Macquarie Bank will lower its variable home loan reference rates by 0.25% per annum, effective from August 15, 2025. The rate change will be applied to customers’ accounts within three days of the announcement.
Ben Perham, Head of Personal Banking at Macquarie Bank, stated: “When the RBA last cut the cash rate in May, we proved that the savings could be passed on to homeowners in just three days, instead of the industry average of 12 days. We were the fastest of the major banks and homeowners loved it, so we’re doing it again. We’re asking Australian borrowers: How long is your bank keeping you waiting? If you aren’t happy with the answer, it’s time to speak to a mortgage broker about moving your loan to Macquarie.”
Alongside this move, Macquarie has recently reduced its fixed rate home loans as well. The new rates include a 2-year fixed term on basic owner-occupied loans (P&I) with less than or equal to 70% loan-to-value ratio starting at 4.99% per annum (comparison rate 5.34% per annum).
Variable deposit rates for savers will also decrease from August 15.
Perham commented on this approach: “Savers are sick of banks not being upfront about rate cuts,” he said. “Some banks are earning millions per day at the expense of their customers by quickly and quietly reducing their savings rates several days before dropping their home loan rates. We match the date for changing our consumer deposit rates and home loan rates, and that’s been our approach for years. Our customers continue to enjoy one of the highest rates available on a savings account without any Macquarie Bank fees or restrictive monthly conditions.”
The bank does not charge monthly account keeping fees or ATM withdrawal and international transaction fees for transaction or savings accounts holders. Customers opening a Macquarie Savings Account will receive a variable welcome rate of 4.60% per annum on balances up to $250,000 for four months after August 15.
Recently, Macquarie increased access to its top ongoing variable Savings Account rate; now balances up to $2 million qualify for an ongoing variable rate of 4.25% per annum—an increase from the previous cap of $1 million—effective August 15. No minimum balance or monthly deposit is required for this rate.
From August 15, Macquarie’s Transaction Account interest rate will be set at 2% per annum.
The bank has encouraged Australians to ask their lenders key questions regarding timing and transparency around interest changes on both loans and deposits.
Perham added: “We’ve been shaking up competition in the Australian banking sector for more than a decade. I think customers agree that a shakeup is well overdue and recognise that we’re doing banking differently.”
Macquarie Bank offers support options for those struggling with rising living costs or changed financial circumstances.