Macquarie Bank First To Pass On New Rates

With the Reserve Bank announcing a fourth rate rise in four months, and the third consecutive 0.5% rise, many borrowers are readying for repayment pain.

The official interest rate is now at its highest level in six years — 1.85% — up from 0.1% at the start of May.

Following yesterday’s announcement, Macquarie Bank was the first to move on interest rates, handing on the full half a percentage point rise to its standard variable home loan customers.

Further, Macquarie also continued to increase rates by the full amount for savers too in transaction accounts with balances up to $250,000.

The big four banks are yet to announce any changes however are expected to pass on the new rates to borrowers, adding $1000 a month to repayments on a $1 million mortgage from May according to Canstar.

Fixed rates too are rising noticeably.

According to new Australian Bureau of Statistics (ABS) data, the proportion of new home loans with fixed rates is down to 9% from a July 2021 peak of 46%.

Macquarie is seemingly trying to combat the low uptake of fixed loans by decreasing its fixed-home-loan interest rates by up to 0.75 per cent for new customers and existing variable-rate customers who want to fix their interest rate, from 5 August.

The shifting markets could indicate an opportunity for refinancing, as discounts are being offered for lower-risk borrowers.

Research from financial comparison website Canstar indicates on in two lenders are offering loans with a lower rate to borrowers with a 40% deposit or the equivalent equity in their property.

On Canstar’s platform, 49% of lenders are offering an interest rate that on average sits 0.21% lower than the rate being paid by borrowers with a deposit half that size.

A perfectly-positioned harbourside residence, formerly the home of a late Melbourne Cup-winning horse owner, has come to market with $14 million price expectations for its February 22 auction.

Sitting in one of Sydney’s most coveted enclaves on Waiwera St in Lavender Bay, the duplex with never-to-be-built-out gunbarrell views of both the Sydney Harbour Bridge and Opera House was home to championship thoroughbred owner Michael Fergus Doyle. The Irish-born entrepreneur was part owner of Protectionist, the 2014 Melbourne Cup winner.

Bought by Doyle in April 2020, in an off-market deal totalling $11 million according to CoreLogic data, the two-storey Lavender Bay property is being sold by the racing legend’s family through Atlas Sydney & East Coast. Doyle, a prominent character in Sydney’s Irish community for more than 50 years after arriving down under in the 1960s with a 10 pound boat ticket, sadly passed away in November 2023 at the age of 77.

Doyle built his fortune by building a construction company from the ground up that eventually employed more than 300 people and had a contract with Sydney Water worth A$100 million a year. By 2009, Doyle sold the business to a company owned by the Singapore Government and breeding horses through Doyles Breeding & Racing became his next passion.

The contemporary four-bedroom three-bathroom property features 304sq m of internal living space with additional outdoor entertaining areas on both levels.

Beyond the impressive grand entrance foyer with a personalised floor medallion, the layout opens up to reveal a large everyday living level with a formal lounge room and casual sitting space featuring walls of windows to frame the Harbour City’s top icons. Thanks to a central skylight tower, this main living zone is also flooded with natural light.

A spacious chef-grade kitchen anchored by a long island bench is equipped with Gaggenau appliances, gas burners, dual ovens, and a grill plate. The adjoining dining area spills out onto a terrace with an integrated bar table plus a Luna Park and bridge backdrop. The entry level also houses a home office or guest bedroom with a Juliette balcony and integrated desks opposite a full bathroom.

In the main bedroom suite upstairs there is a deep full-width balcony with more landmark views, a vast walk-in wardrobe, plus a spa ensuite complete with twin vanities, heated floors and warming towel racks. Two more bedrooms on the upper level each have access via French doors to a shared street-facing terrace and built-ins with a common family-friendly bathroom.

Added extras include automatic awnings and privacy screens to the outdoor areas, marble floor tiles, and a double lock up garage with storage.

The designer duplex is located close to harbourside dining venues, foreshore parks such as Bob Gordon Reserve and Wendy Whiteley’s Secret Gardens, Kirribilli Markets and North Sydney’s bustling CBD.

Property 2 at 9-11 Waiwera St is on the market with Adrian Bridges and Daniel Chester of Atlas Sydney & East Coast with a price guide of $14 million. It is set to go under the hammer on February 22.

Macquarie Bank First To Pass On New Rates

With the big four banks likely to follow, now could be an opportunity for refinancing.

His stallion once won the Melbourne Cup, now this late legendary horse owner’s thoroughbred harbourside home is on the market.