Macquarie cuts fixed rates

by Madison Utley29 May 2020

Macquarie Bank has reduced a range of fixed rates across its mortgage products in line with broker feedback, effective for new loans from 28 May.

“We know homebuyers are looking for more certainty when it comes to their home loan. Now, more than ever, they want to make sure their money is working hard for them and they’re looking for that extra peace of mind,” said Ben Perham, Macquarie head of personal banking.

“That’s why we’re pleased to be offering our lowest fixed rates ever. This also continues to reflect our prudent approach and ongoing focus on lower LVR lending.”

The bank is now offering a 2.19% fixed rate for owner occupier P&I loans at ≤70% LVR for one-, two- and three-year terms.

For investor P&I loans at ≤70% LVR, Macquarie’s fixed rate now rests at 2.59% for one-, two- and three-year terms.

“We hope these new rates, combined with our industry-leading processing times lead to more opportunities for brokers to discuss with their clients,” said Perham.

Macquarie also reiterated that the fixed rate a client secures at approval is what they’ll get at settlement if the loan settles within 90 days, with no lock rate fee required.

Just a few months ago, executives at two of the major banks extolled Macquarie’s success in recent years, partially attributing it to the group’s strong digital offering and its “bold backing” of the broker channel through the royal commission and subsequent creation of a robust broker proposition.