The banking major's variable rate home loan holders will realise the interest rate change on 15 August – just three days after the RBA announced the cut.
It's the second RBA cut in which Macquarie has acted sooner than the big four, having cut mortgage holders' wait time from 10 days to three after the RBA's May cut.
The 25 basis point cut will bring down rates across Macquarie's variable home loan products, with its lowest advertised rate – 5.64% p.a. (5.66% p.a. comparison rate*) – expected to fall to 5.39% p.a.
For a borrower with a $600,000 mortgage, such a reduction could lower monthly repayments from approximately $3,460 to $3,365 – saving about $95 a month.
"When the RBA last cut the cash rate in May, we proved that the savings could be passed on to homeowners in just three days, instead of the industry average of 12 days," said Macquarie head of personal banking Ben Perham said.
"We were the fastest of the major banks and homeowners loved it, so we’re doing it again."
What could a rate cut mean for your wallet? Mortgage Repayment Calculator
Unlike some banks, Macquarie automatically adjusts home loan repayments to reflect new interest rates.
This means customers will see their minimum repayments fall once the rate change is applied.
"We’ve been shaking up competition in the Australian banking sector for more than a decade," Mr Perham said.
"I think customers agree that a shakeup is well overdue and recognise that we’re doing banking differently.”
However, interest on home loan balances is typically calculated at a daily rate, and that daily rate won't change until 15 August.
Thus, customers mightn't notice a significant difference in their repayment amount for some weeks.
Those who wish to maintain their previous repayment amount, thereby helping them build equity faster and reduce long-term interest costs, can adjust it via the bank's channels.
See how other lenders are responding to the RBA's August rate cut: Your Mortgage live coverage
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| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.29% p.a. | 5.33% p.a. | $2,773 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.19% p.a. | 5.10% p.a. | $2,742 | Principal & Interest | Variable | $0 | $0 | 80% |
| Disclosure | |||||||||||
5.39% p.a. | 5.43% p.a. | $2,805 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure |
Image by Danausi on Wikimedia Commons
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