Macquarie Bank raises its mortgage rates

Macquarie Bank has raised their variable mortgage rates.

Its higher variable rates will come into effect on July 13 for new customers and 10 days later for existing customers.

The bank joins a host of other smaller lenders including AMP, Pepper Group, Bank of Queensland, IMB, ME Bank and Suncorp in making rate changes.

It will raise owner occupied variable rates for those paying principal and interest by six basis points.

Those paying only interest will have their rate upped by 10 basis points as will variable rate loans for investment and self managed super funds.

However for three-year fixed rate mortgages, Macquarie is cutting its pricing by 10 basis points.

Macquarie accounts for about two per cent of the nation’s mortgage market, according to the Australian Financial Review.

Macquarie recently said the RBA will hold its rates until 2020 at the least.

Recently Pepper Group have raised rates for its construction loans, while Bank of Queensland has raised its rates for both investors and owner-occupiers.

Rate City have suggested there are more out-of-cycle loan hikes to come.