Macquarie Bank trims fixed rates weeks before RBA’s February meeting

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Macquarie Bank trims fixed rates weeks before RBA’s February meeting
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Macquarie Bank has sliced fixed rates in a move that could “fire up competition” in the weeks before the Reserve Bank of Australia holds its first meeting of 2025. Australia ’s fifth largest lender reduced its one-year to three-year fixed rate mortgages by as much as 0.16 percentage points, it was revealed on Tuesday. It means 5.55 per cent is the bank’s lowest fixed rate available for owner-occupiers paying principal and interest, and armed with a minimum deposit of 30 per cent.

“Right now, the majority of borrowers are opting to stay on a variable rate, most likely in the hope we’ll see a flurry of cash rate cuts that will deliver relief in the months ahead,” Tindall said. “If you’ve got a mortgage, don’t bank on there being a multitude of cuts in quick succession. “While at least one cash rate cut this year is highly likely, not even the RBA knows exactly how many there will be.

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