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*)
Advertisement
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 | ||||||||||||
| FEATURED | Variable Home Loan (LVR < 70%)
| ||||||||||||
Variable Home Loan (LVR < 70%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDREFINANCE ONLY | Variable Rate Home Loan – Refinance Only
| ||||||||||||
Variable Rate Home Loan – Refinance Only
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDAN EASY DIGITAL APPLICATION | Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
| ||||||||||||
Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
| |||||||||||||
| Variable | More details | ||||||||||||
| NO ONGOING FEES | Yard PAYG Home Loan (Principal and Interest) LVR ≤ 80%
| ||||||||||||
Yard PAYG Home Loan (Principal and Interest) LVR ≤ 80%
| |||||||||||||
- Min 30% deposit
- No monthly or ongoing fees, add 0.10% for offset
- Unlimited redraws
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
