Macquarie and 17 Other Lenders Raise Mortgage Rates in September 2026 — What Self-Employed Australians Should Know Before 29 September

Key takeaway: Macquarie Bank raised its fixed mortgage rates again in September 2026, joining at least 17 other Australian lenders that repriced products upward this month. With the RBA's next cash rate decision due on 29 September 2026 and all four major banks tipping a rate rise, self-employed Australians with Alt Doc loans or those seeking new finance face a tighter lending window — and non-bank options may be more competitive than expected.

18 Australian Lenders Reprice in September: What Changed

In the weeks leading up to the Reserve Bank of Australia's 29 September 2026 board meeting, Australia's mortgage market has already begun moving. Reporting by Australian Broker dated 24 September 2026 reveals that Macquarie Bank raised its fixed mortgage rates again this month, with at least 17 other lenders also repricing their products upward in September. All four major banks are now tipping a cash rate increase at the upcoming RBA meeting.

For borrowers with standard PAYG employment, the signal is relatively clear: the window for locking in competitive rates is narrowing. But for self-employed Australians — a group representing approximately 2.2 million workers nationally — the situation is more nuanced, and the options are meaningfully different.

Why Rising Rates Hit Self-Employed Borrowers Differently

When lenders raise their fixed rates, the effective assessment bar also rises. APRA requires all lenders to test mortgage applications using a serviceability buffer roughly 3 percentage points above the product rate. As product rates increase, the threshold a borrower must clear to pass this test rises with it — making it harder for those with non-traditional income to qualify.

Self-employed Australians typically face additional challenges in this environment:

• Declared taxable income from returns may understate actual earning capacity
• Minimum ABN age requirements can disqualify newer business owners
• Variable or seasonal income patterns don't always fit standard bank assessment templates

With ABS unemployment rising to 4.6% in August 2026 and CPI inflation remaining at 3.5%, banks are unlikely to soften these thresholds in the near term.

"Eighteen lenders repricing in a single month is a market signal, not just noise. For self-employed Australians, acting before the September 29 RBA decision rather than after it is the more strategic position."

What Self-Employed Borrowers Can Do Before 29 September

For self-employed borrowers watching market conditions shift, there are practical steps worth taking before a potential further rate rise:

1. Explore non-bank pre-approval — Alt Doc loans from non-bank lenders use alternative income verification (BAS statements, accountant letters, business bank statements) and can often be processed faster than traditional bank applications.
2. Review your current rate — If you're on a standard variable rate with a major bank, the current repricing wave may signal it is time to compare options. Non-bank lenders may offer competitive rates for Alt Doc borrowers that banks cannot match.
3. Assess your refinancing feasibility — Even if a major bank has previously rejected your application, a non-bank lender's assessment methodology may produce a different outcome.

What This Means for MPFG Clients

MPFG Capital offers Alt Doc home loans specifically designed for self-employed Australians — business owners, contractors, sole traders, and those with complex income structures. Unlike major banks, MPFG does not rely solely on tax returns for income verification. BAS statements, accountant letters, or 12 months of business bank statements are all accepted as income evidence.

With 18 lenders already having repriced this month and an RBA decision due on 29 September, understanding your options now is more valuable than waiting. Explore MPFG's lending products or contact our Melbourne team to assess your position before market conditions tighten further.

FAQ

Should I lock in a fixed rate before the RBA's 29 September 2026 decision?

Whether to fix your rate depends on your financial position and risk tolerance. With 18 lenders already repricing upward in September, fixed rate products from some lenders may already reflect an anticipated rate rise. For self-employed borrowers, consulting a specialist non-bank lender before the decision can help clarify which product structure suits your situation.

Can self-employed Australians get an Alt Doc loan if they have been in business less than 2 years?

Most Alt Doc lenders require a minimum ABN registration period — typically 12 to 24 months. Some non-bank lenders are more flexible on this requirement than major banks. It is worth speaking directly with a lender about your specific circumstances.

What documents are needed for an Alt Doc home loan application?

Common alternative documentation includes: the last 4 BAS (Business Activity Statements), an accountant's letter confirming income, and/or 6–12 months of business bank statements. Specific requirements vary by lender and product.

This article is general information only and does not constitute financial or credit advice. All applications are subject to credit assessment by MPFG Capital (ACL 553698).