Macquarie undercuts the Big Four banks with its latest 0.20% cut to fixed rate home loans
Macquarie has cut another 20 basis points off its fixed rate home loans, vastly undercutting what’s on offer at the Big Four banks.
With its two- and three-year fixed rates now starting at 5.29% p.a. for owner occupiers, Macquarie has the equal-lowest rates for these terms that are available to anyone.
This is the second time that Macquarie has dropped its fixed rates in the past month, signalling intense competition among home loan lenders seeking to lure in new customers.
Macquarie’s new fixed interest rates
| Fixed rate term | New interest rate (p.a.) | Comparison rate (p.a.) | Interest rate cut |
|---|---|---|---|
| 1 year | 5.39% | 5.91% | -0.20% |
| 2 years | 5.29% | 5.84% | -0.20% |
| 3 years | 5.29% | 5.78% | -0.20% |
| 4 years | 5.49% | 5.80% | -0.20% |
| 5 years | 5.49% | 5.77% | -0.20% |
| Source: Mozo database as at 24 April, 2025. Rates are for an owner occupier with <80% LVR, making principal and interest repayments over 25 years on a $500,000 home loan. | |||
Macquarie’s 20 basis point cut applies to all fixed terms, and is available to both owner occupiers and investors. Those with a loan-to-value ratio (LVR) from <70% up to 95% are set to benefit.
Macquarie emerges as a market leader for fixed rates
The major lender was already among our top picks when it comes to cheap home loans, but Macquarie’s latest move means it’s now a market leader for fixed rate home loans.
Here’s a look at the lowest two-year fixed rates from Macquarie and the Big Four in our database.
| Lowest two-year fixed rate | Interest rate (p.a.) | Monthly repayment |
|---|---|---|
| Macquarie | 5.29% | $3,008 |
| NAB | 5.44% | $3,053 |
| Westpac | 5.69% | $3,127 |
| ANZ | 5.74% | $3,143 |
| Commonwealth Bank | 5.99% | $3,218 |
| Source: Mozo database as at 24 April, 2025. Rates are for an owner occupier with <80% LVR, making principal and interest repayments over 25 years on a $500,000 home loan. | ||
If you’d like to see how your interest rate compares to others in the market, use our home loan comparison calculator.
Macquarie’s home loans aren’t your only option when it comes to competitive fixed rate terms. See below some of the latest offers available from Mozo partners or use the filters to compare all fixed rates in our database.
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Promoted
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
Go to site- Interest rate
-
5.09
%
p.a.
Fixed 2 years
- Comparison rate
-
5.43
%
p.a.
- Initial monthly repayment
-
$2,712
- 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 - 5.24% p.a. (5.48% p.a. comparison rate)
2 years - 5.09% p.a. (5.43% p.a. comparison rate)
3 years - 5.29% p.a. (5.46% p.a. comparison rate)
4 years - 5.69% p.a. (5.58% p.a. comparison rate)
5 years - 5.69% p.a. (5.60% p.a. comparison rate)
- Fixed loan revert rate
-
5.48% 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
- 5% min deposit
Go to site- Interest rate
-
5.09
%
p.a.
Fixed 2 years
- Comparison rate
-
5.43
%
p.a.
- Initial monthly repayment
-
$2,712
- 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 - 5.24% p.a. (5.48% p.a. comparison rate)
2 years - 5.09% p.a. (5.43% p.a. comparison rate)
3 years - 5.29% p.a. (5.46% p.a. comparison rate)
4 years - 5.69% p.a. (5.58% p.a. comparison rate)
5 years - 5.69% p.a. (5.60% p.a. comparison rate)
- Fixed loan revert rate
-
5.48% 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
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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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