Macquarie Bank has announced it will make changes to interest rates across its variable home loan and deposit products following the Reserve Bank's decision to increase Australia's official cash rate.
Macquarie will increase variable interest rates paid on its transaction and savings accounts by 0.25% p.a. from 20 February 2026. Macquarie will also increase its variable home loan reference rates by 0.25% p.a. from 20 February 2026.
Ben Perham, Head of Personal Banking at Macquarie Bank, said: "Last year, we were proud to be the fastest major bank to pass through the RBA's rate cuts to our customers so they could start saving on their home loan repayments in just three days. With rates now on the rise, we want to help our home loan customers adjust to the higher interest rate environment, so we've decided to wait until 20 February before passing through this rate increase. The new rates for home loan and deposit customers will come into effect on the same day - as we have done for a number of years."
An increasing number of Australians are choosing to say, 'I bank with Macquarie', with Macquarie's home lending portfolio growing ~4 times the average of Australia's major banks.1 This growth is the result of significant investment in Macquarie's home loan application and approval processes, and its leading digital customer experience. With some loan applications approved in under 30 minutes, Macquarie has one of the fastest turnaround times in the industry.
Perham added: "The lending market remains very competitive for borrowers, and after a year of falling rates, this move by the RBA may be a wake-up call for those who have been considering switching their loan to another bank. If you're refinancing or just entering the market, speak to your broker to understand what options out there are best for you."
Savers are set to benefit from the rising rate environment. With a Macquarie Savings Account, customers will earn an ongoing variable rate of 4.50% p.a. on balances up to $2 million effective 20 February 2026. Customers can open a Savings Account online within minutes and on their first account they will receive a variable welcome rate of 4.85% p.a. from 20 February 2026 on balances up to $250,000 for four months. Customers will also receive a variable rate of 2.25% p.a. on Macquarie's Transaction Account from 20 February 2026. Macquarie charges no monthly account keeping or international transaction fees on its transaction or savings accounts and refunds fees charged by other institutions for withdrawing cash from Australian ATMs when using a Macquarie debit card.
Perham said: "Australian savers are back in the box seat, following this decision by the RBA to lift the cash rate for the first time since 2023. This will come as welcome news to many savers, particularly those who saw their banks cut savings rates faster than the RBA last year while adding more restrictive conditions to earn their elusive bonus rate".
"With the ongoing or base rate paid on many savings accounts now near zero if monthly conditions aren't met, and most transaction accounts paying no interest at all, it's very important to check you're still getting the best deal. At Macquarie, we think saving should be simple, so we offer our customers a leading rate on their savings account with no Macquarie fees, no deposit requirements, no restrictions on withdrawals and no minimum transactions."
Macquarie Bank is here to support customers feeling the pressure of the rising cost of living. Customers may be able to access financial assistance if their personal or financial circumstances have changed and they are concerned about making their loan repayments. Customers can easily apply for financial assistance online at a time that suits them, with our specialist team available to provide tailored support as needed.
- APRA ADI Statistics. Based on the net home loan book growth rate of the four largest ADIs in December.
This information doesn't take into account your objectives, financial situation or needs. Before acting on this information, consider if it's appropriate for you.
