Highlights
- Macquarie Bank was first to announce it would lift variable mortgage rates
- Macquarie Group reports its half-year result this week
- The RBA's split vote suggests the rate cycle may be near its peak
Macquarie Group
, the diversified global financial group and one of the leading ASX Financial Stocks, moved quickly after the Reserve Bank's decision, with Macquarie Bank the first lender to announce it would pass on the increase to its variable mortgage customers. The move puts the spotlight on the group's fast-growing home lending business ahead of its half-year result.
Rate Timing
Macquarie said its higher rates will apply from later in November, slightly after the major banks. Macquarie has grown rapidly in mortgages over recent years by offering competitive pricing and fast approvals through brokers, making it a significant challenger to the major banks.
The RBA Decision
The RBA raised the cash rate in a split vote, and its statement dropped an earlier reference to raising rates further if needed. Governor Michele Bullock said the board was preserving its options. Many economists now expect a pause at the next meeting, which would ease pressure on borrowers.
The Half-...