Macquarie Bank cuts variable rate home loans by 25 basis points

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on June 27, 2022 Fact Checked
Macquarie Bank cuts variable rate home loans by 25 basis points

Macquarie cut variable rates by up to 25 basis points after it increased them by 50 basis points earlier in the month.

The decision to cut variable rate home loans for owner occupiers and investors by up to 25 basis points comes out of lockstep with the RBA's cash rate hikes and many other lenders' movements.

Macquarie has been aggressive with changes over the past month in a bid to capture a greater market share of customers, including the introduction of a 1.50% p.a. transaction account interest rate for new and existing customers. 

The changes made to the variable rate portfolio of Australia's fourth largest bank come prior to the RBA board meeting next week, with economists indicating the cash rate will rise once again by 50 basis points.

Key decreases across Macquarie's variable rate home loan portfolio for owner occupiers include:

  • Basic Variable Owner Occupied P&I 80%: 10 basis point decrease to 2.89% p.a. (2.89% p.a. comparison rate*)
  • Basic Variable Owner Occupied P&I 90%: 25 basis point decrease to 3.19% p.a. (3.19% p.a. comparison rate*)
  • Offset Variable Owner Occupied P&I 80%: 10 basis point decrease to 2.89% p.a. (3.16% p.a. comparison rate*)
  • Offset Variable Owner Occupied P&I 90%: 25 basis point decrease to 3.19% p.a. (3.45% p.a. comparison rate*)

For investors, key decreases across Macquarie's variable rate home loan portfolio include:

  • Basic Variable Investment P&I 80%: 10 basis point decrease to 3.14% p.a. (3.14% p.a. comparison rate*)
  • Basic Variable Investment P&I 90%: 10 basis point decrease to 3.90% p.a. (3.90% p.a. comparison rate*)
  • Offset Variable Investment P&I 80%: 10 basis point decrease to 3.14% p.a. (3.40% p.a. comparison rate*)
  • Offset Variable Investment P&I 90%: 10 basis point decrease to 3.90% p.a. (4.50% p.a. comparison rate*)

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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

Variable
More details
  • Min 30% deposit
  • No monthly or ongoing fees, add 0.10% for offset
  • Unlimited redraws

Variable Home Loan (LVR < 70%)

  • Min 30% deposit
  • No monthly or ongoing fees, add 0.10% for offset
  • Unlimited redraws
Variable
More details
REFINANCE ONLY
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
REFINANCE ONLY

Variable Rate Home Loan – Refinance Only

  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
NO ONGOING FEES
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
NO ONGOING FEES

Yard PAYG Home Loan (Principal and Interest) LVR ≤ 80%

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster

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%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of August 11, 2022. View disclaimer.


Image by Igor Miske via Unsplash 



Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. 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. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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