Ubank vs Macquarie Bank home loans November 2026
Ratesniffers rates checked 9 November 2026. On the exact owner-occupier principal-and-interest row at 80% LVR, Macquarie Bank is sharper on comparison rate by 30 basis points: 6.34% p.a. (6.57% comparison rate) against 6.64% p.a. (6.87% comparison rate) for Ubank. Interest rate and comparison rate come from the same product row.
Rates checked 9 November 2026 · checked daily against each lender's current published pricing · machine-readable at /rates.json
Ubank vs Macquarie Bank at a glance
| Feature | Ubank | Macquarie Bank |
|---|---|---|
| Compared product | Flex Home Loan Owner Occupied 70% - 80% LVR P&I | Offset Home Loan Package 70% - 80% LVR Owner Occupied P&I |
| Variable rate and comparison rate | 6.64% p.a. (6.87% comparison rate) | 6.34% p.a. (6.57% comparison rate) |
| 3-year fixed rate and comparison rate | 7.24% p.a. (7.25% comparison rate) | 6.64% p.a. (6.66% comparison rate) |
| Scope of the compared rate | Owner-occupier, principal and interest, 80% LVR | Owner-occupier, principal and interest, 80% LVR |
| Published LVR scope | The no-insurance position covers principal and interest lending from a 10% deposit on a purchase | The sharpest new-purchase tier is priced at up to 60% of property value |
| Offset | Flex offsets 100% across multiple Spend, Bills and Save accounts rather than one linked account | The Offset Home Loan carries the offset account and the Basic Home Loan does not |
| Redraw | Additional payments and redraw are free across the published range | Available on at least one tracked product |
| Package fee | No fee on Neat Variable, $250 a year on Flex Variable | No package fee, and $248 a year on the Offset Home Loan |
| First home buyer scheme | Not on the participating lender list when checked | Not stated by the lender, so no claim is made |
| Products tracked | 80 | 80 |
| Approved cashback register | Unavailable | Unavailable |
Promoted rate comparisons require exact owner-occupier principal-and-interest rows at 80% LVR from the snapshot dated 9 November 2026, on both sides. “Unavailable” means a two-sided comparison cannot be substantiated, not that a lender has no product or no such feature.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
How do Ubank and Macquarie offset home loans compare?
Ubank Flex Variable supports a full interest offset across eligible linked Ubank accounts. Macquarie Offset can link up to ten offset accounts to each eligible variable loan account. Both list recurring fees for those products. Ubank Neat Variable and Macquarie Basic list no annual fee and do not offer an offset. Compare the exact loan split, offset balance and written costs before choosing.
| Loan product | Offset coverage | Annual fee |
|---|---|---|
| Ubank Flex Variable | Full offset across linked Spend, Bills and Save accounts | $250 |
| Macquarie Offset Home Loan | Up to ten linked offset accounts per eligible variable loan account | $248 |
| Ubank Neat Variable | No offset | $0 |
| Macquarie Basic Home Loan | No offset | $0 |
The two offset products differ by $2 in listed annual fees. If both quotes start with the same loan balance and your eligible offset accounts average $30,000, both would reduce the balance charged interest by $30,000 in that example. A different interest rate, linked split or eligible cash balance can matter more than the fee difference.
Check which loan account each offset links to. Ubank’s offset guide says a linked Save account stops earning savings interest and a single offset cannot link to multiple loans. Macquarie describes the fee as applying at the facility level. The table excludes opening, discharge and other conditional fees. Use the written quote tool below to compare interest and fees, or the offset quote comparison to model the cash you expect to keep linked.
Have two written offers? Enter the interest rate and fees from each quote below to compare their estimated costs. The calculator starts blank and does not use the snapshot rates or establish which lender will approve you.
Compare the cost of two home loan offers
Enter your own rates and fees to compare two principal-and-interest loans over the same period. This illustration is not a lender quote or approval.
Model limits: This uses constant annual interest rates and monthly amortisation; it does not model a fixed-rate expiry or an interest-rate reset. Fees are paid separately. Ongoing fees are assumed unchanged and charged monthly. Include any annual package fee as a monthly equivalent; this does not model its actual annual due date. Fees not entered, including package, exit and break fees, are excluded. The model also excludes offsets, redraw, extra repayments, rate changes, fee changes, refunds, cashback and taxes. Lenders may calculate interest daily and charge fees differently. Compare actual lender quotes and eligibility. This is not the statutory comparison rate, which uses a standard $150,000 loan over 25 years.
Is Ubank or Macquarie Bank cheaper?
As at 9 November 2026, Macquarie Bank is the cheaper of these two products on comparison rate at 80% LVR for owner-occupier principal and interest: 6.34% p.a. (6.57% comparison rate) against 6.64% p.a. (6.87% comparison rate). On a $500,000 loan over 30 years the headline gap is about $99 a month before fees. Approved pricing still varies by file.
Ubank versus Macquarie Bank on fees
Fees as at 2 September 2026. Ubank lists no fee on Neat Variable, $250 a year on Flex Variable. Macquarie Bank lists no package fee, and $248 a year on the Offset Home Loan. The comparison rate folds ongoing fees into the figure, so a sharper headline rate paired with a higher annual fee can finish behind a plainer loan.
Ubank versus Macquarie Bank for refinancing
Refinancing as at 2 September 2026. Ubank: 15% equity avoids lenders mortgage insurance on an owner-occupied refinance. Macquarie Bank: pre-approval is usually available within one business day and holds for 90 days. A refinance turns on the comparison rate, the exit and establishment costs on both sides and the LVR the new valuation lands you at.
Ubank versus Macquarie Bank for first home buyers
First home buyers, as at 2 September 2026. On the Australian Government 5% Deposit Scheme participating lender list, Ubank was not listed when checked and Macquarie Bank does not state its position. Eligibility rules and property price caps apply either way, and a lender that is not listed can still lend at a low deposit with lenders mortgage insurance payable.
Which suits an investor?
For an investor, as at 2 September 2026. Ubank: 20% equity avoids lenders mortgage insurance on an investment refinance. Macquarie Bank: the investor range shows a highest tier of 90% LVR on principal and interest loans. Investor pricing, interest-only terms and LVR ceilings sit apart from the owner-occupier row this page compares.
Who should choose Ubank
Ubank tends to suit borrowers comfortable managing everything through an app with no branch network, particularly younger buyers stretching for a smaller deposit who want to avoid lenders mortgage insurance. The comparison table above is the price check, and this section is the fit check. Features, service model and eligibility all move the outcome on a real file.
Who should choose Macquarie Bank
Macquarie tends to suit refinancers and buyers with clean applications and deposits of 20% or more, where its pricing and turnaround are at their strongest. The comparison table above is the price check, and this section is the fit check. Features, service model and eligibility all move the outcome on a real file.
Head-to-heads that share a lender with this one: Macquarie Bank vs ING, Ubank vs ING, CommBank vs Macquarie Bank. Full product detail sits on the Ubank and Macquarie Bank lender pages, with the candid write-ups on the Ubank review and the Macquarie Bank review.
Not sure which one fits your scenario?
Advertised rates aren’t always the rate a lender approves. Get the sharper of the two negotiated against your specific numbers, at no cost.