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After cutting home loan rates two weeks ago, yesterday Macquarie cut again, primarily to its fixed investment home loans with 70% loan-to-value ratios.
In total, from Savings.com.au's research, Macquarie made cuts to nearly 50 individual home loan products, from 10 basis points to 35 basis points.
This follows on from a variety of home loan rate cuts the bank made two weeks ago, with a large proportion of both rate cuts applying to loans with low LVRs (loan-to-value ratios), around 60-70%.
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Smart Booster Home Loan
Product Features
- Discount variable for 1 year <=80% LVR
- No ongoing fees
- Unlimited redraw facility
Monthly repayments: $1,476
Advertised
Rate (p.a.)
1.99%
Comparison
Rate (p.a.)
2.47%
Product Features
- Discount variable for 1 year
- No ongoing fees
- Unlimited redraw facility
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. The product and rate must be clearly published on the Product Provider’s web site. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.
The lowest advertised interest rate is now 2.19% p.a, which applies to owner-occupied loans fixed for one and two years, paying principal and interest (P&I) - more details are below.
Borrowers must have a minimum deposit of 30% to access these rates i.e. 70% LVR.
The cut to low LVR products "continues to reflect our prudent approach and ongoing focus on lower LVR lending", Macquarie's head of personal banking Ben Perham told Savings.com.au.
"We know homebuyers are looking for more certainty when it comes to their home loan," he said.
"Now, more than ever, they want to make sure their money is working hard for them and they’re looking for that extra peace of mind.
"That’s why we’re pleased to be offering our lowest fixed rates ever."
A note to Macquarie's broker network, as seen by Savings.com.au, also indicated the rate cuts were in-part prompted by broker feedback.
Home loans of note to get a haircut this week include:
- Basic Fixed Investment P&I 70% 1 Year: 35 basis point cut to 2.59% p.a. (2.95% p.a. comparison rate*)
- Basic Fixed Investment P&I 70% 2 Years: 35 basis point cut to 2.59% p.a. (2.92% p.a. comparison rate*)
- Basic Fixed Investment P&I 70% 3 Years: 35 basis point cut to 2.59% p.a. (2.89% p.a. comparison rate*)
- Basic Fixed Owner Occupied P&I 70% 1 Year: 20 basis point cut to 2.19% p.a. (2.69% p.a. comparison rate*)
- Basic Fixed Owner Occupied P&I 70% 2 Years: 20 basis point cut to 2.19% p.a. (2.65% p.a. comparison rate*)
- Basic Fixed Owner Occupied P&I 70% 3 Years: 20 basis point cut to 2.19% p.a. (2.60% p.a. comparison rate*)
A number of owner occupied loans with offset accounts also saw interest rate cuts by up to 35 basis points.
Freedom Lend, IMB also cut high LVR loans
Freedom Lend and IMB also made cuts by some margin, however, these lenders primarily focused on products requiring smaller deposits, some as low as 5%. Some featured cuts are below.
Freedom Lend rate cuts
- Freedom Fixed P&I 2 Years 95%: 15 basis point cut to 2.19% p.a. (2.95% p.a. comparison rate*)
- Freedom Fixed P&I 3 Years 80%: 10 basis point cut to 2.24% p.a. (2.66% p.a. comparison rate*)
- Freedom Fixed P&I 3 Years 95%: 10 basis point cut to 2.24% p.a. (2.90% p.a. comparison rate*)
A number of home loans fixed for one, four and five years also saw cuts by up to 28 basis points.
IMB rate cuts
IMB made two key rate cuts yesterday, both by 10 basis points, and both down to an advertised rate of 2.99% p.a:
- Residential Fixed P&I 4 Years 90%: 3.21% p.a. comparison rate*
- Residential Fixed P&I 5 Years 90%: 3.20% p.a. comparison rate*
These rate changes follow on from rate changes last week, where NAB slashed some of its loans by up to 60 basis points while ANZ raised some of its own.
Disclaimers
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:
- The big four banks are: ANZ, CBA, NAB and Westpac
- The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
- The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
- If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au
Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.
In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.
*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
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