Macquarie Bank is an Australian-based global bank with a complex reputation. On one hand, they are known for forcing the major banks to lower their rates in the late 90s by setting a more competitive rate standard. On the other hand, during the Global Financial Crisis, Macquarie pulled out of the market and left many low-doc borrowers in a difficult position with higher interest rates. Today, the bank has a very conservative lending policy but does offer a nice combination of competitive rates and substantial customer service for those who qualify.
Lower rates than other banks
Convenient online banking features
Good customer service
High fees on some loans
No low doc options
Strict lending policy
Macquarie’s Basic Home Loan offers a low-interest rate and zero application or account management fees. You can opt for a variable or fixed loan, or split your loan to take advantage of both rate types. This loan isn’t full-featured like other products but if you want a straightforward product at an exceptional price, this is a good option for those who qualify and can put down at least a 20% deposit.
You can save a substantial sum by lowering your interest owed with an offset account – Macquarie lets you have up to ten fully transactional accounts with your loan. Combine this with a competitive rate and a Macquarie credit card with no annual fee for the life of your loan and you have a smart home loan for savvy borrowers.
Get more out of your self-managed super fund by investing in property with a competitive SMSF home loan. Macquarie is able to offer lower than average rates for SMSF loans. You can borrow up to 80% of the property value. While there are expensive fixed fees to start, you won’t have to may any monthly account fees.