Macquarie has hiked fixed rates for the second time in three weeks as the bank prices in the possibility of further increases to the cash rate, with the next RBA decision next week.
These hikes of up to 0.20 percentage points add to the banks’ previous round of increases of up to 0.30 percentage points on 8 September.
These changes follow similar moves by CBA on Tuesday as well as Westpac, NAB, and ANZ last week, which saw increases of up to 0.48 percentage points to fixed rate terms.
Macquarie’s lowest fixed rate is now 6.49%, available for 1 year. This is the exact same rate as the lowest fixed rate from two of the big four banks, NAB and ANZ.
Changes to Macquarie’s lowest fixed rates | |||
|---|---|---|---|
Term | Old rate from | New rate from | Change %-points |
1-year | 6.39% | 6.49% | +0.10 |
2-years | 6.39% | 6.59% | +0.20 |
3-years | 6.39% | 6.59% | +0.20 |
4-years | 6.44% | 6.64% | +0.20 |
5-years | 6.44% | 6.64% | +0.20 |
Source: Canstar. Notes: Rates are based on owner-occupier fixed rate loans. LVR requirements apply.
Macquarie is not the only bank hiking fixed rates right now, with Aussie lifting rates by up to 0.25 percentage points – its second rate hike this month. Ubank has also lifted its fixed rates, by up to 0.30 percentage points.
Canstar rate tracking shows 18 lenders have now increased at least one fixed term in September.
List of lenders that have hiked fixed rates so far in September
CBA | St George | Bank Australia |
Westpac | ubank | Qudos Bank |
NAB | Bank of Melbourne | Queensland Country Bank |
ANZ | BankSA | Aussie |
Macquarie | Great Southern Bank | Firstmac |
ING | Horizon | loans.com.au |
Another rate hike widely tipped
The big four banks unanimously expect the RBA to hike the cash rate to 4.60% on September 29.
All four say there’s a risk of another hike in November, with ANZ the only major bank to put it officially in its cash rate forecast.
Big banks’ cash rate forecasts for 2026 | ||
|---|---|---|
Forecast | Cash rate at end of 2026 | |
CBA | +0.25 Sept | 4.60% |
Westpac | +0.25 Sept | 4.60% |
NAB | +0.25 Sept | 4.60% |
ANZ | +0.25 Sept, + 0.25 Nov | 4.85% |
Source: Prepared by Canstar.
Impact of a cash rate hike
A 0.25 hike in September would add $91 to the monthly repayments for a borrower with a $600,000 loan at the start of the hikes in 2026 and 25 years remaining.
If there is another 0.25 hike in November, repayments would increase by $92, and across what would be five rate hikes, that borrower would be paying an extra $456 per month on their mortgage.
Impact of 0.25 cash rate hikes on monthly repayments | |||
|---|---|---|---|
Loan size at start of hikes | Hike in Sep | Hike in Nov | Cumulative increase across 5 hikes |
$600,000 | +$91 | +$92 | $456 |
$750,000 | +$114 | +$115 | $570 |
$1 million | +$152 | +$153 | $759 |
Source: Canstar. Based on an owner-occupier paying principal & interest with 25 years remaining in Feb 2026 at the RBA avg variable rate. Assumes rate hikes in Sep and Nov and banks pass it on the month after. Changes are to minimum repayments.
Now is the time to be taking stock of your mortgage rate
Canstar’s Data Insights Director, Sally Tindall, says, “The fixed-rate market is moving quickly, with 18 lenders hiking fixed rates since the start of the month.”
“The fact that Macquarie has hiked for a second time in the space of three weeks is a troubling sign we could ultimately be in for not just one cash rate hike, but two before we reach Christmas.
“Fixed rates are, in part, a bet on the future, and what the data tells us is that banks big and small are preparing for the increasing possibility rates will rise and stay higher for longer.
“If the RBA does hike next week, it will be the fourth rate rise borrowers will have been handed in 2026. While the majority of households will be able to absorb another financial hit, those already living from payday to payday – and there are plenty across the country that are – might find it officially puts them in the red.
“Now is the time to be taking stock of your mortgage rate and your options.
“A rate starting with a five is a very real possibility for owner-occupiers right now but if the RBA lifts that cash rate lever on Tuesday they’ll quickly become as rare as hens teeth.”
