You’ll also need to consider what happens to your offset account/s currently linked to your home loan before you discharge.
Home loan account with a BSB starting with 182
Four business days prior to your discharge date, any offset account/s linked to your loan will usually be converted to transaction account/s and you’ll no longer receive any offset interest benefit on your home loan from your offset account/s. You’ll still be able to access your account online as normal and your account number and any debit card/s will remain the same.
If you want to use the money in your offset to reduce your payout figure, you’ll need to transfer the funds into your home loan before your home loan account is restricted.
If your discharge is cancelled, or postponed for more than 4 business days, we’ll convert the account back to an offset.
If your offset is converted to a transaction account, you can add a tax file number (TFN) or tax file number exemption on Macquarie Online Banking.
To add a TFN or TFN exemption:
- Log into Macquarie Online Banking
- Hover over your Macquarie Transaction Account, Macquarie Savings Account or Macquarie Cash Management Account with a BSB of 182-182
- Select I want to
- Select Provide tax details (or Manage tax details if you have already provided your tax details) in the menu drop-down
- Follow the instructions to add your TFN or TFN exemption to your eligible accounts.
- Please note, if you are a joint account holder, you can only update your own individual tax details.
If both account holders wish to update their tax details, each of you must log in with your own Macquarie ID and provide your own TFN or exemption.
It usually takes 2-3 business days for the accounts you select to be updated with your tax details. You will receive a notification in your bell icon when your account details have been updated.
If you would like to convert your transaction account back to an offset and link to another home loan account, please contact us on 1800 007 722 (+61 28245 4383), 8am to 7pm (Sydney time) Monday to Friday.
Home loan account with a BSB starting with 183
Four business days prior to settlement, we’ll restrict access to the funds available in the account so we can calculate your payout figure. Any available funds in your offset account at that time will be used to reduce your payout figure. When your home loan is discharged, your offset account will be closed at the same time.
For example, if you have $50,000 in your offset account and $450,000 balance on your home loan, not including any other costs associated with the discharge, your total payout figure would be reduced by $50,000 as we have used the funds in the offset account to reduce the final payout figure. (All figures are approximate only.)
If you don’t want to use the money in your offset to reduce your final payout figure, you’ll need to transfer the funds before access is restricted.