Macquarie Bank has announced it will implement a reduction in its variable home loan reference rates by 0.25% per annum, following the Reserve Bank of Australia's decision to lower the official cash rate by the same margin. This adjustment will take effect on May 23, 2025, positioning Macquarie as the first major bank to apply this change swiftly for its variable home loan customers.
Ben Perham, Head of Personal Banking at Macquarie Bank, stated: “We know homeowners across Australia are watching rate movements closely and that every dollar counts. That’s why we’re reducing the time it takes for this rate cut to be effective from 10 days to three so our customers can feel the benefit of lower rates, and more money in their pockets at the end of each month, sooner.”
Perham further explained: “A lot of banks expect their customers to jump through hoops to get a good savings rate and to do all the legwork when home loan rates are cut. At Macquarie Bank, we’re dedicated to simplifying banking for our customers, which is why we automatically adjust direct debits to the minimum monthly mortgage repayment amount for our variable home loan customers when we make changes to our rates. This means there’s no need for Macquarie Bank customers to call us or go online to request that their repayments are reduced.”
Customers will be able to view their updated rates via Macquarie Online Banking or the Macquarie Mobile Banking app starting May 23, 2025. For those paying both principal and interest, monthly repayments will remain unchanged within 30 days post-May 23 but will adjust thereafter. Customers paying interest only will see changes with their first repayment after May 23.
Macquarie Bank aims to support Australian households experiencing cost-of-living pressures and offers financial assistance options for those facing difficulties with loan repayments due to changing personal or financial circumstances.
The information provided serves as a general description of Macquarie Group's offerings. Individuals should consider how this information applies personally before taking any action and seek appropriate advice if needed. The details provided do not constitute specific advice or an offer related to securities or financial products.