Macquarie Bank
Major investment bank with strong broker-channel home loan business.
- Sharp variable rates particularly at low LVR
- Strong investor and SMSF lending capability
- Fast digital application and settlement on clean files
- Basic Home Loan with no annual fee
- No retail branches; broker-channel access
- Credit policy conservative on some self-employed structures
- Lower brand awareness for consumers who default-think Big 4
- Offset Home Loan annual fee should be modelled against actual balance
Macquarie Basic Home Loan variable sits towards the sharper end of the non-Big-4 set at low LVR for prime owner-occupier P&I.
ING Australia
Digital bank (ADI) with comprehensive mortgage product range.
- Mortgage Simplifier with no annual fee
- 100 per cent offset on Orange Advantage
- ADI status with depositor protection
- Wide broker channel and direct retail access
- Orange Advantage annual fee for offset functionality
- No physical branches
- Credit policy conservative on complex files (some self-employed structures)
- Fixed rate products do not include offset
ING Mortgage Simplifier variable sits in the same broad range as Macquarie Basic; rate gap varies week to week.
The structural similarity
Macquarie and ING both compete in the sharper non-Big-4 lender segment, primarily for clean prime owner-occupier P&I files at low LVR. Both publish competitive variable rates against Big 4 packaged products. Both distribute primarily through accredited mortgage brokers. Both are well-established lenders with strong digital application infrastructure.
The structural differences are in regulatory status (Macquarie is an ADI under APRA supervision through its parent banking licence; ING Australia is an ADI directly), product breadth (ING has a full retail banking product range; Macquarie home loans are more standalone), and credit policy nuances on specialist file types.
Where Macquarie has the edge
Macquarie's investor and SMSF lending capability is one of the strongest among the non-Big-4 lenders. The SMSF product is dedicated with its own credit policy, LVR cap and serviceability assessment using fund contribution flow. For SMSF property borrowers, Macquarie is typically a stronger option than ING.
Macquarie has also built a faster digital application path for clean files than most competitors. The technology investment from the investment bank parent translates into faster credit decisions and settlement timing on standard transactions.
Where ING has the edge
ING offers a complete retail banking product range that Macquarie does not. Transaction accounts, savings, credit cards, all integrated into the same digital platform as the home loan. For borrowers who want a full banking relationship with one provider, ING delivers that and Macquarie does not.
ING's first home buyer infrastructure is also stronger. The bank participates in the federal First Home Guarantee scheme and has well-established FHB processes. Macquarie writes some FHB volume but is not as deliberately positioned for the segment.
The offset question
Both lenders offer offset. Macquarie's Offset Home Loan comes with an annual fee around the $300-400 mark. ING's Orange Advantage offers offset for a similar annual fee. The maths is broadly equivalent: at meaningful offset balance, the package wins; at thin offset balance, the no-annual-fee variants (Macquarie Basic, ING Mortgage Simplifier) win.
Which lender for which file
Frequently asked questions
Is Macquarie or ING cheaper for a home loan?
Both are competitive against Big 4 packaged products. The rate gap between Macquarie Basic and ING Mortgage Simplifier varies week to week. Neither is structurally cheaper; the decision depends on file specifics and current pricing.
Which is better for SMSF home loans?
Macquarie has the stronger SMSF property lending capability with a dedicated product and longer operating history with SMSF files. For SMSF property borrowers, Macquarie is typically a stronger option than ING.
Does Macquarie offer offset?
Yes. The Macquarie Offset Home Loan includes 100 per cent offset for an annual fee. The Basic Home Loan does not include offset. ING offers the same structure: Orange Advantage with offset, Mortgage Simplifier without.
Is Macquarie an ADI?
Yes. Macquarie Bank holds an Australian banking licence and operates as an ADI under APRA supervision. Customer deposits at Macquarie are covered by the federal Financial Claims Scheme.
Which has better digital experience?
Both have strong digital application paths. Macquarie's investment-bank technology heritage shows in fast credit decisions for clean files; ING's consumer banking platform is more comprehensive for ongoing day-to-day banking integration.