Macquarie Bank has become the pioneer among Australian financial institutions by raising interest rates in response to the Reserve Bank of Australia’s (RBA) recent hike in the national cash rate.
Today, the RBA’s board announced an adjustment to the cash rate, elevating it to 4.35 percent, which represents an increase of 0.25 percent. This marks the third consecutive increase in interest rates this year.
The current interest rates have now reverted to levels last seen in February 2025, prior to the RBA initiating a series of rate cuts the previous year.
In an official statement, Macquarie Bank revealed that it will raise its variable home loan rates by 0.25 percent per annum starting May 22. Additionally, Ben Perham, the head of personal banking at Macquarie, indicated that the interest rates for transaction and savings accounts will also see a similar increase of 0.25 percent.
Perham emphasized the bank’s commitment to easing the transition for customers, stating, “To give our customers more time to adjust to the higher interest rate environment, we are once again delaying this increase by more than two weeks.” He added that customers experiencing changes in financial circumstances or concerns about meeting home loan repayments are encouraged to reach out for assistance regarding available support options.
In response to the RBA’s decision, ANZ has acknowledged the rate increase and mentioned on its website that it is currently assessing its home loan and residential investment loan interest rates accordingly.
