Add CategoryMacquarie Bank has raised its fixed home loan interest rates from recent lows, likely leaving hopeful borrowers less than thrilled.
The brains behind Macquarie's home loan offerings have been busy lately, with the investment banking giant having now shifted fixed rates five times in 2024.
In its latest move, Macquarie increased the interest rate on its three-year fixed rate home loan by 30 basis points, pulling it away from the near-market-leading level realised in early October.
As the chart below shows, the lender has offered owner-occupier borrowers with deposits or equity of at least 30% a multitude of three-year fixed rates this year.
These have ranged from 5.39% p.a. to 6.55% p.a., with the rate on the product sitting at 5.69% p.a. as of Tuesday morning.
Macquarie's latest mortgage rate move coincides with a recovery in bond yields, which tanked amid global market volatility in late July and early August.
Banks typically borrow money used to fund fixed rate home loans from global bond markets and, when bond yields are low, fixed rates are generally also low.
Though, lenders consider a multitude of factors when pricing their fixed rate line ups.
If you're hunting for a new fixed rate home loan, here are the latest rates on the table from the banking giant.
Macquarie's new fixed home loan rates for owner-occupiers
These rates are advertised on the bank's Basic home loan product for owner-occupiers making principal and interest repayments as of Tuesday, 15 October:
| Fixed rate period | LVR | Change | New rate | Comparison rate* |
|---|---|---|---|---|
| One year | <70% | +10bp | 5.85% | 6.14% |
| 70-80% | +10bp | 5.95% | 6.19% | |
| 80-95% | +10bp | 6.19% | 7.11% | |
| Two years | <70% | +30bp | 5.69% | 6.08% |
| 70-80% | +30bp | 5.79% | 6.14% | |
| 80-95% | +30bp | 6.29% | 7.03% | |
| Three years | <70% | +30bp | 5.69% | 6.04% |
| 70-80% | +30bp | 5.79% | 6.10% | |
| 80-95% | +30bp | 6.29% | 6.95% | |
| Four years | <70% | +30bp | 5.69% | 6.00% |
| 70-80% | +30bp | 5.79% | 6.07% | |
| 80-95% | +30bp | 6.29% | 6.88% | |
| Five years | <70% | +30bp | 5.69% | 5.97% |
| 70-80% | +30bp | 5.79% | 6.04% | |
| 80-95% | +30bp | 6.29% | 6.81% |
The lowest fixed rate currently available on the mortgage market appears to be offered by SWSBank, which promises a rate of 4.99% p.a. (6.15% p.a. comparison rate*) to eligible borrowers turning to its premium special three-year fixed rate loan.
Macquarie's new fixed home loan rates for property investors
Meanwhile, these are the new rates advertised on the bank's Basic home loan product for property investors as of Tuesday, 15 October:
| Fixed period | LVR | Rate type | Change | New rate | Comparison rate* |
|---|---|---|---|---|---|
| One year | <70% | P&I | +10bp | 5.99% | 6.33% |
| IO | +10bp | 6.09% | 6.52% | ||
| 70-80% | P&I | +10bp | 6.09% | 6.44% | |
| IO | +10bp | 6.19% | 6.63% | ||
| 80%-90% | P&I | +10bp | 6.49% | 7.23% | |
| Two years | <70% | P&I | +30bp | 5.85% | 6.27% |
| IO | +30bp | 5.99% | 6.46% | ||
| 70-80% | P&I | +30bp | 5.95% | 6.38% | |
| IO | +30bp | 6.09% | 6.56% | ||
| 80%-90% | P&I | +30bp | 6.19% | 7.09% | |
| Three years | <70% | P&I | +30bp | 5.85% | 6.23% |
| IO | +30bp | 5.99% | 6.41% | ||
| 70-80% | P&I | +30bp | 5.95% | 6.33% | |
| IO | +30bp | 6.09% | 6.51% | ||
| 80%-90% | P&I | +30bp | 6.19% | 6.99% | |
| Four years | <70% | P&I | +30bp | 5.85% | 6.19% |
| IO | +30bp | 5.99% | 6.36% | ||
| 70-80% | P&I | +30bp | 5.95% | 6.29% | |
| IO | +30bp | 6.09% | 6.47% | ||
| 80%-90% | P&I | +30bp | 6.19% | 6.90% | |
| Five years | <70% | P&I | +30bp | 5.85% | 6.15% |
| IO | +30bp | 5.99% | 6.32% | ||
| 70-80% | P&I | +30bp | 5.95% | 6.26% | |
| IO | +30bp | 6.09% | 6.43% | ||
| 80%-90% | P&I | +30bp | 6.19% | 6.82% |
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6.04% p.a. 6.06% p.a. $3,011 Principal & Interest Variable $0 $530 90% 5.99% p.a. 5.90% p.a. $2,995 Principal & Interest Variable $0 $0 80% 6.14% p.a. 6.16% p.a. $3,043 Principal & Interest Variable $0 $350 60% Important Information and Comparison Rate Warning Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . Lender Home Loan Interest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option Link Compare
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