Macquarie Bank cuts interest rate floor 2 per cent, CBA unmoved

Macquarie Bank cuts interest rate floor 2 per cent, CBA unmoved
Macquarie Bank cuts interest rate floor 2 per cent, CBA unmoved

Macquarie Bank has made changes to its home loan serviceability assessment policy, reducing its interest rate floor from 7.25% to 5.3%.

Their new assessment rate floor is up to 45 basis points lower than the rest of the big four.

It has increased the assessment buffer rate from 2.25 per cent to 2.5 per cent, which is in line with changes by Westpac and ANZ.

Suncorp Bank has also revealed to stated that it will be cutting its interest rate floor from 7.25% to 5.5%

Westpac has also reduced their savings rates by up to 0.20 per cent.

Macquarie Bank cuts interest rate floor 2 per cent, CBA unmoved

(Source: RateCity.com.au)

RateCity.com.au research director Sally Tindall said, "customers with an eSaver will be bitterly disappointed to find out they’ll be earning just 0.15 per cent interest on their savings on an ongoing basis. "

“All eyes are now on CBA to see what cuts they’ll make to their savings accounts. As the nation’s biggest bank, savings account holders are waiting with bated breath"

Thus far CBA is the only big bank that hasn’t cut savings rates following the July RBA cash rate cut.

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Macquarie Bank Big Four

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