Macquarie cuts variable rate home loans a week from RBA
Macquarie has once more proved why its home loans remain some of the most competitive on the market – at least for home loan interest rates.
The bank slashed variable interest rates on its Basic Home Loan by up to 21 basis points today. This brings its 80% owner-occupier tier to a variable rate of 6.19% p.a. (6.21% p.a. comparison rate*).
For comparison, the Mozo database average for similar home loans is 6.85% p.a. – 66 basis points higher.
Macquarie Basic Home Loan new interest rate changes - 30 January 2024
| LVR Tier | New interest rate | Mozo database average | Difference |
| < 60% | 6.15% p.a. (6.17% p.a. comparison rate*) | 6.77% p.a. | 62 bp |
| < 70% | 6.15% p.a. (6.17% p.a. comparison rate*) | 6.81% p.a. | 66 bp |
| < 80% | 6.19% p.a. (6.21% p.a. comparison rate*) | 6.85% p.a. | 66 bp |
| < 90% | 6.39% p.a. (6.41% p.a. comparison rate*) | 7.13% p.a. | 74 bp |
| < 95% | 7.19% p.a. (7.22% p.a. comparison rate*) | 7.38% p.a. | 19 bp |
Mozo averages for variable home loans with 80% LVR (OO, P&I).
Like with most home loans, lower loan-to-value ratio (LVR) tiers get lower interest rates.
The changes come a week ahead of RBA Day. The year's first RBA interest rate decision will be announced on Tuesday, 7 February.
The Reserve Bank of Australia has certainly maintained a tightening bias in its monetary policy, meaning they’re likely to hike rates while inflation remains high.
However, recently, there has been a wave of home loan lenders slashing rates across fixed mortgages. For major bank Macquarie to cut its variable rates signals a greater shift in the market. Lenders may expect interest rates to start dropping this year.
It’s a timely reminder to home loan borrowers comparing deals that just because the interest rate environment is still high, doesn’t mean there aren’t lenders keen for your business. You can compare low-rate home loans in the table below.
Macquarie Basic Fixed Home Loan
- Competitive 3-year fixed rate of 5.99% p.a (6.13% p.a. comparison) for live in borrowers with a 70% LVR
- No annual or application fee
- Fast turnaround times
The key essentials of a great value home loan are low rates and low fees, and the Macquarie Fixed Basic home loan has both. For owner-occupiers, you’ll have a range of fixed terms to choose from 1 to 5 years and interest rates are scaled depending on your loan to value ratio. The 3 year rate is a low 5.99% p.a. (6.13% p.a.) for borrowers with at least 30% deposit or equity.
The loan also does away with common fees so you won’t pay an application, monthly or an annual loan fee (but there are break cost fees if you do need to exit the loan early). You can make up to $10,000 a year in extra repayments and access them via a redraw.
There is also a split loan option but no offset account. The loan is 100% digital and Macquarie boasts market-leading turnaround times and a straightforward application
-
Promoted
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
Unloan Variable Home Loan
- Owner occupier
- Principal & Interest
- 20% min deposit
- Redraw available
Go to site- Interest rate
-
5.74
%
p.a.
Variable
- Comparison rate
-
5.65
%
p.a.
- Initial monthly repayment
-
$2,915
- Built by CommBank
- The first home loan with an increasing discount (conditions apply)
- No application or banking fees
- interest rate
-
5.74% p.a. (5.65% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
Rate automatically discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special Offers
-
-
Read reviews and learn more about Unloan home loans
Go to site -
Promoted
Mozo experts choice awards won:
- Offset Home Loan - 2025
- First Home Buyer Loan - 2025
Variable Home Loan
- Owner occupier
- Principal & Interest
- 10% min deposit
- Offset available
- Redraw available
Go to site- Interest rate
-
5.78
%
p.a.
Variable
- Comparison rate
-
5.82
%
p.a.
- Initial monthly repayment
-
$2,927
- $0 application fee to pay
- Unlimited additional repayments
- Apply in as little as 15 minutes
- interest rate
-
5.78% p.a. (5.82% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$495.40
- Ongoing fees
-
$0.00
- Discharge Fee
-
$325.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
$3,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free online, fees apply for assisted redraws
- Minimum redraw amount
-
$1.00
- Offset account
-
yes - optional for $10 per month - comparison rate does not include this fee.
- Split account
-
-
- Other restrictions
-
Settlement fee comprises of upfront fee and loan processing fee. Valuation fee varies. Comparison rates displayed do not take into account the Optional Offset Account monthly fee.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about NRMA Home Loans home loans
Go to site -
Promoted
Basic Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 30% min deposit
- Redraw available
Go to site- Interest rate
-
5.39
%
p.a.
Fixed 2 years
- Comparison rate
-
5.82
%
p.a.
- Initial monthly repayment
-
$2,805
- No ongoing fees
- Free redraw from your loan using Macquarie Online.
- No application or account management fees
- interest rate
-
1 year - 5.49% p.a. (5.87% p.a. comparison rate)
2 years - 5.39% p.a. (5.82% p.a. comparison rate)
3 years - 5.39% p.a. (5.77% p.a. comparison rate)
4 years - 5.59% p.a. (5.81% p.a. comparison rate)
5 years - 5.59% p.a. (5.78% p.a. comparison rate)
- Fixed loan revert rate
-
5.89% p.a.
