‘Doing banking differently’: Lower rates in just three days for Macquarie customers

Macquarie Bank has announced that it is dropping its variable home loan reference rates by 0.25% per annum. Customers will get the benefit of the lower rate in just three days, from 15 August 2025.

Ben Perham, Head of Personal Banking at Macquarie Bank, said: “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.”

In addition to lowering its variable home loan reference rates, Macquarie Bank has also recently reduced its fixed rate home loans with rates as low as 4.99% p.a. (comparison rate 5.34% p.a.¹) for a 2-year fixed term on basic owner-occupied loans (P&I) with ≤70% LVR.

Macquarie will also reduce its variable deposit rates from 15 August 2025.

“Savers are sick of banks not being upfront about rate cuts,” Perham 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.”

Macquarie Bank charges no monthly account keeping, ATM withdrawal or international transaction fees to customers using its transaction or savings accounts. With a Macquarie Savings Account, customers will receive a variable welcome rate of 4.60% p.a. from 15 August 2025 on balances up to $250,000 for four months on their first account.

This month, Macquarie Bank announced that it has expanded access to its highest ongoing variable Savings Account rate. The change means savers with larger balances will earn a great ongoing variable rate of 4.25% p.a. on balances up to $2 million, previously capped at $1 million, effective 15 August 2025. Macquarie Bank does not require customers maintain a minimum balance, deposit a certain amount each month or restrict their withdrawals to qualify for this rate.

Macquarie Bank’s new Transaction Account rate will be 2% p.a., effective 15 August 2025. This remains a leading rate, with many accounts in market paying no interest at all.

Macquarie Bank recently called on Australians to ask their bank four questions to ensure they’re getting a fair deal in the current rate cutting environment: ‘When will you cut the interest rate on my home loan?’, ‘Will my home loan repayments be adjusted automatically?’, ‘Are you dropping my savings account rate before my home loan rate?’ and ‘Have I jumped through all the hoops to get the savings rate I signed up for?’.

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 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. More information, including how to contact Macquarie Bank’s specialist team, is available here.

More information

• Customers can view their new home loan rate in Macquarie Online Banking or the Macquarie Mobile Banking app from 15 August 2025.  Monthly direct debits for interest only loans will automatically change for the next repayment after 15 August 2025.  Monthly direct debits for principal and interest loans will automatically change for the next repayment that falls 30 days after 15 August 2025.