Macquarie Bank responds to RBA's cash rate hike

by Mina Martin10 Jun 2022

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