Westpac vs Macquarie Bank home loans September 2026
Ratesniffers rates checked 27 August 2026. On the exact owner-occupier principal-and-interest row at 80% LVR, Macquarie Bank is sharper on comparison rate by 44 basis points: 6.09% p.a. (6.11% comparison rate) against 6.49% p.a. (6.55% comparison rate) for Westpac. Interest rate and comparison rate come from the same product row.
Rates checked 27 August 2026 · checked daily against each lender's current published pricing · machine-readable at /rates.json
Westpac vs Macquarie Bank at a glance
| Feature | Westpac | Macquarie Bank |
|---|---|---|
| Compared product | Flexi First : Our lowest online variable home loan rate (Owner Occupied) | Macquarie Basic Home Loan |
| Variable rate and comparison rate | 6.49% p.a. (6.55% comparison rate) | 6.09% p.a. (6.11% comparison rate) |
| 3-year fixed rate and comparison rate | 6.64% p.a. (6.91% comparison rate) | 6.14% p.a. (6.27% comparison rate) |
| Scope of the compared rate | Owner-occupier, principal and interest, 80% LVR | Owner-occupier, principal and interest, 80% LVR |
| Published LVR scope | Lends from a 5% deposit with insurance on principal and interest loans, up to 95% for eligible applicants | The sharpest new-purchase tier is priced at up to 60% of property value |
| Offset | Available on at least one tracked product | The Offset Home Loan carries the offset account and the Basic Home Loan does not |
| Redraw | Available on at least one tracked product | Available on at least one tracked product |
| Package fee | $395 a year for the Premier Advantage Package | No package fee, and $248 a year on the Offset Home Loan |
| First home buyer scheme | Listed as a participating lender, 5% Deposit Scheme | 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 27 August 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.
Is Westpac or Macquarie Bank cheaper?
As at 27 August 2026, Macquarie Bank is the cheaper of these two products on comparison rate at 80% LVR for owner-occupier principal and interest: 6.09% p.a. (6.11% comparison rate) against 6.49% p.a. (6.55% comparison rate). On a $500,000 loan over 30 years the headline gap is about $130 a month before fees. Approved pricing still varies by file.
Westpac versus Macquarie Bank on fees
Fees as at 2 September 2026. Westpac lists $395 a year for the Premier Advantage Package. 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.
Westpac versus Macquarie Bank for refinancing
Refinancing as at 2 September 2026. Westpac: the Premier Advantage Package waives Rocket Repay's $600 establishment fee and $8 monthly fee. 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.
Westpac 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, Westpac is listed 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. Westpac: investors can take interest-only repayments for up to 15 years, capped at 80% of property value. 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 Westpac
Westpac tends to suit borrowers who want big-four scale and product breadth with an extended commitment to regional branch access, and those who might find a sharper deal from one of its other group brands (St.George, Bank of Melbourne or BankSA) depending on where they live. The comparison table above is the price check, and this section is the fit check.
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: CommBank vs Westpac, Westpac vs ANZ, Westpac vs NAB. Full product detail sits on the Westpac and Macquarie Bank lender pages, with the candid write-ups on the Westpac review and the Macquarie Bank review.
Not sure which one fits your scenario?
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