Your repayments

Repayments to your home loan may differ depending on the type of loan you have.

You’re required to make your contractual repayment to your home loan account each month by the due date. Details about your repayments, such as the amount and due date, can be found via Macquarie Online Banking or the Mobile Banking app.

How your repayments are calculated

How we calculate your repayments depends on whether the structure of your home loan is principal and interest or interest only.

Principal and interest home loans

Your home loan principal and interest repayment amount is calculated based on the loan amount, loan term, number of repayments remaining, and interest rate. Each repayment amount consists of paying back a portion of the balance (principal) and an interest component.

The proportion of principal and interest you pay changes over the term of your loan.

At the beginning of a home loan, a larger portion of the repayment amount goes towards paying off the interest. Over time, as your loan balance decreases, and the interest portion of the payment decreases, more of the repayment goes toward the principal. 

Interest only home loans

If your home loan is interest only, you pay the interest charged via the repayment method you have nominated (monthly direct debit, salary credit, or funds transfer).

Some important things to remember about interest only:

  • Interest only loan repayments will not pay off any principal during the interest only term.
  • You may pay more interest over the life of the loan, compared to principal and interest on a full loan term.
  • At the end of your interest only period, your minimum contractual repayments will increase to include principal repayments as well as interest. This new principal and interest repayment amount is calculated on the remaining term of the loan.
  • Your interest only repayments may vary each month, depending on interest rate, balance and days in the month. The estimated repayment amount and due date can be found via Macquarie Online Banking or Mobile Banking app. An interest only period may be available for a maximum of 5 years and is subject to credit approval.
     
Estimated repayment amount

If you have an interest only home loan account, the estimated repayment amount you see online may differ to the interest charged:

Basic Home Loan and Offset Home Loan with no offset linkedOffset Home loan with offset linked
Interest only loan accountInterest only variable rate loan account

Interest is determined daily by calculating the interest rate applicable to the balance of the loan account at the end of each day. The daily interest rate is divided by 365. Interest is debited to your loan account each month on the due date.

Please note, if you access any funds in your redraw, this will increase your estimated repayment amount.

Interest will be determined daily by calculating the interest rate applicable to the balance of the loan account, minus the balance in the linked offset account at the end of each day. The daily interest rate is divided by 365.

Interest is debited to your loan account each month on the due date, and includes the offset benefit.

For more information on how to make the most of your offset account, please refer to our Help Centre article.


Example 1: How daily interest is calculated

If your account balance is $140,080 at the end of the day and your interest rate is 5.50% p.a. then the daily interest will be: 5.5% ÷ 365 × $140,080 = $21.11.
 


Example 2: How daily interest is calculated with a linked offset account

If your loan account balance is $140,080 and your offset account balance is $50,000 at the end of the day, and your interest rate is 5.50% p.a. then the daily interest will be: 5.5% ÷ 365 × ($140,080 - $50,000) = $13.57.
 

View your loan repayment details

You can view your current loan repayment details via Macquarie Online and Mobile Banking.

  1. Click on your home loan account in the account list
  2. Click on the “I want to” at the top of the screen near your account name
  3. Select View account details.
     

Home loans with BSB starting 182

Frequency and due dates

How you choose to make your repayments will determine the frequency that your repayments can be made.

If you have chosen to make repayments via direct debit, this will occur monthly only on the due date. Your due date is the monthly anniversary of your settlement date. For example, if your settlement date occurred on the 15th of the month, then your repayment is always due on the 15th of each month. 

If you make repayments with salary credit or funds transfer, you can choose for repayments to be weekly, fortnightly, or monthly. Repayments must be made by the due date.

You’re unable to make changes to the repayment due date.

Direct debit repayments

If you’ve chosen to make repayments by direct debit, you are authorising us to debit your nominated account. This is a convenient way to make home loan repayments.

Direct debit repayments occur monthly only. To manage your repayment options, log in to Macquarie Online Banking or via the Macquarie Mobile Banking app, and select the home loan account you want to change.

