Macquarie Bank Lifts Variable Home Loan and Savings Rates 0.25% From 19 November 2026

Macquarie Bank will raise variable home loan reference rates and the ongoing variable rates on its transaction and savings accounts by 0.25% p.a., effective 19 November 2026, after the Reserve Bank of Australia lifted the official cash rate. Mirage News published the announcement on 3 November 2026.

Macquarie Bank Sets 19 November Start For Rate Rise

Macquarie Bank is Australia's fifth-largest retail and commercial bank and a wholly-owned subsidiary of ASX-listed Macquarie Group, serving retail, business, private banking, broker and wealth-management customers through digital-first channels and broker-led home-loan origination. The bank said the increase applies across its variable rate home loan products and its variable rate everyday bank accounts.

Ben Perham, Head of Personal Banking at Macquarie Bank, said: "With household budgets already feeling the strain, today's decision by the RBA will be challenging for many Australians. To help our variable home loan customers prepare, we're again waiting more than two weeks before this latest increase takes effect." Perham added that transaction and savings account customers will see their variable rates increase, with no monthly fees or complex conditions.

Perham also directed customers worried about repayments to the bank's specialist team: "If you are facing financial hardship or are worried about meeting your home loan repayments, please reach out to our specialist team to understand what financial assistance options may be available." Customers can apply for financial assistance online, with the specialist team providing support as needed.

The Reserve Bank of Australia raises interest rates to slow price increases, targeting 2.5% annual inflation rather than stopping inflation itself, ABC reported on 6 October 2026, when headline inflation had risen 4% year-on-year to August and unemployment reached 4.6%.

Macquarie Bank's Home Loan Market Share

According to akta.pro company records, Macquarie Bank is Australia's fifth largest household lender and deposit holder, having grown from near-zero market share in 2010. Its home loan market share rose from 0.2% in 2010 to around 7%, while the Major Banks' combined share fell from 91% to around 75%. Deposit market share grew from 3% to 6% over the same period.

Earlier Macquarie Bank Rate Decisions

On 29 September 2026, Mirage News reported that Macquarie Bank said it would raise variable home loan reference rates and ongoing variable interest rates on transaction and savings accounts by 0.25% p.a. effective 15 October 2026, following the Reserve Bank's interest rate decision. On 13 August 2026, Mirage News reported that Macquarie Bank was expanding its share of the Australian home loan market through a digital, broker-led model to compete against the Big Four banks as overall demand for new mortgages declines.

Macquarie Bank Leadership Change Ahead

Macquarie Bank's announced succession of long-tenured CEO Shemara Wikramanayake by Greg Ward, current head of Banking and Financial Services, takes effect 6 November 2026, subject to APRA and regulatory approvals, according to akta.pro company records.