If you have funds available in your redraw or offset account, you can arrange for the limit on your variable rate home loan to be permanently reduced.
Please note, a reduction to your home loan limit is permanent. If you want to increase your limit in the future, you’d need to apply with supporting documents and your application will be subject to credit assessment and approval, and any applicable fees.
A permanent limit reduction cannot be applied to a fixed rate home loan.
For home loans with a BSB starting with 182, your repayment amount is based on the account’s limit, so a permanent limit reduction will reduce the minimum monthly repayment amount. After your limit reduction has been processed, you’ll receive a confirmation summary which includes your new repayment details. There will be a 30-day payment change period before the new repayment comes into effect. This means your next repayment stays the same, and then any subsequent payments will be the new repayment amount.
For home loans with a BSB starting with 183, your repayment amount is based on the account balance, not the account limit, so a limit reduction won’t reduce the minimum monthly repayment amount.
To request a permanent limit reduction, please get in touch with a Macquarie consultant using live chat.
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