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If you have a Macquarie home loan and are in need of financial support due to COVID-19, we encourage you to call us at 1300 363 330. Our financial assistance team will be available to discuss your specific circumstances and take you through the options we have available to support you.
If you’re currently on a payment pause, the information below will help you understand what this means for you.
If you’re currently on a payment pause, you haven’t had to make any repayments on your home loan during this period, however interest is accruing on your loan. This means the interest you would have paid during your payment pause has continued 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.
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.
Find answers instantly to a huge range of your questions online by visiting our Help Centre.
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
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. 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. 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. There is an example of the way that payment pause may impact your home loan and you can view this here.
If you require further assistance once the six-month period is over, please contact us so we can discuss your ongoing situation.