Macquarie slashes fixed rates on Basic Home Loan offering
The Mozo database recorded some significant cuts to one of Macquarie’s fixed rate home loan offerings.
Macquarie’s Basic Home Loan (Fixed) rates have been reduced by up to 0.76%, with cuts across 1 to 5-year fixed terms.
Macquarie’s new Basic Home Loan fixed rates trump the average
Before the rate reductions, Macquarie’s fixed offering had interest rates slightly higher than the average fixed rate† in the Mozo database. The cuts have now brought rates on the Basic Home Loan (Fixed) down to well below the average.
| Fixed term | Average interest rate† | Macquarie Basic Home Loan (Fixed) interest rate |
| 1-year | 6.44% p.a. | 5.89% p.a. (6.14% p.a. comparison rate*) |
| 2-year | 6.33% p.a. | 5.79% p.a. (6.10% p.a. comparison rate*) |
| 3-year | 6.25% p.a. | 5.79% p.a. (6.07% p.a. comparison rate*) |
| 4-year | 6.48% p.a. | 5.79% p.a. (6.04% p.a. comparison rate*) |
| 5-year | 6.51% p.a. | 5.79% p.a. (6.01% p.a. comparison rate*) |
†Based on a fixed interest rate in the Mozo database for an owner-occupier making principal and interest repayments, borrowing $400,000, with a loan-to-value ratio (LVR) of <70%. Correct as at 14 August 2024.
If you’re considering a fixed rate loan at the moment, it’s worth adding the Basic Home Loan from Macquarie to your shortlist when you compare home loans. Check it out below!
Basic Home Loan (Owner Occupier, LVR 60-70%, Principal & Interest)
- Competitive 3 year fixed rate of 5.79% p.a (6.07% p.a. comparison rate*) 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 5.79% p.a. (6.07% p.a. comparison rate*) 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 at the end of your fixed period. 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.
Where do I get it? Head over to Macquarie to find out 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 $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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