When break costs apply

A break cost covers our loss when you break your fixed rate term by:

  • Making additional payments more than the annual additional payment amount allowed
  • Repaying your account balance in full
  • Changing to a variable interest rate or a new fixed interest rate
  • Changing your repayment type, for example, moving to interest only
  • Borrowing more money on an existing home loan
  • Discharging your home loan.

It is important to understand what break cost may be applicable to you before making a deposit or changes to your fixed rate loan as you may incur a large break cost.

How break costs are calculated

Fixed rate break costs are determined by multiple factors and as a result they change from day to day. These factors can include:

  • The length of time remaining until your fixed rate expires
  • The amount you are paying off your fixed amount
  • The amount that interest rates have moved since the start of your fixed term.

Find your fixed rate expiry date

To view your fixed rate expiry date in Macquarie Online Banking:

  1. Hover over your home loan account in the account list
  2. Select I want to
  3. Select View account breakdown in the menu drop-down
  4. The fixed rate expiry date is displayed on the middle section of the account breakdown

If you have a home loan account with a BSB starting with 183, refer to your fixed rate confirmation letter.

To obtain a break cost or to break your loan, please call us on 1800 007 722 (+61 2 8550 5666) 9am to 5pm Monday to Friday.

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