Macquarie trims many variable mortgage rates, but not all. The result is a worthwhile rate advantage over the Big Four bank offers and more in line with what other banks in the next tier offer

Macquarie has trimmed its variable home loan rates.

But they have been selective with the reductions. Not every rate has been reduced.

Generally however they have set their variable rates -5 bps lower for P&I loans, but have not reduced rates for interest only borrowing.

And for investors, there is no change for 60-70 LVR borrowing.

The table below shows what has changed for P&I rates for both owner-occupiers and investors.

The result is that Macbank is more interest rate competitive than the big four pillar banks, with rates about -50 bps lower than those dominant players. 

But the new Macquarie rates are now more in line with what the next tier of banks offer, like Bendigo and ING.

Comparing interest rates between banks can be tricky. The scrum gets screwed by account fees and package fees. 'Advertised' rates are probably not the best way to compare. You could use the ASIC-required Comparison Rate. But that also has issues. It assumes you are borrowing $150,000 over 25 years with a 70-80% LVR. But is that really you?

A much better way to compare is to use our Effective Rate option, which you can select on our rate table page. Then you can set a personalised loan amount, a personalised loan term, and a personalised LVR range. When you do that, the Effective Rate will relate to your personal situation and you can compare the rates after the fees are accounted for.