ING vs Macquarie Bank: which home loan suits you?
Last reviewed
ING and Macquarie are two of the most popular non-major banks in Australia. Both compete hard on price against the big four, but they get there differently: ING keeps costs low with a lean digital model, while Macquarie leans on fast credit decisions and a feature-rich offset account.
| Attribute | ING | Macquarie Bank |
|---|---|---|
| Rate positioning | Often competitive on ongoing variable rates for simple owner-occupier loans; top pricing can depend on account conditions. | Sharp pricing for lower-LVR borrowers, with tiers that reward bigger deposits. |
| Offset & redraw | Offset available on selected variable loans (Orange Advantage); redraw via app. | Offset accounts available on variable loans, with a well-regarded banking app. |
| Fees | Low or no ongoing fees on basic products; package-style fee on the offset product. | Generally no ongoing monthly fee on its core variable loan; check offset and package conditions. |
| Turnaround / service | Phone and app only, no branches; efficient on straightforward files. | Known in the broker market for quick credit decisions on clean files; no branch network. |
| Assessment style | Full-doc, mainstream policy; prefers simple PAYG income. | Full-doc, mainstream policy; detailed living-expense checks. |
| Best suited to | Digitally confident borrowers who want a low-fee loan and simple banking. | Borrowers with a good deposit who want speed and a strong offset set-up. |
Two non-majors, two different strengths
Neither ING nor Macquarie runs a branch network, which keeps their costs down. ING focuses on low fees and simple products. Macquarie focuses on quick decisions, offset features and pricing that improves as your LVR drops.
What to check before choosing
- Check whether ING's advertised rate needs a linked everyday account or deposit conditions.
- Check which Macquarie LVR tier your loan falls into — the rate can change across bands.
- Both are full-doc lenders. If you're self-employed with one year of financials, a specialist lender may suit better.
Who should pick which
Choose ING if you want a low-fee loan and you're comfortable doing everything online.
Choose Macquarie if you have a solid deposit, want a strong offset account and value a quick approval.
A note on pricing
Indicative only — check current pricing. Rates, fees and cashback offers change frequently and vary by loan purpose, LVR and lender promotion. Nothing on this page is a quote; speak to an XLOANS broker for live pricing from both lenders.
Beyond the big four
Why people sometimes use a non-major lender
CBA, Westpac, ANZ and NAB aren't always the best fit. Non-major banks (like ING, Macquarie, AMP and Bank Australia) and non-bank lenders (like Athena, Firstmac, Resimac, La Trobe Financial and RedZed) can suit borrowers for a few reasons:
Different policy
Non-major banks and non-bank lenders often accept situations the big four decline — one year of self-employed financials, BAS or accountant-declaration income, recent job changes, or credit file issues.
Lower assessment buffers
APRA expects the banks it regulates to test your repayments at least 3% above your loan rate. Non-bank lenders aren't bound by that guidance, and some use a smaller buffer — which can mean more borrowing power.
Sharp pricing
Lenders like ING, Macquarie and Athena don't carry a big branch network, so they often compete hard on rate and fees for straightforward borrowers.
Speed and service
Smaller credit teams can mean quicker decisions and more flexibility on complex files, especially through a broker.
Unusual properties
Some specialist lenders are more comfortable with smaller units, rural blocks or mixed-use security than a major bank.
The trade-off: specialist and non-bank loans can carry higher rates or fees, and fewer branch options. A lower buffer also means less room if rates rise. An XLOANS broker can tell you whether a non-major lender genuinely helps your situation.
Ask a broker if a non-major lender suits youBook a free 15-minute chat
An XLOANS broker can pull live rates and policy for ING and Macquarie Bank (and 40+ other lenders) against your actual numbers — no cost, no obligation.
Other comparisons with these lenders
Frequently asked questions
Indicative only — check current pricing. This page is general information, not financial advice, and does not quote live rates. Lender policy, pricing and cashback offers change frequently. Speak to an XLOANS broker for advice tailored to your situation.
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