16 Sep 2025
Ever wondered which Australian bank could make your hard-earned money stretch further as an immigrant, expat, or international student?
Navigating banking options in a new country can feel like decoding a foreign language, especially when you’re juggling home loans, savings accounts, or credit card perks.
CommBank (Commonwealth Bank) and Macquarie Bank are two prominent players in Australia’s financial landscape, each offering a range of unique products tailored to diverse customer needs.
Both CommBank and Macquarie Bank cater to a wide range of financial needs, from home loans to savings accounts and credit cards. As an expat or student, you’re likely looking for products that offer flexibility, low fees, and perks that match your lifestyle. Let’s explore how their offerings stack up across three key areas: home loans, savings accounts, and credit cards.
Dreaming of owning a home in Australia?
Both banks provide competitive home loan options, but their approaches differ. CommBank, one of Australia’s “Big Four” banks, offers a variety of loans, including the Standard Variable Rate and Fixed Rate options.
Their Wealth Package provides discounts for bundling home loans with other products, ideal if you’re consolidating your finances.
Macquarie Bank, often dubbed the “fifth big bank,” focuses on flexibility. Their Offset Home Loan allows up to 10 offset accounts, helping you reduce interest payments by linking savings to your loan. Their Basic Home Loan, with no ongoing fees, is a straightforward choice for cost-conscious borrowers.
Saving money as an expat or student is crucial, whether for emergencies or future goals. CommBank’s NetBank Saver and GoalSaver accounts are popular, but they often come with conditions. For instance, GoalSaver requires monthly deposits and no withdrawals to earn bonus interest, which can be restrictive.
Macquarie’s Transaction Account doubles as a savings tool with a competitive interest rate after the introductory period. Its no-hoops approach—no minimum deposits or withdrawal penalties—makes it user-friendly for those new to Australian banking.
Credit cards can be a game-changer for building credit or earning rewards. CommBank offers a range of cards, including the Low Fee Credit Card and the Ultimate Awards Card, which ties into their CommBank Awards program.
These cards are great for earning points on everyday purchases, but annual fees can apply unless waived through packages. Their Smart Awards Card offers flexible points redemption, appealing to frequent travelers.
Macquarie’s Platinum Credit Card stands out with its rewards program, offering points for spending and no annual fee if bundled with a home loan. Their Debit Mastercard, linked to transaction accounts, provides fee-free ATM withdrawals and access to Macquarie Marketplace discounts.
Rates and fees can make or break your banking experience, especially when you’re managing finances across borders. Both CommBank and Macquarie offer competitive rates, but their fee structures and loan options vary. Let’s break down the differences in variable and fixed rates, offset accounts, and monthly fees.
CommBank’s variable rates, like the Extra Home Loan, start low for owner-occupiers with an LVR below 70%. Their fixed rates, recently adjusted so contact the bank for the most recent information.
Macquarie’s fixed rates, such as the 2-year term, are competitive, especially for owner-occupiers. Macquarie’s quick response to RBA rate cuts—passing on savings in just three days—makes them agile.
Offset accounts are a lifesaver for reducing loan interest. CommBank’s Everyday Offset account is available with their Standard Variable Rate loans, but not with fixed-rate loans. This account links your savings to your loan, reducing the interest you pay, but it’s only accessible with specific loan types.
Macquarie shines here, offering up to 10 offset accounts with their Offset Home Loan. This flexibility is perfect for expats juggling multiple financial goals, like saving for remittances or investments. There’s no fee to redraw funds, making it easier to access your money when needed.
CommBank charges an $8 monthly loan service fee for most home loans, though this can be waived with their Wealth Package. Their savings accounts, such as GoalSaver, have no monthly fees but require strict conditions to avoid forfeiting bonus interest. Credit card annual fees vary, with some waived for package holders.
Macquarie’s Basic Home Loan has no ongoing fees, and its Offset Home Loan only charges an annual fee for the package. Their Transaction Account has no monthly maintenance fees, making it a cost-effective choice for daily banking.
In today’s digital world, a bank’s app and features can make managing money a breeze—or a headache. As an immigrant or student, you need intuitive tools to track spending, transfer funds, or explore rewards.
Let’s compare CommBank and Macquarie’s user experience, open banking support, and rewards programs.
CommBank’s app is robust, offering features like real-time transaction tracking and budgeting tools. Their AI assistant, Ceba, provides 24/7 support, which is handy for quick queries. However, some users find the app cluttered, especially when navigating multiple accounts.
