Head-to-head
HSBC vs Macquarie Home Loan
Rates & conditions verified 12 July 2026
Rates can change without notice. Last verified: 12 July 2026 (AEST). Please confirm details on the bank’s official page.
Two banks that consistently undercut the big four on variable rates, with LVR-tiered pricing on both sides. The gap between them is usually small — equity level, offset needs and banking preference tip the scales.
HSBC Australia Home Value Loan
Best for low-LVR borrowers chasing the sharpest bank rate, with branch access as a bonus
Condition: Sharpest tier requires substantial equity (low LVR)
- Consistently sharp variable pricing
- Full LVR rate schedule published
- No annual fee on Home Value loan
Macquarie Bank Basic Home Loan
Best for borrowers who want sharp rates inside a polished digital bank, with an offset option
Condition: Rates tier by LVR; offset available at a premium
- Transparent LVR tiers
- Offset loan variant available
- Strong app and fast approvals
At a glance
| HSBC Australia Home Value Loan | Macquarie Bank Basic Home Loan | |
|---|---|---|
| Lowest variable rate (p.a.) | 5.99% | 6.09% |
| Condition to earn it | Sharpest tier requires substantial equity (low LVR) | Rates tier by LVR; offset available at a premium |
The verdict
Both price well below typical big-four rates, and their tiers reward equity — so your LVR largely decides which is sharper for you: compare the tier you'd actually sit in, not the headline. Beyond rate, the practical differences are offset (Macquarie offers a proper offset variant; HSBC's Home Value is redraw-only) and experience (Macquarie's app-first banking versus HSBC's branch presence). Both suit refinancers with equity; check the table for the current tier rates.
FAQs
Which has the lower variable rate, HSBC or Macquarie?
It depends on your LVR tier — each bank's sharpest rate applies at a different equity level, and the current tier rates are in the table above. Compare the rate at your LVR on both sides rather than the headline figures.
Do HSBC and Macquarie offer offset accounts?
Macquarie offers an offset on its Offset Home Loan variant, at a slightly higher rate or fee than the Basic loan. HSBC's Home Value Loan is redraw-only. If a full offset matters to your cash flow, that's a point to Macquarie.
Related guides
Information verified 12 July 2026. Rates are variable and subject to change. Confirm current rates and conditions on each provider's website before applying. This is not financial advice.