Macquarie Basic Home Loan Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
OO P&I (≤70% LVR)
5.84%
p.a. variable (comp. 5.86%)
Investment P&I
6.15%
p.a. ≤60% LVR (comp. 6.17%)
Max LVR
95%
tiered rates apply
About the Macquarie Basic Home Loan
Macquarie Bank is one of Australia's largest investment and retail banks. Their Basic Home Loan is a no-frills variable rate product with a comprehensive published rate schedule — one of the few lenders to publicly list rates at 5 different LVR bands, from ≤60% up to ≤95%.
At 5.84% p.a. for ≤70% LVR, Macquarie slots in between the smaller digital lenders (PMG, People's Choice, Unloan, Up Home) and the traditional banks. The investment P&I rate from 6.15% is also competitive for investors.
Key Rates and Features
| Rate / Feature | Detail |
|---|---|
| OO P&I (≤60% LVR) | 5.84% p.a. (comp. 5.86%) |
| OO P&I (≤70% LVR) | 5.84% p.a. (comp. 5.86%) |
| OO P&I (≤80% LVR) | 5.89% p.a. (comp. 5.91%) |
| OO P&I (≤90% LVR) | 6.09% p.a. (comp. 6.11%) |
| OO P&I (≤95% LVR) | 6.89% p.a. (comp. 6.92%) |
| Investment P&I (≤60% LVR) | 6.15% p.a. (comp. 6.17%) |
| Investment P&I (≤70% LVR) | 6.19% p.a. (comp. 6.21%) |
| Investment P&I (≤80% LVR) | 6.29% p.a. (comp. 6.31%) |
| Interest-only (IO) | Available — contact lender |
| Offset account | Not on Basic — available on Offset product |
Rates as at 18 May 2026. Check Macquarie's rates page for the latest.
Pros and Cons
Pros
- ✓ Full LVR schedule published — from ≤60% to ≤95%
- ✓ Competitive investment P&I rates from 6.15%
- ✓ Big-bank reliability with competitive pricing
- ✓ Up to 95% LVR available (5% deposit)
Cons
- ✗ No offset on Basic product
- ✗ 5.84% — higher than PMG (5.59%), People's Choice (5.64%), Unloan (5.69%), Up (5.70%)
How It Compares
- Pacific Mortgage Group: 5.59% OO P&I (≤80%)
- People's Choice: from 5.64% OO P&I (3 LVR tiers)
- Unloan: 5.69% OO P&I (≤80%), refinance only
- Macquarie Basic: 5.84% OO P&I (≤70%), full LVR range
- HSBC / Westpac: 5.99% OO P&I (≤60–70% LVR)
FAQs
What is the Macquarie Basic variable rate?
5.84% p.a. OO P&I at ≤70% LVR (comp. 5.86%). At ≤80% LVR the rate is 5.89% (comp. 5.91%).
Is there an offset account?
Not on the Basic product. Macquarie's Offset Home Loan includes offset accounts but carries a higher comparison rate due to an annual fee.
Can I borrow with a small deposit?
Yes — Macquarie publishes rates up to 95% LVR (5% deposit), though at 6.89% p.a. that tier is significantly higher than the base rate.
Comparison rate based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for the example given and may not include all fees and charges. Information verified 18 May 2026. Confirm rates, fees, and eligibility on Macquarie's website before applying. This is not financial advice.