Money's 2024 Home Lender of the Year
By Money Team
Macquarie Bank has been named Money's 2024 Home Lender of the Year as part of the Consumer Finance Awards.
Despite rising property values, Australia's home loan market continues to soar. The 12 months to March 2024 saw an 18% jump in mortgage lending, equal to an extra $27.64 billion in new home loans. Given today's high interest rates, borrowers need to cast their net wide, and it makes financial sense to look for a lender offering that rare combination of value, rapid turnarounds, and useful loan features that allow homeowners to kick personal goals.
Macquarie Bank has climbed from runner up in 2023 to take out this award in 2024. In a competitive home loan market, it's testament to Macquarie's determination to deliver what today's home buyers are looking for.
Ben Perham, the head of personal banking at Macquarie Banking and Financial Services Group, says: "As a tier one lender, we continue to enhance our offering to ensure we're providing an exceptional digital banking experience for our home loan customers."
Unlike some lenders, Macquarie Bank doesn't have an overly extensive menu of mortgages, but the must-haves are all there including a variable loan, offset home loan, split loan and fixed rate options.
Perham believes the range of "intuitive" digital features that come with a Macquarie home loan is proving to be a strong differentiator in the market. He explains:
"Macquarie home loan customers can add up to 10 offset accounts to enable their savings to reduce the amount of interest they pay on the variable portion of their loan, as well as being able to divide their home loan into multiple accounts so they can take advantage of the benefits of both fixed and variable loan accounts."
One aspect of lending that Macquarie is capitalising on is the bank's commitment to fast loan turnaround times.
This has become something of a hallmark for Macquarie Bank, and it makes sense in today's environment where homes are selling in as little as 10 days, according to CoreLogic. A bank that drags the chain with loan approval can see home buyers miss out on their preferred property.
Perham adds: "By delivering market-leading turnaround times, competitive rates and fees, and digital self-service options, Macquarie customers can manage their home loans with confidence and in a way that best suits their circumstances."
Macquarie Bank is also rewarding savers who can stump up a big deposit, while not turning its back on home buyers with more modest savings.
As a guide, Macquarie offers its best owner-occupied rates for customers who need to borrow 60% or less of a property's value. However, first home buyers with a small deposit are not overlooked and can take advantage of a loan option to buy with a minimum 5% deposit.
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