Macquarie cuts variable rate home loans a week from RBA

By Evlin DuBose · · 2 min read
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Woman gesturing to city window graphic, excited about variable home loan rate cuts

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.

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
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
Find out more

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

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 22 November 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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 online in minutes.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.28 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    5.74 % p.a.
    Fixed 3 years
    Comparison rate
    6.81 % p.a.
    Initial monthly repayment
    $2,915

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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 online in minutes.

  • Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    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.

  • Elevate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.18 % p.a.
    Variable
    Comparison rate
    6.18 % p.a.
    Initial monthly repayment
    $3,056

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

Showing 6 of 430 home loans. Use the filters to see more
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* 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.

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