Following the Reserve Bank of Australia's (RBA) decision to decrease the official cash rate by 0.25%, Macquarie Bank has announced that it will reduce its variable home loan reference rates by 0.25% per annum. This change will be effective from 23 May 2025, making Macquarie Bank the fastest moving major bank to make the rate cut effective for its variable home loan customers.
Ben Perham, Head of Personal Banking at Macquarie Bank, said: "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."
"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 can view their new rate in Macquarie Online Banking or the Macquarie Mobile Banking app from 23 May 2025. For customers paying both principal and interest, their first monthly repayment that falls within 30 days after 23 May 2025 will remain the same with repayments changing the following month. Customers paying interest only will have their first repayment after 23 May 2025 change.
