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 we calculate your repayments depends on whether the structure of your home loan is principal and interest or interest only.
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.
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:
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 linked | Offset Home loan with offset linked |
|---|---|
| Interest only loan account | Interest 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.
You can view your current loan repayment details via Macquarie Online and Mobile Banking.
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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.
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.
When funds are available in your redraw, the home loan repayment will be deducted from it to fulfill your contractual obligations.
Subsequently, the direct debit payment restores the funds to your redraw, typically within three (3) business days after the payment clears.
If funds aren’t available in redraw to cover your repayment in full, your contractual obligations are met by deducting the repayment from your direct debit account.
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.
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 Banking | Macquarie Mobile Banking | |
|---|---|---|
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. |
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. |
Your contractual repayment is due on or before the first business day of each month. Your repayment due date cannot be changed.
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.
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.
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.
To change your direct debit account details for a home loan account starting with BSB 183, please get in touch with a Macquarie consultant using live chat.
For more information on applicable fees, please see When your home loan fees are charged.
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