- Macquarie Bank slashes fixed rates
A major Australian bank has slashed fixed mortgage rates in a sign lenders are expecting dramatic moves from the Reserve Bank in coming months.
Macquarie Bank has cut its one to five-year rates by 20 basis points, with borrowers now able to fix their mortgage for two or three years at 5.19 per cent.
Those wanting more certainty can fixed their home loan for four or five years at 5.39 per cent.
Outside of eco loans, Australia’s fifth biggest lender Macquarie now offers the lowest fixed rates.
The major banks and the futures market are now expecting the Reserve Bank to cut interest rates again on May 20.
Canstar data insights director Sally Tindall said competition in the fixed-rate mortgage space was heating up.
‘Macquarie has taken the knife to its fixed rates ahead of next month’s RBA meeting as it ramps up competition in the fixed mortgage market,’ she said.
‘These sweeping cuts from Australia’s fifth largest home loan lender puts the bank squarely in pole position as the lowest fixed rate lender in the market, with the most competitive fixed rates in each of the one-to-five- year categories, when eco loans are excluded.’
A major Australian bank has slashed fixed mortgage rates in a sign lenders are expecting dramatic moves from the Reserve Bank in coming months