‘We’re in your corner’ as RBA increases Australia’s official cash rate

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 the variable interest rates paid on its transaction and savings accounts by 0.25% p.a. and will increase its variable home loan reference rates by 0.25% p.a. from 2 April 2026.

Ben Perham, Head of Personal Banking at Macquarie Bank, said: “We know the RBA’s decision to lift rates again will come as unwelcome news to many mortgage holders, but we want our customers to know that we’re in your corner. In February, many banks chose to pass on higher home loan rates in just days, while we took a different approach. We were the slowest of the major banks, waiting over two weeks so our customers had more time to adjust and plan their finances. We’re doing that again and want to remind customers that they can easily apply for financial assistance online, at a time that suits them, if they’re concerned about making their loan repayments or their circumstances have changed”.

Australians buying a home, refinancing their loan or purchasing an investment property are partnering with mortgage brokers nationwide and choosing to join Macquarie. Macquarie’s home lending portfolio is growing ~4 times the average of the major banks, with customers across Australia increasingly choosing Macquarie for its competitive home loan rates, market-leading turnaround times and superior digital experiences.¹ This offering was recognised by mortgage brokers last week, with Macquarie named ‘Bank of the Year’ five years in a row by Mortgage Professional Australia.

Perham added: “We’re making it even easier for our customers to meet their savings goals by again passing on the Reserve Bank’s rate increase of 0.25% to all customers using our transaction or savings accounts. We’ve seen a number of banks holding back or choosing to selectively pass through higher rates only on certain accounts they offer. Other banks are only lifting their elusive ‘bonus’ rates or ‘welcome’ rates which are only available to their new customers”.

“With the Reserve Bank this year encouraging savers to shop around for the best deposit rates, it’s worth checking whether you’re still getting the best deal. If you’re not, it may be time to switch to Macquarie. Our customers know they are earning a proper rate of interest on all their money, with no Macquarie fees or hoops to jump through”.

With a Macquarie Savings Account, customers will earn an ongoing variable rate of 4.75% p.a. on balances up to $2 million effective from 2 April 2026. Customers can open a Savings Account online within minutes and on their first account they will receive a variable welcome rate of 5.10% p.a. from 2 April 2026 on balances up to $250,000 for four months from account opening. Customers will also receive a variable rate of 2.50% p.a. on Macquarie’s Transaction Account from 2 April 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.²

From 19 March 2026, customers opening a new 12-month Macquarie Term Deposit account will earn 5.00% p.a. on balances up to $1 million.

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.

1. APRA ADI Statistics. Based on the net home loan book growth rate of the four largest ADIs in January 2026 information doesn't take into account your objectives, financial situation or needs. Before acting on this information, consider if it's appropriate for you.
2. We don't charge any fees in connection with our transaction and savings account products but others may.