Macquarie Bank has jumped on board the rate cut train and dropped variable and fixed mortgage rates by a full 25 basis points.
Along with 36 other lenders in the Mozo database, Macquarie announced that it would pass on the full rate cut following the RBA’s decision to drop the official cash rate to an historic low of 0.50%.
Notably, the bank is now fashioning shiny new variable rates starting at 2.84% on its Basic Home Loan for owner occupiers, making principal and interest repayments.
The rate cut is effective today for new customers, however, existing Macquarie customers will need to wait a little longer to reap the benefits as the new rates aren’t effective until the 19th March, 2020 for them.
Need a competitive interest rate, minimal fees and handy features all in the one loan? Meet Macquarie’s Basic Home Loan. It comes with a low 2.84% variable interest rate (2.84% comparison rate*) plus no upfront or ongoing fees over the life of the loan. And if you like a little flexibility, you may be pleased to hear that not only can you make free extra repayments, but there’s a redraw facility option if you wish to dip into your additional contributions later on. This loan really ticks boxes in more areas than one!
*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.
**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.