Macquarie's new lowest advertised rate for owner occupiers is now 5.34% p.a. (5.60% p.a. comparison rate* with an offset account, 5.36% p.a. comparison rate* without) for a LVR up to 70%.
For investors, the lowest rate drops to 5.44% p.a. (5.70% p.a. comparison rate* with an offset account, 5.46% p.a. comparison rate without) for LVR up to 60%.
It means variable rates at Macquarie are now down 0.30% from prior to the August RBA decision.
These latest cuts however will only apply to new lending, not existing Macquarie home loan customers.
Macquarie matches CommBank
These latest cuts mean Macquarie's lowest owner occupier rate is now level with that of Commonwealth Bank, Australia's biggest lender.
CommBank's Digi Home Loan also has an advertised rate of 5.34% p.a. (5.47% p.a. comparison rate*) for LVR up to 60% - a lower variable rate than any advertised at Westpac, NAB or ANZ.
It still isn't the outright lowest rate among the 10 largest lenders in Australia though, with HSBC offering 5.24% p.a. (5.25% p.a. comparison rate*) on its Home Value Loan for LVR up to 60%.
For investors, the Digi Home Loan rate also matches Macquarie at 5.44% p.a. (5.57% p.a. comparison rate*) for LVR up to 60%, a rate once again lower than anything offered by the other major banks barring the HSBC Home Value Loan, also 5.44% p.a. (5.45% p.a. comparison rate*).
There are now only a handful of products in Savings.com.au's database offering lower variable rates than this.
New Macquarie Bank home loan rates
These are the new rates for owner occupiers:
| Product | Rate change |
|---|---|
| Basic Variable Owner Occupied PI (LVR ≤60%) | Down 5 bps to 5.34% p.a. (5.36% p.a. comparison rate*). |
| Basic Variable Owner Occupied PI (LVR 60–70%) | Down 5 bps to 5.34% p.a. (5.36% p.a. comparison rate*). |
| Basic Variable Owner Occupied PI (LVR 70–80%) | Down 5 bps to 5.39% p.a. (5.41% p.a. comparison rate*). |
| Basic Variable Owner Occupied PI (LVR 80–90%) | Down 5 bps to 5.59% p.a. (5.61% p.a. comparison rate*). |
| Basic Variable Owner Occupied PI (LVR 90–95%) | Down 5 bps to 6.39% p.a. (6.41% p.a. comparison rate*). |
| Offset Variable Owner Occupied PI (LVR ≤60%) | Down 5 bps to 5.34% p.a. (5.60% p.a. comparison rate*). |
| Offset Variable Owner Occupied PI (LVR 60–70%) | Down 5 bps to 5.34% p.a. (5.60% p.a. comparison rate*). |
| Offset Variable Owner Occupied PI (LVR 70–80%) | Down 5 bps to 5.39% p.a. (5.65% p.a. comparison rate*). |
| Offset Variable Owner Occupied PI (LVR 80–90%) | Down 5 bps to 5.59% p.a. (5.84% p.a. comparison rate*). |
| Offset Variable Owner Occupied PI (LVR 90–95%) | Down 5 bps to 6.39% p.a. (6.64% p.a. comparison rate*). |
And for investors:
| Product | Rate change |
|---|---|
| Basic Variable Investment PI (LVR ≤60%) | Down 5 bps to 5.44% p.a. (5.46% p.a. comparison rate*). |
| Basic Variable Investment PI (LVR 70–80%) | Down 5 bps to 5.54% p.a. (5.56% p.a. comparison rate*). |
| Basic Variable Investment PI (LVR 80–90%) | Down 5 bps to 6.40% p.a. (6.42% p.a. comparison rate*). |
| Offset Variable Investment PI (LVR ≤60%) | Down 5 bps to 5.44% p.a. (5.70% p.a. comparison rate*). |
| Offset Variable Investment PI (LVR 70–80%) | Down 5 bps to 5.54% p.a. (5.79% p.a. comparison rate*). |
| Offset Variable Investment PI (LVR 80–90%) | Down 5 bps to 6.40% p.a. (6.65% p.a. comparison rate*). |
Macquarie going from strength to strength?
Earlier in the week APRA released its latest Authorised Deposit-Taking Institution (ADI) statistics, which showed an extremely healthy performance from Macquarie in June as far as lending is concerned.
Macquarie grew its home loan book by $3.2 billion in July, nearly 40% of the total $8.1 billion increase to the loans held by all ADIs.
That was significantly more than any other lender, with CommBank (which grew its lending book by just over $2 billion) the next highest.
It was also a 2.2% increase on June, much more substantial than any of the other top 10 biggest lenders - the next highest was ING with 1.3% growth.
Macquarie still has a way to go to catch the big four banks in terms of scale, but with its loan book now well over double that of any other bank, it's sending notice up the ranks.
It was the only bank specifically mentioned by CBA CEO Matt Comyn as one his bank is watching closely as he fielded questions from investors at its latest results presentation.
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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.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
6.29% p.a. | 6.54% p.a. | $3,092 | Principal & Interest | Variable | $248 | $350 | 90% | |||||||||||||
6.54% p.a. | 6.54% p.a. | $3,174 | Principal & Interest | Variable | $0 | $160 | 80% | Disclosure | ||||||||||||
6.79% p.a. | 6.92% p.a. | $3,256 | Principal & Interest | Variable | $12 | $350 | 60% | Disclosure | ||||||||||||
6.84% p.a. | 6.85% p.a. | $3,273 | Principal & Interest | Variable | $0 | $100 | 100% | Disclosure |
