Macquarie the latest lender to cut variable rates
Macquarie Bank joins a growing number of lenders that have shifted their variable rates in recent months, making cuts of up to 0.10% this morning.
As pressure to increase fixed rates mounts, lenders have taken to sharpening their variable rates to get customers in their doors.
Borrowers can now take advantage of rates as low as 2.29% p.a. (2.57% p.a. comparison rate*) on the Macquarie Offset Home Loan package.
The lowest rates for this product are available on loans with an LVR of 60%, meaning borrowers will need to have saved a deposit (or built up equity, in the case of refinancers) equal to 40% of a property’s value.
On loans with an LVR of 80%, variable rates rise to 2.39% p.a. (2.68% p.a. comparison rate*), which still compares favourably to the 2.94% p.a. average among packaged loans we track.
We’ve included an overview of some of the home loans currently offered by Macquarie. To see how these stack up against other offers on the market, visit our home loan comparison page.
Macquarie Basic Home Loan
- Variable rates from 2.29% p.a. (2.29% p.a. comparison rate*)
- Free extra repayments and redraw facility
- No upfront or ongoing fees
With the Macquarie Basic Home Loan, owner occupiers can take advantage of interest rates as low as 2.39% p.a. (2.39% p.a. comparison rate*) on 80% LVR loans, along with a number of features to help reduce the amount of interest paid. Repayments are made monthly, but you’ll be able to pay down your loan ahead of schedule without penalty. And if you ever need those extra funds back, you’ll be able to retrieve them using the free redraw facility. There’s also plenty of flexibility on offer, with the ability to split your loan across six loan accounts, each with a different rate, repayment type and frequency. As for fees, you won’t have to worry about any upfront or account keeping fees. However, there will be a $400 discharge fee you’ll need to budget for once your loan ends.
Macquarie Offset Home Loan
- Variable rates from 2.29% p.a. (2.57% p.a. comparison rate*)
- 100% offset account
- 2021 Mozo Experts Choice Award winner^
The Macquarie Offset Home Loan offers owner occupiers a range of perks to go with its competitive 2.39% p.a. variable rate (2.68% p.a. comparison rate*), available on loans with an LVR of 80%. You’ll be able to open up to 10 offset accounts per loan (each with a Debit Mastercard for everyday transacting), split your account between a variable and fixed rate, and receive annual fee waivers on linked credit cards.
You can also opt in to receive Qantas Points for an additional 0.05% p.a. interest loading, with a potential 170,000 Qantas Points up for grabs in the first 5 years when you borrow $600,000 (terms and conditions apply). Borrowers should also be aware that while there are no upfront or account keeping fees on the loan, a $248.00 yearly service fee and $400 discharge fee will apply.
^See information about the Mozo Experts Choice Home Loan Awards
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