Macquarie Bank Home Loan Review 2026

Macquarie is worth a look if you want several offset accounts or earn part of your pay through overtime or a second job. It can be quick to approve a straightforward application, but recent missed repayments can rule it out. We’d check those first, before you spend time applying.

The Basic Home Loan has no annual package fee, but it has no offset either. The Offset Home Loan costs $248 a year. We’d look at how much you usually keep in savings and the rate on each loan to work out whether paying for the offset is worthwhile.

Macquarie offers fixed terms from 1 to 5 years. You can pay up to $10k extra into each fixed loan account during each year of the fixed term. A larger repayment, early payout or rate change may create a break cost.

If you choose the Offset Home Loan and fix part of it, at least $20k must remain in a variable loan account.

An investor paying principal and interest may be able to borrow up to 90% of the property value, including Macquarie's low-deposit fee. If any part of the loan is interest only, the whole loan is limited to 80%.

Our offset account guide explains the savings calculation. Compare ING and Bankwest for different offset arrangements and fees.

Your payslip may include overtime, allowances or income from a second job. Macquarie can count more of some of that pay than other lenders. How much you can borrow still depends on your debts and living costs, including credit-card limits you don’t use.

Macquarie will check your payslips and whether you can keep working both jobs.

For overtime, Macquarie's essential-services list includes public transport operations, firefighters, health services, garbage and sewerage services, prison officers, police, and power or energy technicians. Electricians are not included.

Some accountants, actuaries, lawyers, medical professionals, engineers, vets, architects, pharmacists, psychologists, podiatrists and optometrists can apply with 1 full year of income records. You need the relevant registration or qualification. We’ll also check which financial year Macquarie wants: it starts asking for the latest completed year from 1 April, with a grace period ending on 15 April.

Eligible professionals may use their latest personal tax return and notice of assessment, or 1 year of records under the standard method. The business and income history must both cover at least 12 months. We’ll check which option fits your records.

Macquarie can also count some car, shift and regular work allowances in full. Accepted overseas salary is generally reduced to 80%. If a HELP repayment appears on your payslip, Macquarie counts the full deduction until you can show the debt has been repaid.

Macquarie also looks at how much you owe compared with what you earn before tax. For example, $600k of total debt on a $100k annual income is 6 times your income. You may see this called your debt-to-income ratio, or DTI.

For credit cards, Macquarie uses the limit, not what you currently owe. A $20k card with no balance can still be treated as a $760 monthly commitment.

To check whether you could manage higher repayments, Macquarie assesses the loan at 3% above the actual rate, or its minimum assessment rate if that is higher. You don’t pay that test rate.

Compare NAB and ANZ for different income methods. If avoiding LMI is your priority, compare the profession rules in our LMI waiver guide.

Macquarie does not publish a minimum credit score. The important detail in its current guide is how late a repayment was and when it happened.

Macquarie also will not accept an outstanding default, court judgment, court writ or bankruptcy. A small paid default unrelated to finance may be reviewed when there is a reasonable explanation.

Buying a home to live in? Macquarie may lend up to 95% of its value when you choose principal-and-interest repayments. Its low-deposit fee has to fit within that limit, so you may need more than a 5% deposit. The bank may also offer a lower amount because of the property or your credit history.

If you borrow more than 85% of the property value before adding the low-deposit fee, Macquarie generally wants genuine savings equal to 5% of the purchase price.

A family gift can still help with the deposit. Macquarie will want a letter confirming that it does not need to be repaid. If it is really a family loan, the repayments count when Macquarie works out what you can afford.

Our 5% Deposit Scheme guide explains the scheme pathway. Compare CBA and St George if you need a participating lender, subject to the scheme and lender checks.

Before you bid at auction or make an unconditional offer, we’ll check whether Macquarie will lend on the address. Your solicitor or conveyancer can help with the contract checks.

Macquarie can fund the construction of up to 2 homes or an eligible renovation. The work must use a fully licensed builder and generally start within 3 months of settlement. A $1,500 construction administration fee applies at settlement and covers Macquarie's valuation and progress-payment costs.

Macquarie will only fund construction in the postcodes it classifies as metro or non-metro. It excludes its Category 3 regional areas, even if it would lend on an existing home there. We’ll check the postcode before you rely on Macquarie for the build.

Read our apartment loan guide for size and building checks, or our construction finance guide before signing a building contract.

Macquarie may refinance up to 90% of the property value, including its low-deposit fee. Once the new loan is above 80%, you generally cannot release equity or combine other debts into the home loan, apart from up to $5k for costs.

At 80% of the property value or less, Macquarie may consolidate unsecured debts with combined limits of up to $50k. The cap uses the limits, not just the balances owing. We’d check whether combining the debts actually saves you money: stretching them over a longer home-loan term can mean paying more interest.

Macquarie also does not offer a guarantor loan using a parent's property as extra security.

Our bridging loan guide explains buying before selling; compare Westpac and St George for bridging options. If family property will support the deposit, read our guarantor loan guide.

New Macquarie home loans must be in your own name, rather than a company or trust name. That does not stop you using income from your business, provided it meets Macquarie’s requirements.

If you’re a temporary resident, you generally cannot apply on your own. You may be able to apply with a partner who is an Australian citizen or permanent resident, provided they earn most of the income needed for the loan. We’d check your visa and both incomes before recommending Macquarie.

Macquarie's minimum new loan amount is $150k, so it may not suit a small regional purchase or a borrower who only needs a modest top-up.

A conditional approval gives you 90 days to look for a property. We’ll explain what still needs approval, including the property, and what happens if you need more time. Macquarie will also need to confirm that your income, debts and circumstances haven’t changed.

Formal approval also needs the loan to settle within 90 days. Macquarie may extend it up to 180 days from formal approval if you complete a change-of-circumstances declaration and it accepts any changes.

Macquarie published average times of up to 4 hours for file pick-up and up to 4 hours for assessment when checked on 11 September 2026. These are separate processing estimates, not a promise of formal approval within 4 hours.

A full valuation, missing paperwork, a low-deposit check or a request outside the usual lending rules can take longer. We’ll check the current queue against your contract dates before you apply.

For some buyers, Macquarie’s treatment of overtime or a second job makes the difference. For others, the offset fee or a property restriction makes another bank more suitable. We compare what you can borrow and what it costs, as well as whether the loan can be ready by your finance date.

The lender pays us commission, which we disclose before you proceed. We compare more than 30 lenders and must act in your best interests. Our mortgage brokers in Brisbane can compare Macquarie with other lenders and explain your options if it doesn't suit.