Macquarie hiked its owner occupier and investor fixed rate mortgages by up to 30 basis points on Tuesday, taking its offerings from market-beating fixed rates to around par with the rest of the market.

Macquarie's best new rate is now 5.69% p.a. (6.08% p.a. comparison rate*), up from the old rate of 5.39% p.a., for owner occupiers with a loan-to-value ratio (LVR) ≤70% fixing for two, three, four, or five years.

Here's a selection of Macquarie's new fixed rates for owner occupiers making principal and interest (P&I) repayments fixed for one- and two-year terms:

Product Change (%) New rate Comparison rate*
Basic 1 year fixed LVR ≤70% +0.1 5.85% p.a. 6.14% p.a.
Basic 1 year fixed LVR ≤80% +0.1 5.95% p.a. 6.19% p.a.
Basic 1 year fixed LVR ≤95% +0.1 6.19% p.a. 7.11% p.a.
Basic 2 year fixed LVR ≤70% +0.3 5.69% p.a. 6.08% p.a.
Basic 2 year fixed LVR ≤80% +0.3 5.79% p.a. 6.14% p.a.
Basic 2 year fixed LVR ≤95% +0.3 6.29% p.a. 7.03% p.a.
Offset 1 year fixed ≤70% +0.1 5.85% p.a. 6.36% p.a.
Offset 1 year fixed ≤80% +0.1 5.95% p.a. 6.41% p.a.
Offset 1 year fixed ≤95% +0.1 6.19% p.a. 7.33% p.a.
Offset 2 year fixed ≤70% +0.3 5.69% p.a. 6.30% p.a.
Offset 2 year fixed ≤80% +0.3 5.79% p.a. 6.36% p.a.
Offset 2 year fixed ≤95% +0.3 6.29% p.a. 7.25% p.a.

It's a curious move by Australia's fifth-largest home lender but it has to be said, the market's obsession with dropping fixed rate home loans over the past few months has attracted little interest from borrowers.

According to the latest ABS lending data, fixed home loans still make up less than 2% of new mortgage lending, around the same level as when widespread fixed rate cuts began in late July.

It seems borrowers are still holding out for the much-anticipated cut in the RBA cash rate which pundits believe will trigger a cutting cycle throughout 2025.

Macquarie's retail arm has also adjusted other rates this week, including raising rates on its savings account and dropping rates on its transaction account.

Perhaps it is part of a wider plan - we shall have to wait and see.

BOQ drops investor variable rates

Australia's sixth-largest home lender turned its attention to investor rates this week, cutting its Investment Economy Variable and Investment Clear Path Variable Home Loan by up to 20 basis points as part of a special offer.

Bank of Queensland's best new rate is 6.44% p.a. (6.53% p.a. comparison rate*) for investors taking up a 70% LVR Economy Variable home loan making interest only (IO) repayments.

Here are the new investor rates:

Product Change (%) New rate Comparison rate*
Economy Variable Home Loan IO Special Offer (max. 70% LVR) -0.05 6.44% p.a. 6.53% p.a.
Economy Variable Home Loan IO Special Offer (max. 80% LVR) -0.05 6.49% p.a. 6.58% p.a.
Economy Variable Home Loan IO Special Offer (max. 90% LVR) -0.05 6.74% p.a. 6.69% p.a.
Economy Variable Home Loan P&I Special Offer (max. 90% LVR) -0.05 6.54% p.a. 6.68% p.a.
Investor Clear Path Variable Home Loan Special Offer IO (max. 80% LVR) -0.05 6.59% p.a. 6.66% p.a.
Investor Clear Path Variable Home Loan Special Offer P&I (max. 80% LVR) -0.05 6.49% p.a. 6.61% p.a.

Economy Variable loans come with no mortgage offset facilities while BoQ's Clear Path loans offer free redraw and flexible repayment options.

ME also cuts investor rates

It should come as no surprise the BoQ-owned ME Bank also cut its investor home loan rates on the same day.

ME's rate drops included a hefty 110 basis point cut to its Member Package Investor Flexible home loan for 70-80% LVR for loan amounts between $150,000 to $399,000 for investors making IO payments.

ME's best new rate is 6.24% p.a. (6.26% p.a. comparison rate*) for its Investor Basic home loan for ≤80% LVR borrowers making P&I repayments.

ME Bank is also still offering $3,000 cashback to owner occupiers and investors refinancing to any of their home loan products from other lenders (except stablemates BoQ and Virgin Money).

See also: Home loan offers and deals October 2024

Unity cuts fixed rates by up to 50 bp

Unity Bank, the old Maritime, Mining & Power Credit Union, is another lender making a big splash with fixed rate cuts this week.

It's taken the knife to the range of its fixed rate home loan products for investors and owner occupiers, including those borrowing through government lending schemes.

Its best new rate is 5.54% p.a. (6.82% p.a. comparison rate) for its First Home Buyer Advantage Plus loan, available only to borrowers coming through the Housing Australia scheme making P&I repayments and fixing for three years.

