A fixed rate home loan gives you the certainty of knowing what your interest rate and repayments will be for a set time, which can make it easier to manage your finances and plan for the future.
We offer 1–5-year fixed rates on all our home loans. See our current fixed rates.
You’ll need to contact our team via live chat to fix your home loan account. Simply log into Macquarie Online Banking or the Macquarie Mobile Banking app to start a live chat.
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 have:
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 live chat.
Access to redraw is not available on accounts in the fixed term. If you have additional funds in redraw that you want to access during the fixed term, you’ll need to transfer these funds to another account before fixing your loan account. That way you can continue to have access to these funds during the fixed term.
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. If you’ve requested to fix a variable home loan account, any linked offset account will need to be delinked first.
Once your fixed rate term ends, the offset account won’t automatically relink to your account once it converts to a variable interest rate. To relink your offset account, you’ll need to contact us via live chat.
If your account is on principal and interest repayments, it can't be converted to interest only during the fixed rate period. Similarly, if your account is on interest only repayments, switching to principal and interest repayments may incur a break cost.
Your repayment method may need to change to complete a fixed rate request. Direct debits will automatically update, although if you have manual repayments set up, you’ll need to update these prior to the first repayment.
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 is 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 and how they are calculated. 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 in the mail. 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 live 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 approximately 30 days prior to the 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 updated interest and repayment details.
Please review your home loan structure to understand your current setup. Your current structure and offset linkage (if applicable) during the fixed term will remain the same and you’ll need to contact us if you’d like to make changes. For example:
Log in to Macquarie Online Banking or the Macquarie Mobile Banking app and chat with a consultant in real time, Monday to Friday, 9am to 5pm Sydney time (excluding public holidays).
Please get in touch as soon as possible so we can work together to find the right solution for you.
Everyone at Macquarie is committed to providing our clients with the highest standard of products and services available. If you have feedback we would like you to tell us about it.
