Westpac 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 53 basis points: 6.34% p.a. (6.57% comparison rate) against 6.74% p.a. (7.10% comparison rate) for Westpac. 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
Westpac vs Macquarie Bank at a glance
| Feature | Westpac | Macquarie Bank |
|---|---|---|
| Compared product | Rocket Home Loan Premier Advantage 70% - 80% LVR $150k+ P&I | Offset Home Loan Package 70% - 80% LVR Owner Occupied P&I |
| Variable rate and comparison rate | 6.74% p.a. (7.10% comparison rate) | 6.34% p.a. (6.57% comparison rate) |
| 3-year fixed rate and comparison rate | 7.04% p.a. (7.19% 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 | 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 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.
Westpac vs Macquarie offset fees over one to five years
Among the three options shown, Westpac Rocket Repay with a package has the lowest listed opening and recurring fees over one year ($495). Macquarie Offset Home Loan has the lowest fees over two years ($846), and Rocket Repay without a package has the lowest fees over three years ($988) and five years. The comparison excludes interest, discounts, exit and other conditional costs.
| Variable offset loan | Opening fees | Annualised fees | 1 year | 2 years | 3 years | 5 years |
|---|---|---|---|---|---|---|
| Westpac Rocket Repay with package | $100 | $395 | $495 | $890 | $1,285 | $2,075 |
| Macquarie Offset Home Loan | $350 | $248 | $598 | $846 | $1,094 | $1,590 |
| Westpac Rocket Repay without package | $700 | $96 | $796 | $892 | $988 | $1,180 |
Westpac lists a $100 document processing fee for both Rocket options. Without the package it also lists a $600 establishment fee and an $8 monthly loan account fee. Macquarie lists a $350 documentation fee and charges the Offset facility fee in two $124 instalments per year, starting six months after settlement. The table assumes constant fees and the stated number of full years of charges. Actual billing dates can differ.
At five years, Westpac's packaged Rocket quote needs to save $485 in interest versus Macquarie Offset to cover its higher listed fees, assuming equal costs elsewhere. Enter the rates and fees from your written quotes in the calculator below. If you expect to hold money in an offset, compare the quotes at the same balance using the offset quote comparison.
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 Westpac 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 6.74% p.a. (7.10% comparison rate). On a $500,000 loan over 30 years the headline gap is about $132 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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