Macquarie’s app is praised for its clean, intuitive design, making it easy to manage accounts or loans on the go. It’s particularly user-friendly for those new to banking, with seamless integration for offset accounts and transfers. However, some users note it lacks the playful vibe of neo-bank apps.
Open banking lets you share financial data securely with third-party providers, like budgeting apps or remittance services. CommBank is a leader here, fully supporting open banking with integrations that make it easy to connect to services like ACE Money Transfer for secure international transfers.
Macquarie also supports open banking, allowing you to share data with external platforms. Their focus on digital-first banking ensures smooth integration, though they’re slightly behind CommBank in terms of widespread adoption.
CommBank’s Awards program lets you earn points on eligible credit card purchases, redeemable for travel, gift cards, or cashback. It’s a strong choice for frequent flyers or those who shop regularly, with partnerships enhancing redemption options.
Macquarie’s rewards program, tied to their Platinum Credit Card, offers points for spending and exclusive discounts via Macquarie Marketplace. It’s particularly appealing if you’re already using their home loan or transaction accounts, as benefits stack up.
Choosing between CommBank and Macquarie depends on your financial priorities. Are you saving for a big goal, investing in property, or chasing travel perks? Let’s see which bank suits savers, investors, and frequent flyers.
If you’re focused on growing your savings, Macquarie’s Transaction Account is a top pick. Its no-hoops interest rate and lack of monthly fees make it easy to save without stress. CommBank’s GoalSaver is better for disciplined savers who can meet deposit requirements, but its restrictions might frustrate those with irregular incomes.
Investors looking for home loans will find Macquarie’s offset accounts and low-fee Basic Home Loan appealing, especially for managing multiple properties. CommBank’s Wealth Package offers discounts for investors with larger portfolios, but fees can add up without bundling.
For those jet-setting or planning to, CommBank’s Ultimate Awards Card offers robust travel rewards and flexible redemption, perfect for expats visiting family abroad. Macquarie’s Platinum Card provides decent travel perks but shines when paired with their home loan package.
Category | CommBank (Commonwealth Bank) | Macquarie Bank |
Home Loans | Offers bundled packages with discounts for multiple products; variable and fixed options with interest-only flexibility for owner-occupiers and investors. | Provides basic fee-free loans and offset-focused products; supports multiple offset accounts and quick digital approvals for flexible borrowing. |
Savings Accounts | Features accounts with bonus interest tied to monthly deposits and no withdrawals; introductory rates for new customers with conditions. | Includes transaction accounts that earn interest without strict conditions; no monthly fees and easy access for everyday saving. |
Credit Cards | Range of rewards cards with points for everyday spending; options for low-fee cards and flexible redemptions through the awards program. | Platinum cards with no annual fee when bundled; debit-linked cards offering ATM refunds and marketplace discounts. |
Rates Structure | Variable rates with potential for extra repayments; fixed terms with package discounts; quick pass-through of rate changes. | Variable rates emphasizing flexibility; fixed options for stability; multiple offsets to reduce effective costs. |
Fees Overview | Monthly service fees waivable via packages; no fees on certain ATMs; annual fees on some cards unless bundled. | No ongoing fees on basic loans and transaction accounts; refunds for domestic ATMs; package fees for premium features. |
App & Features | Robust app with AI support and budgeting tools; strong open banking integrations for third-party services. | Clean, intuitive mobile banking; seamless offset management; digital-first approvals and international fee waivers. |
Rewards & Perks | Awards program for travel and shopping points; partnerships for enhanced redemptions. | Marketplace discounts and bundled perks; points on spending tied to loans for added value. |
Deciding between CommBank and Macquarie comes down to your lifestyle and financial goals. CommBank’s strength lies in its comprehensive products and rewards, ideal for those who value structure and travel perks. Macquarie excels in flexibility, low fees, and digital simplicity, making it a great fit for expats or students seeking straightforward banking. Both banks offer competitive rates and modern apps, but your choice depends on whether you prioritize packaged discounts or fee-free flexibility.
Ready to make your money work harder?
Compare CommBank and Macquarie’s offerings today and see which aligns with your needs.
CommBank typically requires a 5% deposit for owner-occupier loans, though a lower Loan-to-Value Ratio (LVR) can secure better rates.
CommBank may charge fees for non-CommBank ATM withdrawals, unless waived through specific accounts or packages.
Macquarie’s Platinum Card is available to students with sufficient income, often requiring a home loan or a high transaction account balance.
Macquarie’s app includes basic budgeting tools, though they’re less advanced than CommBank’s detailed tracking features.
Macquarie’s digital-first process can pre-approve loans in minutes, with full approval typically within days, depending on documentation.