- Upfront fees
-
$350.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$400.00
- Package
-
-
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Promoted
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
Go to site- Interest rate
-
5.49
%
p.a.
Fixed 2 years
- Comparison rate
-
5.91
%
p.a.
- Initial monthly repayment
-
$2,836
- No ongoing annual fees
- Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
- Lock in for up to 5 years.
- interest rate
-
1 year - 5.69% p.a. (5.98% p.a. comparison rate)
2 years - 5.49% p.a. (5.91% p.a. comparison rate)
3 years - 5.59% p.a. (5.90% p.a. comparison rate)
4 years - 6.49% p.a. (6.19% p.a. comparison rate)
5 years - 6.49% p.a. (6.23% p.a. comparison rate)
- Fixed loan revert rate
-
5.98% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Additional repayments allowed up to $25,000 during the fixed period.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site -
Promoted
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- Interest only
- 20% min deposit
Go to site- Interest rate
-
5.49
%
p.a.
Fixed 2 years
- Comparison rate
-
5.96
%
p.a.
- Initial monthly repayment
-
$2,836
- Free extra repayments of up to $25,000 during the fixed rate period.
- Split loan available
- Weekly, fortnightly, or monthly repayment options
- interest rate
-
1 year - 5.69% p.a. (6.03% p.a. comparison rate)
2 years - 5.49% p.a. (5.96% p.a. comparison rate)
3 years - 5.59% p.a. (5.94% p.a. comparison rate)
4 years - 6.49% p.a. (6.23% p.a. comparison rate)
5 years - 6.49% p.a. (6.26% p.a. comparison rate)
- Fixed loan revert rate
-
6.04% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
Go to site -
Promoted
Mozo experts choice awards won:
- First Home Buyer Loan - 2025
Variable Home Loan 90
- Owner occupier
- Principal & Interest
- 10% min deposit
- Offset available
- Redraw available
Go to site- Interest rate
-
5.79
%
p.a.
Variable
- Comparison rate
-
5.83
%
p.a.
- Initial monthly repayment
-
$2,931
- No monthly or ongoing fees
- Option to add an offset for 0.10% p.a.
- interest rate
-
5.79% p.a. (5.83% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$530.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
$2,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
Offset sub-account available for additional +0.10%. $300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about loans.com.au home loans
Go to site
-
Basic Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 30% min deposit
- Redraw available
Go to site- Interest rate
-
5.39
%
p.a.
Fixed 2 years
- Comparison rate
-
5.82
%
p.a.
- Initial monthly repayment
-
$2,805
- No ongoing fees
- Free redraw from your loan using Macquarie Online.
- No application or account management fees
- interest rate
-
1 year - 5.49% p.a. (5.87% p.a. comparison rate)
2 years - 5.39% p.a. (5.82% p.a. comparison rate)
3 years - 5.39% p.a. (5.77% p.a. comparison rate)
4 years - 5.59% p.a. (5.81% p.a. comparison rate)
5 years - 5.59% p.a. (5.78% p.a. comparison rate)
- Fixed loan revert rate
-
5.89% p.a.
- Upfront fees
-
$350.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$400.00
- Package
-
-
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
2-Year Discounted - Simple Home Loan Variable
- Owner occupier
- Principal & Interest
- 40% min deposit
- Redraw available
Go to site- Interest rate
-
5.49
%
p.a.
Variable for 24 months and then 5.74% p.a.
- Comparison rate
-
5.69
%
p.a.
- Initial monthly repayment
-
$2,836
- interest rate
-
5.74% p.a. (5.69% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$175.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$300,000
- maximum borrowing amount
-
$2,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Valuation and legal fees covered up to $1,000. Anything above this charged at cost. Only available through the exclusive link. Capital city or major regional centre only.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about First Option Bank home loans
Go to site -
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
Go to site- Interest rate
-
5.49
%
p.a.
Fixed 2 years
- Comparison rate
-
5.91
%
p.a.
- Initial monthly repayment
-
$2,836
- No ongoing annual fees
- Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
- Lock in for up to 5 years.
- interest rate
-
1 year - 5.69% p.a. (5.98% p.a. comparison rate)
2 years - 5.49% p.a. (5.91% p.a. comparison rate)
3 years - 5.59% p.a. (5.90% p.a. comparison rate)
4 years - 6.49% p.a. (6.19% p.a. comparison rate)
5 years - 6.49% p.a. (6.23% p.a. comparison rate)
- Fixed loan revert rate
-
5.98% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Additional repayments allowed up to $25,000 during the fixed period.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site -
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- Interest only
- 20% min deposit
Go to site- Interest rate
-
5.49
%
p.a.
Fixed 2 years
- Comparison rate
-
5.96
%
p.a.
- Initial monthly repayment
-
$2,836
- Free extra repayments of up to $25,000 during the fixed rate period.
- Split loan available
- Weekly, fortnightly, or monthly repayment options
- interest rate
-
1 year - 5.69% p.a. (6.03% p.a. comparison rate)
2 years - 5.49% p.a. (5.96% p.a. comparison rate)
3 years - 5.59% p.a. (5.94% p.a. comparison rate)
4 years - 6.49% p.a. (6.23% p.a. comparison rate)
5 years - 6.49% p.a. (6.26% p.a. comparison rate)
- Fixed loan revert rate
-
6.04% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
Go to site
Your selected home loans
* 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
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