Macquarie Home Loan Rates: The 6.04% Is for New Customers Only

August 23, 2026 4 Min Read

Macquarie home loan rates dropped to a new low of 6.04% on 31 July 2026. Most rate pages don’t say this plainly: that cut applies to new customers only. Here’s the full current rate table, the two rate moves Macquarie made this year, and a real customer complaint worth knowing about before you assume you’ll get the headline number.

Quick Answer: Macquarie Home Loan Rates

As of 31 July 2026, Macquarie’s lowest home loan rate is 6.04% per annum. That’s for a Basic or Offset variable loan, owner-occupier, with an LVR of 70% or under. That rate is for new customers only. Macquarie raised variable rates in May 2026, following an RBA cash rate increase. It then cut them again in July to undercut Commonwealth Bank’s 6.09%. Existing Macquarie customers don’t automatically get the new rate. You may need to ask. ProductReview.com.au has a documented case of a borrower receiving just 0.15% in reductions over five years of requests.

Current Macquarie Home Loan Rates by Product

Owner-occupier, principal and interest, current as at 31 July 2026:

Product	LVR	Rate (p.a.)	Comparison rate
Basic	≤70%	6.04%	6.06%
Basic	≤80%	6.09%	6.11%
Basic	≤90%	6.29%	6.31%
Basic	≤95%	7.09%	7.12%
Offset	≤70%	6.04%	6.29%
Offset	≤80%	6.09%	6.34%
1-Year Fixed	≤70%	6.19%	6.08%
3-Year Fixed	≤70%	6.09%	6.08%

Investment property loans start higher, from 6.35-6.49% depending on the LVR tier, with offset versions priced slightly above that due to annual facility fees.

The 6.04% Rate Is for New Customers Only

Every rate page, including Macquarie’s own, lists 6.04% as the current lowest rate. What’s easy to miss: this figure applied specifically to new loans when it was introduced. Canstar’s coverage of the July cut confirms the change was “reserved for new customers only.” Existing Macquarie borrowers don’t get moved onto it automatically.

This matters because of a real, documented pattern. A review on ProductReview.com.au describes a borrower who requested rate reductions repeatedly over five years. That borrower received a total of just 0.15% in cuts, despite Macquarie advertising far more competitive new-customer rates during that time. If you’re an existing Macquarie customer, don’t assume your rate tracks the advertised figure. Call and ask for a review. Be ready to refinance elsewhere if the bank won’t move.

Two Rate Changes in One Year

Macquarie’s home loan rate moved twice in 2026. Most pages only cover one of the two changes.

22 May 2026: Macquarie increased variable home loan rates following an RBA cash rate rise. Ben Perham, the bank’s Head of Personal Banking, said Macquarie was “delaying this increase by more than two weeks” to give customers time to adjust. Savings and transaction account rates rose at the same time.

31 July 2026: Macquarie cut its lowest advertised variable rate by 0.05 percentage points, from 6.09% to 6.04%. That undercut Commonwealth Bank’s 6.09% rate at the time. This cut applied to new customers only.

If you’re comparing Macquarie’s rate against what you were quoted earlier in the year, both of these moves matter. The number has genuinely changed twice, in opposite directions.

Watch for Stale Comparison Figures

One comparison site currently shows a Macquarie rate “from 5.59% p.a.” in its search result. That’s roughly 45 basis points below the confirmed current 6.04% figure on Macquarie’s own site, corroborated by Canstar’s July 2026 reporting. If you see a Macquarie rate significantly lower than 6.04% while researching, treat it with caution. Check Macquarie’s own rate page directly before relying on it.

Is Macquarie a Good Bank for a Home Loan?

Macquarie holds a 1.4 out of 5 rating on ProductReview.com.au across 875 reviews, with 91% negative. Beyond the rate-review complaint above, common themes include account lockouts, long customer service wait times, and frustration with AI chatbots replacing human support. Macquarie also has no physical branches. Some reviewers say that makes resolving account issues harder.

A home loan is different. You mostly interact with the bank around setup, rate reviews, and any hardship situations. That service pattern is worth weighing against the competitive headline rate. Getting a rate review appears to require persistence, based on the complaint pattern above.

FAQ: Macquarie Home Loan Rates

What is Macquarie’s current lowest home loan rate?
6.04% per annum for a Basic or Offset variable loan, owner-occupier, LVR 70% or under, as at 31 July 2026 — for new customers only.

Is Macquarie’s advertised rate available to existing customers?
Not automatically. A documented ProductReview.com.au case describes an existing borrower receiving just 0.15% in rate reductions over five years of requests.

Did Macquarie’s home loan rates go up or down in 2026?
Both. Rates rose in May 2026 following an RBA cash rate increase, then Macquarie cut its lowest advertised rate in July 2026 to undercut CBA.

Is Macquarie a good bank for a home loan?
The headline rate is competitive, but Macquarie holds a 1.4/5 rating on ProductReview.com.au, with complaints about account lockouts, customer service, and rate reviews for existing customers.

Why do some sites show a lower Macquarie rate than 6.04%?
At least one comparison site currently shows a rate around 5.59%, which doesn’t match Macquarie’s own published rate or Canstar’s July 2026 reporting — treat significantly lower figures with caution.