Australia's fifth largest lender to list rates across the board on 15 October
Macquarie Bank has wasted no time in announcing a raft of rate hikes across its variable home loans and everyday bank accounts.
The move came on the same day the Reserve Bank of Australia (RBA) lifted the cash rate to a 15-year high of 4.6%.
Australia's fifth-largest lender will raise its variable home loan reference rates by 0.25% per annum, passing on the RBA's increase in full.
The change takes effect from 15 October. Macquarie will also lift the ongoing variable rates paid on its transaction and savings accounts from the same date.
Ben Perham, head of personal banking at Macquarie Bank, said the bank was acting quickly to let customers know what was coming.
"With the RBA confirming another rate rise, we're letting our customers know we'll be lifting our variable home loan rates, as well as the variable rates available on our transaction and savings accounts. For any customers concerned about making their home loan repayments, we encourage them to get in touch, as financial assistance may be available," Perham said.
Customers can apply for financial assistance online, and a specialist team is available to provide tailored support, according to the bank.
The increase comes as borrowers absorb the fourth rate rise of 2026. It adds to the pressure on households already dealing with higher borrowing costs and rising rent concerns.
Savings and transaction account rates rise
On the deposit side, the Macquarie Transaction Account rate will rise from 2.75% to 3% per annum across all balance brackets. Savings Account rates will change as follows:
| Balance | Current rate | From 15 October 2026 |
|---|---|---|
| $0 – $250,000 | 5% p.a. | 5.25% p.a. |
| $250,000.01 – $2,000,000 | 5% p.a. | 5.05% p.a. |
| $2,000,000.01 and above | 2.75% p.a. | 4.6% p.a. |
For a detailed breakdown of what the latest hike means for monthly repayments, see our RBA preview on why a rate hike was all but certain.
