Non-major releases rate update

by Julia Corderoy27 Jul 2015
Macquarie Bank is the first non-major lender to announce a raft of interest rate changes on investor home loans.

In communication sent to brokers obtained by Australian Broker, the non-major lender announced that fixed and variable rates for new investment home loans will increase by 27 basis points, effective Friday 31 July 2015. 

Variable rates for existing investment home loans will also increase by 27 basis points, effective Monday 10 August 2015.

In its note to brokers, Macquarie Bank said that these changes have been made “in response to market conditions”. Last week, both ANZ and Commonwealth Bank were the first to announce rate hikes on investment loans, in order to balance the mix of lending between owner-occupied and investment.

Macquarie’s announcement also comes after the non-major revealed in its annual general meeting last week that its mortgage portfolio grew by 44% in 2014-15, approximately four years after re-entering the broker channel.