Macquarie cuts home loan rates to new lows

Mozo

20 May 2021

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Australia’s fifth largest home lender, Macquarie, has just dropped its home loan rates for owner occupiers and investors in a no-holds barred move that signals it means to take an even larger share of the booming mortgage market off the big banks in 2021.

The rival lender has reduced variable rates for owner occupiers by 15 basis points, taking its popular Macquarie Basic Home Loan to just 2.34% p.a. variable and comparison rate* for borrowers with an LVR below 60%.

Macquarie’s investor home loan rates have also been sliced to competitive new lows, in a move no doubt aimed at making the bank top of mind for investors looking to grab a piece of the booming property market.

With competition for quality borrowers heating up, Macquarie isn’t the only lender to cut rates in recent weeks, and there are some hot offers that home loan hunters would do well to have on their radar. Below we’ve compiled a few options to suit any type of borrower.

MACQUARIE'S NEW LOW VARIABLE RATES

Macquarie Basic Home Loan
Macquarie
  • Rates starting from just 2.34% variable and comparison rate* (minimum 40% deposit)

  • No application or account management fees

  • Free extra repayments and redraw

The details:

Proving that banks can deliver value when it comes to home loans, Macquarie has cut its Basic Home Loan variable rates to super competitive new lows for owner occupier borrowers. But it's not just all about the rates, as this popular home loan also boasts zero upfront or ongoing fees and a range of flexible features such as free extra repayments, a free redraw facility and a split account option. To start the simple application process, simply request a call on the Macquarie website. Available for loans of up to $5 million.

ATHENA'S NEW LOW VARIABLE RATES

Athena Celebrate Variable Home Loan
Athena
  • Rates starting from just 1.99% variable and comparison rate* (minimum 40% deposit)

  • Mozo Experts Choice Home Loan Innovation Winner 2021

  • Zero Athena fees

The details:

The Athena Variable Home Loan is one of the best value home loans to hit the market for borrowers with at least 40% deposit or equity. This mortgage features a killer variable rate that stays great from start to finish and zero upfront or ongoing fees. On top of that, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay down your loan. Available to home buyers and refinancers buying an established property in a capital or major regional city.

BOQ'S NEW LOW FIXED RATES

Bank of Queensland Discount Fixed Rate
Bank of Queensland
  • 1.89% fixed rate for 2 years (3.05% comparison rate*)

  • Bonus $3000 cashback for refinancers

  • Mozo Experts Choice Best Fixed Rate Home Loan 2021

The details:

Bank of Queensland's Fixed Rate Home Loan is packed with great value, including free extra repayments (up to $5,000/year) and a flexible weekly, fortnightly or monthly repayments schedule. On top of that, refinancers will also score a bonus $3000 cashback when you switch your loan to the award-winning Bank of Queensland for a limited time. Available to borrowers with a 20% deposit or more.

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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 loans Awards

Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.

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