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Macquarie changes new variable and fixed rates

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staff reporter 3 minute read

The challenger bank is reducing its variable and fixed rates for some new mortgages but increasing the variable rate for owner-occupiers paying P&I on higher LVR loans.

Currently, Macquarie Bank has an advertised variable rate of 3.74 per cent for owner-occupiers paying principal and interest (P&I).

As of Monday, 21 August, the bank will reduce variable rates by 0.05 per cent for new owner-occupiers paying P&I on mortgages with loan-to-value ratios (LVRs) of 70 per cent and 80 per cent.

The variable rates for owner-occupiers paying P&I on new loans with an LVR of 90 per cent or 95 per cent will increase by 0.05 per cent.

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Fixed rates for new owner-occupiers wishing to pay P&I will reduce by 0.31 per cent, while the five-year rate will reduce by 10 basis points.

New investor P&I loans will be subject to lower rates, too. Those borrowing up to 70 per cent of the property value were previously able to access an advertised 4.24 per cent rate.

As of Monday, those with 70 per cent LVRs will pay 0.10 per cent less, while those with an 80 per cent LVR ties will pay 0.05 per cent less.

Fixed rates for investors paying P&I will reduce across all terms, from 0.15 per cent for four-year loans up to 30 basis points for one- and two-year rates.

The interest-only charge for investors wishing to take out an interest-only loan will drop by 0.25 per cent.

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