The moves, following fixed-rate cuts, varied by between 9 and 21 basis points. Some of the key changes were as follows:

  • OO Basic Variable 80% LVR: 11 basis point cut to 6.19% p.a. (6.21% p.a. comparison rate*)
  • Inv Basic Variable 80% LVR: 9 basis point cut to 6.45% p.a. (6.48% p.a. comparison rate*)

The rate changes are applicable for new customers only.

Home loans with offset accounts are generally available for the same advertised rate, but offsets attract an annual fee of $248.

Higher-LVR loan rates were generally cut by larger margins, causing a convergence between high and low LVR loans as has been seen in the wider market recently.

Macquarie Bank is the nation's fifth-largest lender, with more than $69 billion in owner occupier loans on its books, and more than $44 billion in investor loans, according to APRA data.

The changes come a week before the RBA's first monetary policy board meeting for 2024, which is widely expected to result in a cash rate hold - lest inflation data released on Wednesday comes out unexpectedly robust.

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