Unloan vs Macquarie Home Loan
Rates and conditions verified 14 June 2026
Rates can change without notice. Last verified: 14 June 2026 (AEST). Please confirm details on the bank’s official page.
A stripped-back, refinance-only digital loan against a full-feature digital bank. Unloan keeps it simple with a rate that drops a little each year; Macquarie offers offset and purchase loans. Which fits depends on what you need from the loan.
At a glance
| Unloan (CBA) Refinance Variable | Macquarie Bank Basic Home Loan | |
|---|---|---|
| Lowest variable rate (p.a.) | 5.89% | 6.09% |
| Condition to earn it | Refinances only — not available for new purchases; P&I only | Purchases and refinances; offset available on the Offset loan |
Unloan (CBA) Refinance Variable
Condition: Refinances only — not available for new purchases; P&I only
Best for: owner-occupiers refinancing who want a low rate and don't need an offset account
- • Among the lower variable rates in our comparison
- • Loyalty discount that grows a little each year
- • No offset; principal-and-interest only; refinance only
Macquarie Bank Basic Home Loan
Condition: Purchases and refinances; offset available on the Offset loan
Best for: buyers, or anyone who wants an offset account and a full-feature digital lender
- • Available for purchases as well as refinances
- • Offset account available (on the Offset loan)
- • Interest-only options on request
The verdict
These suit different borrowers. Unloan is deliberately bare-bones: refinance only, principal-and-interest only, and no offset — in exchange for a low rate that ticks down slightly each year you stay. If you're refinancing an owner-occupier loan and don't need an offset, it's hard to beat. Macquarie is the pick if you're buying rather than refinancing, or you want an offset account to park savings against the loan. Compare the lowest variable rates in the table, then weigh whether Unloan's missing features matter for your situation.
FAQs
Can I use Unloan to buy a home?
No — Unloan is for refinances only, not new purchases. If you're buying, Macquarie (which handles both purchases and refinances) is the relevant option of the two.
Does Unloan have an offset account?
No. Unloan keeps costs down by skipping offset accounts and extras, relying instead on a low headline rate plus a loyalty discount that grows each year. Macquarie offers an offset account on its Offset home loan if that feature matters to you.
What is Unloan's loyalty discount?
Unloan reduces your rate by a small increment for each year you keep the loan, up to a capped maximum. It rewards staying put rather than refinancing again — the table above shows the current starting rate.
Related guides
Information verified 14 June 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.