Macquarie, HSBC, & Bank Australia slash rates: Big savings buyers and refinancers

Hope for a nearer-term cash rate cut was bolstered this week when big four bank NAB adjusted its prediction for the RBA's first rate cut to February – previously May 2025.

It came after CommBank pushed back its own rate cut forecast from November to December, suggesting the market is starting to come to an agreement as to when it's likely variable rate borrowers will realise relief.

Though, new borrowers mightn't have to wait at all, with multiple banking majors slashing both fixed and variable interest rates this week.

If you're in the market for a new home or you're considering refinancing, keep reading as we dive into the latest mortgage movements.

HSBC cuts variable and fixed home loan rates

International brand HSBC dropped variable rates below the coveted 6.00% p.a. mark this week.

It now advertises a promotional variable rate of 5.99% p.a. for owner-occupiers with loan-to-value ratios (LVRs) of 60% or less turning to its Home Value product:

Product	LVR	Change	New rate (p.a.)	Comparison rate* (p.a.)
Home Value	<60%	-5bp	5.99%	5.99%
Home Value	60-70%	-5bp	6.04%	6.04%
Home Value	70-80%	-5bp	6.09%	6.09%
Home Value	80-90%	-5bp	6.39%	6.39%

Meanwhile, investors making principal and interest repayments might rejoice in these new promotional variable rates:

Product	LVR	Change	New rate (p.a.)	Comparison rate* (p.a.)
Investment Home Value	<60%	-5bp	6.19%	6.19%
Investment Home Value	60-70%	-5bp	6.24%	6.24%
Investment Home Value	70-80%	-5bp	6.29%	6.29%
Investment Home Value	80-90%	-5bp	6.59%	6.59%

HSBC has also slashed rates on many of its fixed offerings for the second time in five weeks.

It now offers two year fixed rates starting at 5.59% p.a. for owner-occupiers and 5.79% p.a. for investors.

Macquarie Bank slashes home loan rates to as low as 5.39% p.a.

Joining in on the action was not-quite-big-four-bank Macquarie.

The investment banking giant is once again offering some of the most competitive fixed rate home loans on the market.

New fixed rates for the lender's Basic Fixed home loan for owner-occupiers include:

Fixed rate period	LVR	Change	New rate (p.a.)	Comparison rate* (p.a.)
One year	≤70	-4bp	5.75%	6.12%
	≤80%	-4bp	5.85%	6.18%
	≤95%	-6bp	6.09%	7.10%
Two years	≤70	-20bp	5.39%	6.02%
	≤80%	-20bp	5.49%	5.49%
	≤95%	-10bp	5.99%	6.97%
Three years	≤70	-20bp	5.39%	5.95%
	≤80%	-20bp	5.49%	6.02%
	≤95%	-10bp	5.99%	6.86%
Four years	≤70%	-40bp	5.39%	5.89%
	≤80	-40bp	5.49%	5.96%
	≤95%	-30bp	5.99%	6.77%
Five years	≤70	-40bp	5.39%	5.84%
	≤80%	-40bp	5.49%	5.91%
	≤95%	-30bp	5.99%	6.68%

Bank Australia unveils near-market leading rate: 5.24% p.a.

Finally, ethically-focused mutual bank Bank Australia revealed one of the lowest rates on the market right now – just 25 basis points above the special three year fixed rate of 4.99% p.a. on offer from SWSBank.

Bank Australia's Eco Plus Clean Energy Home Loan now advertises a fixed rate of 5.24% p.a. (6.24% comparison rate*), though it comes with strict eligibility requirements.

To access the product, a borrower needs a deposit of at least 10% and must be financing a home with both a natHERS rating of 7.5 stars or higher and solar panels.

New rates on offer include:

Product	Change	New rate (p.a.)	Comparison rate* (p.a.)
Eco Plus Clean Energy Home Loan Three year fixed	-45bp	5.24%	6.24%
Eco/Eco Upgrade Clean Energy Home Loan Three year fixed	-45bp	5.34%	6.27%

Bank Australia also put forward a minor rate cut for its basic variable home loan product:

Product	Change	New rate (p.a.)	Comparison rate* (p.a.)
Basic Home Loan ≤60-70%%	-1bp	6.13%	6.18%

Other movers

• RACQ Bank dropped fixed and variable rates by up to 50 basis points
• The Mutual Bank lowered fixed rates by as much as 40 basis points
• Illawarra Credit Union cut fixed and variable rates by up to 35 basis points
• BankVic lowered rates on select offset products by 10 basis points
• Australian Mutual Bank dropped fixed rate home loans by up to 45 basis points
• G&C Mutual Bank cut fixed rate home loans by up to 30 basis points

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_{Image by Kamil Pietrzak on Unsplash}