Macquarie Bank First To Pass On New Rates
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Macquarie Bank First To Pass On New Rates

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

By Kanebridge News
Wed, Aug 3, 2022Grey Clock < 1 min

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.


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The waterfront residence is one of Port Stephens’ finest homes.

By Kanebridge News
Fri, Aug 12, 2022 2 min

In the coastal township of Salamander Bay — nearby to Port Stephens — comes a unique home crafted to take full advantage of unbroken ocean vistas across three levels.

With one-of-a-kind flair, the stunning 5-bedroom, 3-bathroom, 3-car garage home of 52 Randall Drive Salamander Bay is nestled on a private 577sqm plot, optimised through intelligent design to take advantage of the Port Stephens landscape and lifestyle.

Within the home sees the typically coastal textures of natural oak floor and timber feature walls take hold while stone and tiled adornments add layers of luxury.

The open plan living, kitchen and dining areas incorporate a fireplace and near floor-to-ceiling glass that opens to create a seamless indoor-to-outdoor dining and entertaining space on the home’s top floor.

The heart of this area is the kitchen, centred around a marble-topped island, state-of-the-art European appliances and an attached bar area, with built-in refrigeration, accompanied by a butler’s pantry.

Also here comes a grand outdoor spa, central to the balcony, while another outdoor entertaining area with a pizza oven is found on the middle floor.

Downstairs once again comes a second living space replete with the perfect wine cellar — cooled by the natural rock foundation of the home — offering an array of entertaining options

Of the home’s accommodation comes a private and luxurious master retreat with expansive ocean views, a walk-in wardrobe and an ensuite, here, speckled with grey terrazzo tiling and timber joinery vanities.  A further four bedrooms are found throughout the home along with two family bathrooms rounding out the offering.

Less than a five-minute walk from nearby amenities of shops, restaurants, cafes and beaches the home offers the best of the Port Stephens area.

The listing is with PRD Port Stephens’ Dane Queenan (+61 412 351 819) and Erin Sharp (+61 499 912 311) and is heading to auction;