A direct debit will also need to be set up for any fees applicable to your home loan account.

The repayment due date and direct debit frequency cannot be changed.

You’ll need to ensure there are sufficient funds available in your nominated direct debit account on the due date.

Salary credit or funds transfer

This repayment option is only available for variable rate home loans, or to your linked offset account.

If you’ve chosen to make repayments by salary credit or funds transfer, you’ll need to arrange for sufficient funds to be credited to your home loan account(s) to meet your monthly contractual repayment amount by the due date.

For salary credit, you’ll need to arrange this directly with your employer by providing them with BSB, account number and payment amount.

Regularly check your account to ensure the correct and full repayment amount is being made each month by the due date. You can do this online via Macquarie Online Banking or the Macquarie Mobile Banking app. 

See View your loan repayment details above for more information on how to view this.

If you have an offset home loan, you can make deposits or salary credits to your linked offset account at any frequency or timeframe you choose. You can then set up a monthly direct debit from your offset account, and you will receive the interest benefits. 

Update loan repayment details

You can update your loan repayment direct debit details via Macquarie Online Banking or the Macquarie Mobile Banking app.

You also need to have a direct debit set up for fees and charges on each home loan account. You can update your fees and charges direct debit details via Macquarie Online Banking or the Macquarie Mobile Banking app.
 

Macquarie Online BankingMacquarie Mobile Banking 
  1. Click on your home loan account in the account list
  2. Click on “I want to”
  3. Select Manage home loan.
  4. Click on Manage direct debit
  5. Select Home loan repayments and click Next
  6. Select the new account to debit from, or click on ‘Add New’ to add an account. The account must be in the name of at least one of the borrowers. If you have a company, trust, or construction loan we may contact you to ask for more details
  7. Select Review
  8. Once you’ve reviewed your direct debit details, click Confirm to update your direct debit details.

This change will only update your loan repayment direct debit and not your fee payment direct debit. To update your fee repayment details, repeat steps 1-4, then select Fees and charges. Continue with steps 5-8.

  1. Click on your home loan account in the account list
  2. Click on “I want to”
  3. Select Manage home loan
  4. Select Manage direct debit
  5. Select Home loan repayments and then tap Next
  6. Select the new account to debit from, or click on ‘Add New account to debit from’ to add an account. The account must be in the name of at least one of the borrowers. If you have a company, trust, or construction loan we may contact you to ask for more details.
  7. Once you’ve reviewed your direct debit details, click Confirm to update your direct debit details.

This change will only update your repayment direct debit and not your fee payment direct debit. To update your fee repayment details, repeat steps 1-4, then select Fees and charges. Continue with steps 5-7.

 

Home loans with BSB starting 183

Frequency and due dates

Your contractual repayment is due on or before the first business day of each month. Your repayment due date cannot be changed.

Direct debit repayments

If you’ve chosen to make repayments by direct debit, you are authorising us to debit your nominated account. Direct debit repayments occur on your repayment due date. 

You’ll need to ensure there are sufficient funds available in your nominated direct debit account.

Salary credit or funds transfer

This repayment option is only available for variable rate home loans. This is not available for SMSF or fixed rate home loan accounts.

If you have chosen to make repayments by salary credit or funds transfer, you’ll need to arrange for sufficient funds to be credited to your home loan account/s, using your BSB and account number, to meet your monthly repayment amount and due date. For salary credit, you will need to provide your employer with the BSB, account number, and the payment amount.

BPAY

You can BPAY® your home loan repayments into your home loan account using your biller code and reference (customer) number. This can be found on your home loan statement. This is not available for SMSF or fixed rate home loan accounts.

Update loan repayment details

To change your direct debit account details for a home loan account starting with BSB 183, please call us on 1800 007 722 (+61 2 8245 4383).

When your home loan fees are charged

For more information on applicable fees, please see When your home loan fees are charged.

® Registered to BPAY Pty Ltd ABN 69 079 137 518

Experiencing financial difficulty?

Resolve a complaint

Help and support