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Support for home loans customers

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Payment pause

Support for home loans customers

If you have a Macquarie home loan and you’re experiencing financial difficulty, you can immediately defer your loan repayments for six months by applying for a payment pause.

During this period, you will not need to make any repayments on your home loan, however interest will be capitalised. This means the interest you would have paid during this payment pause will continue to accrue and will be added to your home loan balance. At the end of your payment pause, your repayments will be recalculated to adjust for the increased outstanding balance on your home loan. 

Impact on your home loan

As an example, if you have a $400,000 balance on your home loan at 3.50%p.a. and 20 years remaining on your loan term at the start of your payment pause, you would accrue $7,052 in interest at the end of a six-month payment pause.

This would increase your monthly principal and interest home loan repayments by $83 per month over your remaining loan term, following the payment pause period.

This is an example only and the actual cost to you will depend on your own individual circumstances.

Staying connected

Instantly find answers to a huge range of your questions online by visiting our Help Centre, or send us a direct message @macquariebank on our Facebook and Twitter channels.

If you need to discuss how we can provide ongoing support, you can also contact us using the direct number listed below.

Home loans – 1300 363 330

Requesting a payment pause

You can apply for a 6 month payment pause for your Home Loan by completing an online form at macquarie.com/au/personal/forms/payment-pause
All Macquarie personal and business banking clients who are experiencing financial difficulty can immediately defer their loan or credit card repayments for six months. 
Interest will be capitalised during the payment pause period. This means the interest you would have paid during this payment pause will continue to accrue and will be added to your home loan balance. At the end of your payment pause, your repayments will be recalculated to adjust for the increased outstanding balance on your home loan.
To support you in this payment pause period, you won’t be charged any arrears or over limit fees. Other fees like your package fee will continue to be charged.
No. During your payment pause, we won’t report to credit bureaus that you are missing your obligations on your home loan. This means your credit score will not be negatively impacted during this period.
 
Please note this is the approach being adopted by Macquarie but it’s important you check with any other lenders that you may have products with to confirm their approach.

During a payment pause

You’ll know your payment pause request has been processed as we’ll be in touch with you every step of the way. We’ll email you to confirm we’ve received your request, when it has been processed and we’ll be checking in with you regularly to ensure you have all the information you need regarding your payment pause, and to get a better understanding of your ongoing circumstances.
No, you aren’t required to make any repayments during the six-month deferral period, but you are welcome to do so. Any payments you make can help to reduce the amount that you have to pay when your payment pause ends.
Yes. You can still make payments however you’ll need to make them manually by electronic funds transfer or by direct debit payments which can be set up by calling us on 1800 007 722 (+61 2 8245 4383), 8am to 7pm (AEST/ADST) Monday to Friday.
Yes, you can cancel at any time so we’d encourage you to connect with us to discuss cancelling your payment pause.

Over the next few months, we’ll be checking in with you regularly to ensure you have all the information you need regarding your payment pause, and to get a better understanding of your ongoing circumstances.

Your payment pause cancellation will take up to 30 days to process. We will let you know once this has been completed and send you confirmation of what this means for your loan. 

After the payment pause

Yes. We’ll be checking in with you regularly by email to ensure you have all the information you need regarding your payment pause, and to get a better understanding of your ongoing circumstances. We will let you know when your payments are due to recommence and the impacts to your loan repayments as a result of your payment pause.
Your minimum monthly payments may increase following the end of the payment pause. We’ll let you know of any changes to your repayments and when they will first become due. You can view an example of the way that payment pause may impact your home loan here.
For home loans, we’ll email you to let you know when your repayments will recommence and when any increased repayment amount will start. You may be required to make your standard repayments between the time you are first due to recommence payments up until the date your increased repayment is effective.

If we were direct debiting your repayments before the payment pause, we will reactivate this direct debit and adjust for any new repayment amounts and there will be no action required by you. If you were making your repayments by funds transfer, you will need to take action to make the necessary changes to your repayment amounts to meet the new requirements.
If you require further assistance once the six-month period is over, please contact us so we can discuss your ongoing situation.