Key points
  • Macquarie Bank has lifted its fixed home loan rates for the second time in just over two weeks
  • It was the first of the major banks to increase fixed home loan rates in September with the big four banks lifting their fixed rates over the past week
  • It sends a signal markets are preparing for one or two further hikes to the Reserve Bank cash rate

Macquarie was the first of the major banks to raise its fixed home loan rates in September and has followed up with further increases just over two weeks later.

The latest round sees Macquarie's fixed home loan rates increase by up to 20 basis points across the board.

Here's a selection of Macquarie's new basic home loan rates for owner occupiers making principal and interest (P&I) repayments:

Interest rate Comparison rate * Change (%)
1 year
≤ 70%6.49% p.a.
6.11% p.a.		+0.10
≤ 80%6.54% p.a.6.16% p.a.+0.10
≤ 95%6.84% p.a.7.09% p.a.+0.10
2 year
≤ 70%6.59% p.a.6.17% p.a.+0.20
≤ 80%6.64% p.a.6.22% p.a.+0.20
≤ 95%6.94% p.a.7.09% p.a.+0.20
3 year
≤ 70%
6.59% p.a.6.22% p.a.+0.20
≤ 80%6.64% p.a.6.27% p.a.+0.20
≤ 95%6.94% p.a.7.07% p.a.+0.20
4 year
≤ 70%6.64% p.a.6.28% p.a.+0.20
≤ 80%6.69% p.a.6.33% p.a.+0.20
≤ 95%6.09% p.a.7.08% p.a.+0.20
5 year
≤ 70%6.64% p.a.6.33% p.a.+0.20
≤ 80%6.69% p.a.6.38% p.a.+0.20
≤ 95%6.99% p.a.7.07% p.a.+0.20

The same interest rates apply to offset home loans although their comparison rates are higher. (Offset benefits don't apply when the loan is in a fixed-rate period.)

The big four banks have each lifted their fixed home loan rates over the past week. 

See also :

Why is Macquarie lifting fixed rates again?

A second hike within the month signals Macquarie may be preparing for more than one increase to the Reserve Bank cash rate.

Financial markets are now pricing in around a 90% chance of a 25-basis point cash rate hike to 4.6% when the monetary policy board meets next week.

On Monday, CommBank and ANZ economists got on board with their big four colleagues in tipping a September cash rate hike.

ANZ believes it will be followed up with another rate hike in November.

Both big banks cited renewed inflationary pressures from increasing fuel prices and recent hawkish communications from senior Reserve Bank officials for moving forward their earlier calls of a November increase.

A hike to 4.6% would see the cash rate at its highest point in almost 16 years.

Inflationary risks 'materialising'

The Reserve Bank will be making its call on the cash rate without seeing August inflation data which is due to be released the day after the decision is announced.

See also: July inflation 3.5%, underlying price pressures remain sticky

However, Reserve Bank governor Michele Bullock has been firm the board will act on "upside risks to inflation" which she told a parliamentary committee appeared "to be materialising".

These risks include the conflict in the Middle East spiking fuel prices, robust investment in AI infrastructure, and ongoing stagnant productivity growth.

The Reserve Bank monetary policy board will meet on Monday and Tuesday, 28-29 September with the cash rate decision to be announced on Tuesday afternoon.

Savings.com.au will provide live coverage of the decision.