Different home loans have different rules when it comes to making extra repayments. You’re unable to pay your interest in advance.
Home Loan | BSB starting with 182 | BSB starting with 183 |
Variable interest rate home loan | You can make additional repayments to your variable interest rate home loan without having to pay any additional fees by electronic funds transfer into your home loan account or by setting up a recurring direct debit. To set up a direct debit payment from a Macquarie account into your home loan on Macquarie Online Banking:
If you’re transferring from another financial institution, you’ll need to set it up with them. Please note that your minimum contractual repayment amount will continue to be calculated on the loan limit and not on your actual loan balance | You can make additional repayments to your variable interest rate home loan without having to pay any additional fees by electronic funds transfer or set up a recurring direct debit. Your electronic transfer will be rejected or returned to your account if:
To set up a direct debit or to have funds returned to you please contact us on 1800 007 722 (+61 2 8245 4383) 8am to 7pm Monday to Friday. Note: the additional payment must be on the same payment frequency as your existing contractual payment. For example, if you currently make a monthly repayment, your additional payment must be monthly also, and cannot be fortnightly. |
Fixed home loan | You can make extra repayments on your fixed home loan of up to $10,000 per account which can be made each year without penalty (additional payments above this amount may incur break costs). The 12-month period is calculated from the date the fixed term commenced. Additional payments can be made via Macquarie Online Banking or the Macquarie Mobile Banking app. | You can make extra repayments on your fixed home loan of up to 5% of the initial fixed amount which can be made each year without penalty (additional payments above this amount may incur break costs). The 12-month period is calculated from the date the loan term is fixed. Additional payments can be made by calling us on 1800 007 722 (+61 2 8245 4383), 8am to 7pm Monday to Friday. |
Construction loan | You can make extra repayments on your construction account during the construction period by funds transfer. The construction period begins when construction starts on your home, through to when your home is completed and ready to move into. You can redraw these additional amounts at any time. | N/A |