A fixed rate home loan offers the security of a locked-in interest rate that won't change for a set period. This means that you can confidently plan your finances, knowing your repayment amount remains the same during this time.
We offer 1–5-year fixed rates on all our home loans. See our current fixed interest rates.
You'll need to contact us via chat to fix your home loan account. Simply log into Macquarie Online Banking or the Macquarie Mobile Banking app to start a chat.
Fixed rates aren't available for home loans with a BSB starting with 183, or for home loans held under a company or trust.
It’s important to be aware of the differences between a fixed rate loan account and a variable rate loan account. Below are some important things you should consider when fixing an interest rate. When chatting with our team, they’ll be able to assist with any questions you may have.
You can choose to fix all or part of your home loan. If you choose to fix part of your home loan, each loan split must have a minimum limit of $20,000.
Note: If you’d like to fix 100% of your Offset Home Loan, you’ll need to switch to the Basic Home Loan prior to fixing, which our team can assist with via chat.
Access to redraw is not available during the fixed term. If you have additional funds in redraw that you may need to access during the fixed term, you’ll need to transfer these funds to another account before fixing your loan account.
If you make additional repayments while your account is fixed, you can’t access these funds during the fixed term.
An offset account can’t be linked to a fixed rate loan account. Before switching to a fixed rate, any linked offset accounts will need to be delinked and either closed, converted to a transaction account, or linked to another variable home loan account.
Once your fixed rate term ends, the offset account won’t automatically relink to your home loan account once it converts to a variable interest rate. To relink your offset account, you’ll need to contact us via chat.
You can't switch your repayment type between principal and interest only during a fixed rate term. If you want to switch your repayment type, you'll need to break the fixed rate term, and break costs may apply.
While your home loan account has a fixed interest rate, you can make limited additional repayments. These additional repayments won’t change your monthly minimum repayments and the redraw accrued can’t be accessed until the end of the fixed rate term.
There are limits to how much extra you can pay into your account every 12 months, from when you fix your account. If you exceed these limits, you may incur a break cost.
For home loans with a BSB starting with 182, you can make an additional payment of $10,000 within every 12-month period, starting from the day you fix your interest rate.
For home loans with a BSB starting with 183, you can make an additional payment of up to 5% of the amount you fixed, starting from the day you fixed your interest rate.
Note: If you exceed these limits, you may incur a break cost. Break costs can be substantial, see below for more information.
If you need to make changes to your home loan account while it's on a fixed interest rate, break costs may be payable. Generally, break costs may be incurred if you make changes to your account, including but not limited to:
Break costs can be substantial and can only be determined at the time you repay or request the change.
Refer to your Terms and Conditions for more information on break costs. For home loans with a BSB starting with 182, these are available online.
Once our team completes the fixed rate request, you’ll receive a Variation Confirmation document via email or letter. This document will outline:
Below is some additional guidance to help you transition to a fixed account.
You may have created a new home loan account to be fixed, or had to reorganise your offset accounts to fix a portion of your home loan. After the changes, it’s important to check your updated home loan account structure and contact us via chat if anything is incorrect.
When fixing your account, your repayments are likely to change. The minimum monthly repayment will be outlined on the Variation Confirmation and available via Macquarie Online Banking and the Mobile Banking app.
For direct debits, this will automatically update. If you have manual repayments set up (i.e. you manually transfer the funds into your home loan each month), you’ll need to update the amount that is transferred each month.
We’ll generally notify you around 30 days before the fixed rate expiry date and include some general information about the variable reference rate applicable to your loan.
On the expiry date, your loan account will automatically convert to a variable rate. We’ll send you confirmation of your new interest and repayment details.
Please review your home loan structure to understand your current setup. Your loan structure will stay the same after your fixed-rate term ends. This means if you have an Offset Home Loan, an offset account won't be automatically linked when it rolls onto a variable rate. If you'd like to link an offset account or consolidate your home loan accounts, you'll need to contact us after your fixed-rate term ends.
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