Macquarie Bank has responded to the Reserve Bank of Australia’s recent cash rate hike by increasing the interest rates on its variable home loans.
At its monthly meeting this week, RBA lifted the cash rate by 50 basis points to 0.85% – the second cash rate hike in as many months from Australia’s central bank, and the largest in 22 years.
In the wake of the RBA’s cash rate decision, Macquarie Bank has announced that it will raise its variable home loan interest rates by 50 basis points, effective from June 17, 2022, Canstar reported.
Canstar crunched the numbers to find out how this could affect customers based on Macquarie Bank’s current lowest variable home loan interest rate for a homeowner with a 20% deposit for a 30-year home loan of $500,000 with an 80% LVR:
|
|
Lowest variable interest rate (June 7) |
Increase announced |
Effective from |
Increase to monthly repayments |
Change to monthly repayments since April |
|---|---|---|---|---|---|
|
Macquarie Bank |
2.49% |
50 basis points |
June 17 |
$132 |
$196 |
