Photo by Artsy Vibes on Unsplash
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.
| 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 | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
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.