Macquarie Bank slashes fixed rates by up to 0.35%

Macquarie Bank has made substantial changes across its range of fixed rate home loans today, cutting rates for 1, 2 and 3-year terms for both owner occupiers and investors by up to 0.35%. 

Below is a snapshot of the changes:

  • Owner Occupier, P&I loans with an LVR of ≤ 70% have been reduced by 0.20%.
  • Owner Occupier, P&I loans with an LVR of ≤ 80% have been reduced by 0.10%.
  • Investment, P&I loans with an LVR of ≤ 70% have been reduced by 0.35%.
  • Investment, IO loans with an LVR of ≤ 70% have been reduced by 0.25%.

Fixed rates for OO, P&I repayment loans with an LVR of ≤ 80% saw a reduction of 0.10%. That means new customers looking to lock in a Basic Home Loan for 3 years (P&I, ≤80% LVR) will now receive a 2.39% p.a. fixed rate (2.77% p.a. comparison rate*).

For those with a deposit of at least 30%, the rates on offer are even more generous. Following a 0.20% cut, rates for 3-year fixed terms (OO, P&I) now sit at 2.19% p.a. (2.60% p.a. comparison rate*).

That puts it among the lowest fixed rate home loans in our database at the time of writing. For comparison, the average 3-year fixed rate (OO, P&I) among home loans we track is currently 2.67% p.a.

Macquarie has also sharpened its offerings for investors, cutting rates for P&I loans with an LVR of ≤ 70% by 0.35%, and interest only loans with an LVR of ≤ 70% by 0.25%. Investors making P&I repayments will now be looking at rates as low as 2.59% p.a. (2.89% p.a. comparison rate*) 3-year terms. 

For an idea of how these offerings stack up against others on the market, head over to our fixed rate home loan comparison page, or browse the selection below.

Home loan comparisons on Mozo - last updated 16 August 2022

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  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    4.49% p.a.
    fixed 1 year
    3.81% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Details
  • Fixed Rate Home Loan

    Home Loan Package, Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.57% p.a.
    fixed 1 year
    4.03% p.a.

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 August 2022 and settle by 31 October 2022.

    Details
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    4.55% p.a.
    fixed 1 year
    3.91% p.a.

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

    Details
  • Mozo Expert Choice Badge
    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    4.99% p.a.
    fixed 1 year
    3.63% p.a.

    Competitive fixed rates across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year). Winner of Australia's Best Large Mutual Bank 2022.

    Details

* 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 $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. 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.

^See information about the Mozo Experts Choice Home Loan Awards

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