Macquarie Bank has announced it will reduce variable home loan reference rates by 0.25% following the Reserve Bank of Australia's (RBA) decision to cut the cash rate to 4.10%.
Changes to the bank's rates will be effective from 28 February.
The institutional banking major's announcement followed in the footsteps of the big four banks, CommBank, NAB, Westpac, and ANZ, each of which also passed the RBA's cut on in full.
What this means for borrowers
Macquarie's move aligns with other major lenders in delivering relief to mortgage holders, as Australian households continue to navigate cost-of-living pressures.
Macquarie head of personal banking Ben Perham noted the bank's strong reputation and competitive offerings have made it an increasingly popular choice among borrowers and savers.
"The number of customers choosing to bank with Macquarie has continued to grow strongly through recent interest rate cycles," he said.
"With mortgage brokers voting us the best lender for the past five years and savers responding positively to our no 'hoops or catches' everyday banking savings accounts, we're confident our offering will continue to resonate strongly with customers across Australia."
Recent figures reveal Macquarie's home loan portfolio has grown to $136.2 billion as of December 2024, with the banking major serving more than 1.9 million retail, adviser, broker, and business customers.
Want to see how much this rate cut could save you? Use our Mortgage Repayment Calculator to find out.
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