Macquarie Bank drops investor rates

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As competition between lenders intensifies, Macquarie Bank has waived its loan documentation fee and announced a limited time fixed rate special.

Effective from last Friday, Macquarie has reduced its two and three-year investment fixed rates to 4.09%. This applies to principal and interest investment loans with an LVR of 80% or less.

For interest-only investment loans with an LVR of 80% or less, the two and three-year fixed rate has been reduced to 4.24%.

Macquarie joins a number of lenders who have announced fixed rate reductions in recent months, including CUA, ME,NAB, Suncorp St George, ING and Advantedge.

Banks are again competition heavily for a bigger slice of the home loan pie, after the Reserve Bank lowered the cash rate to its historical low of 1.75% in May and their appetite for investment lending has increased following the widespread crackdown to obey APRA’s 10% annual growth cap.

In addition, Macquarie announced it will continue to waive up to $363 of the loan documentation fee payable on its standard home loans, irrespective of loan purpose, repayment type and LVR.

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