Macquarie Bank, arguably the machine behind recent home loan market growth - accounting for nearly a quarter of new mortgages in September, has jacked up fixed rates once more.
And this time, it's added as much as 90 basis points to headline rates offered to owner-occupiers and investors.
That sees its lowest fixed rate (which was 4.99% p.a. in early November) bumped to 5.34% p.a. (5.36% p.a. comparison rate*).
That's available on its Basic Fixed home loan product for owner-occupiers with loan-to-value ratios (LVRs) of 70% or less fixing their rate for one year.
Macquarie's move comes just days after CommBank-owned Bankwest and ANZ-owned Suncorp Bank hiked fixed rates by up to 35 basis points and 20 basis points respectively.
Until recently, the lowest rates in Macquarie's stable were offered for two-year fixed periods, with the shift to lower one-year rates suggesting the bank might be anticipating rate rises in the coming years.
And it wouldn't be alone in doing so, with three of the big four banks forecasting the RBA to hold the cash rate at its current level for the foreseeable future.
A select few economists are also warning the RBA could hand down hikes in 2026 - with such calls largely a response to two shock inflation reads and a still-tight jobs market.
In fact, while responding to this week's sluggish GDP figures, CommBank head of Australian economics Belinda Allen noted that, if inflation surprises again in the December quarter, the RBA's discussions may begin to consider potential for hikes from as early as February.
Borrowers signing onto Macquarie's fixed rates with LVRs above 80% appear to have been hardest hit by the latest changes.
Macquarie's new rates for owner-occupier mortgages
Macquarie's new lowest fixed rate is now in line with its lowest advertised variable rate: 5.34% p.a. (5.36% p.a. comparison rate*).
That's offered on its Basic variable rate home loan for those with LVRs of 70% or less.
The biggest hike posted by Macquarie on Friday was 90 basis points, which included boosting the rate on its one-year fixed product for borrowers with LVRs over 80% to 6.39% p.a. (6.41% p.a. comparison rate*).
Such a hike could represent nearly $350 more in monthly repayments on a $600,000, 30 year home loan.
Here are the changes made to Macquarie's Basic fixed rate line up on Friday:
|
Fixed period |
LVR |
Change |
New rate |
Comp rate* |
|
One year |
≤70% |
+15bp |
5.34% |
5.36% |
|
70-80% |
+10bp |
5.39% |
5.41% |
|
|
80-95% |
+90bp |
6.39% |
6.41% |
|
|
Two years |
≤70% |
+25bp |
5.44% |
5.38% |
|
70-80% |
+20bp |
5.49% |
5.43% |
|
|
80-95% |
+90bp |
6.49% |
6.43% |
|
|
Three years |
≤70% |
+20bp |
5.49% |
5.40% |
|
70-80% |
+15bp |
5.54% |
5.46% |
|
|
80-95% |
+85bp |
6.54% |
6.46% |
|
|
Four years |
≤70% |
+25bp |
5.54% |
5.43% |
|
70-80% |
+20bp |
5.59% |
5.48% |
|
|
80-95% |
+70bp |
6.59% |
6.49% |
|
|
Five years |
≤70% |
+25bp |
5.64% |
5.49% |
|
70-80% |
+20bp |
5.69% |
5.54% |
|
|
80-95% |
+80bp |
6.69% |
6.55% |
Macquarie's new rates for investor mortgages
Meanwhile, the new rates posted for property investors looking to fix their rate on Macquarie's Basic mortgage include:
|
Fixed period |
LVR |
Change |
New rate |
Comp rate* |
| One year |
≤70% |
+14bp |
5.49% |
5.51% |
|
70-80% |
+9bp |
5.54% |
5.56% |
|
|
80-90% |
+65bp |
6.40% |
6.42% |
|
| Two years |
≤70% |
+24bp |
5.59% |
5.53% |
|
70-80% |
+19bp |
5.64% |
5.58% |
|
|
80-90% |
+75bp |
6.50% |
6.44% |
|
| Three years |
≤70% |
+19bp |
5.64% |
5.56% |
|
70-80% |
+14bp |
5.69% |
5.61% |
|
|
80-90% |
+70bp |
6.55% |
6.47% |
|
| Four years |
≤70% |
+24bp |
5.69% |
5.58% |
|
70-80% |
+19bp |
5.74% |
5.64% |
|
|
80-90% |
+61bp |
6.60% |
6.50% |
|
| Five years |
≤70% |
+24bp |
5.79% |
5.64% |
|
70-80% |
+19bp |
5.84% |
5.69% |
|
|
80-90% |
+71bp |
6.70% |
6.56% |
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