It reduces rates for two- to five-year terms
Macquarie Bank has introduced significant cuts to its fixed rate home loans, positioning itself competitively in the market for borrowers with loan-to-value ratios (LVRs) of 70% or less.
The bank now offers some of the lowest fixed rates for two- to five-year terms, providing an attractive option for those looking to refinance and secure rate stability. For a $500,000 loan with an LVR below 70%, Macquarie’s new fixed rates are 5.39% p.a. for two-, three-, four-, and five-year terms, with comparison rates of 6.02%, 5.95%, 5.89%, and 5.84% p.a., respectively.
While Macquarie’s one-year fixed rate of 5.75% p.a. falls just short of The Capricornian’s leading 5.74% p.a., Macquarie offers a more competitive comparison rate of 6.12% compared to the Capricornian’s 7.31% p.a.
“With the RBA cash rate sitting at 4.35%, it would take almost four rate cuts to match Macquarie’s lowest fixed rates – so Macquarie’s competitive cuts are way ahead of the curve, offering some of the most attractive long-term certainty we’ve seen in a while,” said Rachel Wastell (pictured above), finance expert at comparison website Mozo.
“Fixed rates like these are becoming a hot topic as homeowners look to save money as the RBA cash rate pause continues to extend the pain borrowers are feeling in this higher for longer rate environment.
“Macquarie’s latest cuts not only highlight their commitment to providing competitive rates but also serve as a timely reminder for homeowners to assess their borrowing options. With the cash rate remaining steady, now is the time to consider a fixed rate or even a split loan — where you fix a portion of your loan to benefit from both the low rates and the stability of currently low fixed rates, alongside the expected cuts to variable rates.”
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