Macquarie Bank slashes fixed rates by up to 0.35%
Thursday 28 May 2020
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.