every time with no hassle.

  • +2

    Macq Bank have a pretty good package.
    One of the few banks that have multiple offsets available as well.
    The associated debit cards are also fee free withdrawal at any ATM which comes in handy when you're in a spot.
    You can also get the Black credit card which has fee free international transactions (Platinum may have it as well, can't recall exactly)

    • We moved to Suncorp from Macquarie because they took their sweet time rolling out multiple offsets. Our broker was told they were going to roll it out 'very soon'.. few years later and they still hadn't so off we went.
      We'll take a look at them again once we're done building and hopefully there'll a cashback as well. Thanks for the heads up!

      • How long ago was that?
        They definitely had offset accounts available back in 2018 when I first applied

        • Dec 2017 - when we signed up mid-2016 they only had a single linked offset. When we left, they still hadn't introduced multiple offsets (or weren't willing to give it to us)

          • @aragornelessar: Ah ok. You must have missed it by a few months. It was within the first quarter of 2018 that I saw they had multiple offsets available.

      • To this day Suncorp only offers one offset account per loan. Source: In recent weeks I have been in discussion with a lender.

        Note that Suncorp is currently waiving the Home Package Plus fee for the life of the loan. This would be an excellent deal if it offered a feature-rich product suite.

        If it wasn't the offset limitation and that splitting a loan after settlement requires a new application, I would have gone with Suncorp.

        • +2

          Suncorp do offer multiple offset accounts though…

          Edit: One primary account can have up to 9 sub-accounts. All which can act as offset accounts.

        • As /u/SuiCid3 linked, Suncorp definitely has multiple offsets. It may be called something different, but our Suncorp branch broker set us up with it straight away. Perhaps your lender is misinformed…

          Source: My existing Suncorp mortgage with multiple offset accounts.