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.
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 December 06, 2020
Smart Booster Home Loan
Celebrate Variable Home Loan
- Virgin MoneyVirgin Money
Special Offer Reward Me Fixed Rate Home Loan
Basic Home Loan
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