The moves, following fixed-rate cuts, varied by between 9 and 21 basis points. Some of the key changes were as follows:

  • OO Basic Variable 80% LVR: 11 basis point cut to 6.19% p.a. (6.21% p.a. comparison rate*)
  • Inv Basic Variable 80% LVR: 9 basis point cut to 6.45% p.a. (6.48% p.a. comparison rate*)

The rate changes are applicable for new customers only.

Home loans with offset accounts are generally available for the same advertised rate, but offsets attract an annual fee of $248.

Higher-LVR loan rates were generally cut by larger margins, causing a convergence between high and low LVR loans as has been seen in the wider market recently.

Macquarie Bank is the nation's fifth-largest lender, with more than $69 billion in owner occupier loans on its books, and more than $44 billion in investor loans, according to APRA data.

The changes come a week before the RBA's first monetary policy board meeting for 2024, which is widely expected to result in a cash rate hold - lest inflation data released on Wednesday comes out unexpectedly robust.

Image by chandlervid85 on Freepik

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Harrison Astbury
Harrison Astbury
Editor and Financial Analyst

Harrison is InfoChoice's editor and market commentator. With years of experience at some of Australia's largest comparison sites and media organisations, Harrison is passionate about all things banking.

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