Hume Bank cuts variable, fixed rates

Albury-based Hume Bank has cut some of its variable rates this week, as well as a swathe of its fixed rate products for both owner occupiers and investors.

Its best new variable rate is under the 6% mark at 5.99% p.a. (6.00% p.a. comparison rate*) for its liteBlue Variable Rate basic home loan product for owner occupiers with ≤60% LVR.

Hume's myBlue home loans come with offset accounts. Here's a selection of Hume's new variable rates for owner occupiers making P&I repayments:

Product Change (%) New rate Comparison rate*
liteBlue Variable ≤60% LVR -0.15 5.99% p.a. 6.00% p.a.
liteBlue Variable 60-≤80% LVR -0.15 6.09% p.a. 6.10% p.a.
liteBlue Variable 80-≤90% LVR -0.2 6.29% p.a. 6.30% p.a.
liteBlue Variable 90-≤95% LVR -0.3 6.69% p.a. 6.70% p.a.
myBlue Variable ≤60% LVR -0.15 6.09% p.a. 6.09% p.a.
myBlue Variable 60- ≤80% LVR -0.15 6.19% p.a. 6.19% p.a.
myBlue Variable 60- ≤80% LVR -0.3 6.39% p.a. 6.39% p.a.
myBlue Variable 90- ≤95% LVR -0.35 6.79% p.a. 6.79% p.a.

Hume has also slashed rates on its myBlue fixed rate products.

Its best new fixed rate is 5.59% p.a. for owner occupiers with <60% LVR locking in for either two years (5.99% p.a. comparison rate*) or three years (5.95% p.a. comparison rate*).

Newcastle Permanent drops special offer variable rates

Newcastle Permanent's headline Real Deal special variable rate offer is now under the 6% mark at 5.99% p.a. (6.03% p.a. comparison rate*) for owner occupiers with 80% LVR paying P&I.

It's also offering a special offer rate of 6.74% p.a. (6.78% p.a. comparison rate*) for owner occupiers with up to 95% LVR.

Real Deal home loans come with no ongoing fees and a redraw facility.

Newcastle Permanent is also still offering up to $3,000 cashback for new purchasers or refinancers applying online.

Bank of China offers 5.88% Discount variable home loan

Not to be outdone, the Chinese Bank has slashed up to 1.82% off its Discount variable home loans, taking the new rate for owner occupiers paying P&I to 5.88% p.a. (6.07% p.a. comparison rate* and 6.25% p.a. comparison rate* for its Discount Plus home loan with full offset).

Bank of China has also dropped up to 20 basis points off its Fixed Rate home loans for owner occupiers and investors paying P&I fixed for one, two, or three years.

IMB Bank cuts budget variable rate

The Wollongong-based mutual bank has knocked 10 basis points off its headline Budget variable home loan, taking it to 6.04% p.a. (6.07% p.a. comparison rate*) for borrowers with up to 80% LVR and making P&I repayments.

IMB Bank has also dropped the rates on some of its Residential and Investment fixed loans by up to 20 basis points.

IMB is still offering up to $4,000 cashback for new purchasers or refinancers.

Bankfirst drops package variable rate

The former Victoria Teachers Mutual Bank has dropped the variable rate on its Premier Package home loan to 6.29% p.a. (6.66% p.a. comparison rate*) for owner occupiers making P&I repayments with up to 80% LVR. 

That's a 14 basis point drop for ≤60%LVR borrowers and a considerable 39 basis point drop for those with 60-80% LVR.

Bankfirst's Premier Package loans come with multiple offset accounts, split loan capability, and a 10-basis point discount off any standard fixed rate.

Teachers and healthcare workers may also be eligible to take out Bankfirst home loans with a 10% deposit without having to pay lenders mortgage insurance (LMI).

Bankfirst has also axed rates on a wide range of its Complete Home Loan and Premier Package fixed rates for owner occupiers and investors, some by up to 44 basis points. 

Other fixed rate movers

Athena Home Loans has made some bold cuts of up to 85 basis points to its fixed rate home loans for owner occupiers and investors.

Summerland Bank has cut a wide range of its Standard and Investment Standard Fixed rate loans by up to 25 basis points.

Community First Bank has cut up to 20 basis points on its owner occupier and investor fixed rate loans and its Accelerator Package fixed rates.

Easy Street Financial Services has dropped a range of its fixed rate home loans for owner occupiers and investors making P&I or IO repayments by up to 20 basis points.

GMCU has taken up to 15 basis points off its fixed rate home loans for owner occupiers and investors fixing for either two or three years.

Police Credit Union dropped its Residential and Investment fixed loans by up to 20 basis points.

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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
Filters
LenderHome LoanInterest 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 TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.08% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
4.6 Star Customer Ratings
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
Apply in minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
6.09% p.a.
6.11% p.a.
$3,027
Principal & Interest
Variable
$0
$250
60%
  • No annual fees – None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
 Disclosure
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 . View disclaimer.

Important Information and Comparison Rate Warning

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