Macquarie Bank trims 0.10% off select home loan rates

By Tom Watson · · 2 min read
Fact Checked
Advertiser disclosure
family-sitting-on-steps-in-front-of-home

Macquarie Bank has become the latest lender to further set its sights on refinancers after making a number of targeted home loan rate cuts yesterday morning.

The bank took 10 basis points off it’s Basic Home Loan offer for new owner occupier and investor customers, but there’s a catch: the cuts only apply to borrowers with lower loan-to-value ratios (LVRs).

Here are the updated variable rates and the LVR tiers they apply to:

  • 2.49% (2.49% comparison rate*) for owner occupiers (P&I) with an LVR ≤60%
  • 2.54% (2.54% comparison rate*) for owner occupiers (P&I) with an LVR ≤70%
  • 2.69% (2.69% comparison rate*) for investors (P&I) with an LVR ≤60%

By comparison, the rates available with the Basic Home Loan for ≤80% LVRs remain at 2.64% (2.64% comparison rate*) for owner occupiers and 2.89% (2.90% comparison rate*) for investors.

How do they compare? Well according to our latest figures, Macquarie’s rates for owner occupiers and investors at the ≤60% and ≤70% LVR tiers are some of the lowest in the Mozo database among all lenders, and particularly low among bank lenders.

Fight for refinancers remains fierce

Macquarie is by no means the first bank to target refinancers and large deposit buyers with more competitive rates. In fact, it’s been an ongoing trend in recent months which has seen lenders compete more fiercely for safer borrowers.

Online players such as Athena and Homestar, as well as banks like St.George and Bank Australia are just some of the large number of lenders to have discounted rates for lower LVR tiers in recent months.

The battle for refinancers hasn’t just been limited to rate cuts either.

Cashback deals are very much in vogue at present, with 18 lenders in the Mozo database currently offering one-off incentives between between $1,000 and $2,500.

Most of the offers are available to refinancers willing to switch their loans, but there are also a handful available to first home buyers.

RELATED: Suncorp extends $2,000 home loan refinance cashback

Want to see how your own home loan stacks up against the competition? If you’re thinking about making the switch check out some of the great deals below, or head on over to the Mozo refinance home loan hub for the latest rates from even more lenders.

Refinance home loans - last updated 9 December 2023

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, Refinance Only, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.74% p.a. variable
    5.65% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Go to site
    Details
  • Mozo Expert Choice Badge
    Variable Home Loan 90

    Principal and Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.04% p.a. variable
    6.06% p.a.

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required. Advertised rates include Nov RBA rate increase. T&Cs apply.

    Go to site
    Details
  • Mortgage Simplifier

    LVR<80%, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.43% p.a.

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.

    Details
  • Mozo Expert Choice Badge
    Variable Rate Home Loan Special Offer

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

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.51% p.a.

    Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.

    Go to site
    Details
  • Well Balanced Special Offer

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.12% p.a. variable
    6.14% p.a.

    Competitive low rates available for owner occupiers. Free online redraws. 100% offset account for a small fee ($10 p/mth). Quick and easy application online. Get a free evaluation (Valued up to $300). Minimum loan amount $100K.

    Go to site
    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. You can change the loan amount and term in the input boxes at the top of this table. 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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.