Macquarie Bank trims 0.10% off select home loan rates


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 12 August 2022

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    3.60% p.a.variable for 24 months and then 4.00% p.a. variable
    3.96% p.a.

    Already includes July RBA rate increase. New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% 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.

  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.79% p.a. variable
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.


* 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.

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