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Home loan products and features
Find a Macquarie home loan that best suits you. With great rates, low fees and flexible loan options, there’s good reason to choose the home of good borrowers.
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Home loan guides
What is an offset account and how does it work?
Offset accounts could help you save on the interest you pay on your home loan. Discover more about offsets and how they could benefit you.
Which home loan is right for me?
Learn about our different home loan options so you can choose the home loan that best meets your needs.
Home loan terms explained
A guide to the key terms to be aware of when choosing a home loan.
Frequently Asked Questions
Having multiple offset accounts can help you to bucket your savings. This can help you manage your budget if you're saving for a few big things (like another property, a holiday, a wedding or a new car).
Having multiple offset accounts linked to your home loan ensures that all of your savings are working towards reducing the interest paid on your home loan.
If you have an Offset Home Loan account with a BSB starting with 182
You can open up to 10 offset accounts which can be linked to an offset home loan account if you’re a single or joint borrower. Offset accounts aren’t available for any other type of home loan.
The linked home loan must meet the following criteria:
- You have a variable rate offset home loan (offset accounts can’t be linked to fixed rate loan accounts)
- Single or joint borrowers
- You have less than 10 offset accounts linked to your home loan
- The borrowers are not a company or trust. Company and trust borrowers can’t open additional offset accounts after your loan settles.
Your new offset account can be either single or joint. Please note joint accounts are limited to two joint account holders who are party to the linked home loan.
All offset account holders must be account holders of the linked offset home loan.
To open additional offset accounts via Macquarie Online Banking:
- Log into Macquarie Online Banking
- Click Open an account at the top of your accounts list
- Find the offset account option and click Open an account
- Select the home loan account you want the new offset account to be linked to. Only eligible offset home loans will display in this list
- If you chose to link a joint home loan, select the account holders you want to have access to your new offset account. You can choose to have a single or joint offset account. We only offer joint offset accounts with a maximum of two accounts holders, and all offset account holders must be account holders of the linked offset home loan
- Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device
- Select answers to the three account questions. Your answers will not be used for marketing purposes
- Click Open account.
If you applied for a joint offset account, your joint account holder will need to review and approve the application.
To review and approve an application for a joint offset account via Macquarie Online Banking:
- Log into Macquarie Online Banking
- Click the bell icon at the top left of the screen to find the notification alerting you that your joint holder has made a request to open a joint offset account with you. Click Review
- Read the offset account info and click Open an account
- Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device. If your joint applicant also requested a debit card, your card will be sent to their address. If you request a debit card and your joint account holder did not, your debit card will be sent to your specified address
- Select answers to the three account questions. Your answers will not be used for marketing purposes
- Click Open account.
To open additional offset accounts via the Macquarie Mobile Banking app:
- Log into the Macquarie Mobile Banking app
- Click the menu icon at the bottom right of the screen
- Scroll until you find the offset account option, and click Open an account
- Select the home loan account you want the new offset account to be linked to, then click Next. Only eligible offset home loans will display in this list
- If you chose to link a joint home loan, select the account holders you want to have access to your new offset account. You can choose to have a single or joint offset account. We only offer joint offset accounts with a maximum of two accounts holders, and all offset account holders must be account holders of the linked offset home loan
- Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device
- Select answers to the three account questions. Your answers will not be used for marketing purposes
- Click Open account.
If you applied for a joint offset account, your joint account holder will need to review and approve the application.
To review and approve an application for a joint offset account via the Macquarie Mobile Banking app:
- Log into the Macquarie Mobile Banking app
- Click the bell icon at the bottom right of the screen and look for the notification alerting you that your joint holder has made a request to open a joint offset account with you. Click Review
- Read the offset account info and click Open an account
- Review the linked home loan account and the offset account holders, then click Next
- Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device. If your joint applicant also requested a debit card, your card will be sent to their address. If you request a debit card and your joint account holder did not, your debit card will be sent to your specified address
- Select answers to the three account questions. Your answers will not be used for marketing purposes
- Click Open account.
If you have an Offset Home Loan account with a BSB starting with 183
Additional offset accounts aren't available for these Offset Home Loan accounts.
No, offset accounts do not earn interest. The main purpose of an offset account is to offset your variable home loan, which can help reduce the interest you pay on your loan.
A redraw allows you to access additional payments that you've made on your loan account. The funds above the minimum monthly repayments will be available for redraw, giving you the flexibility to redraw for unexpected expenses. A redraw is only available on a variable rate loan account. At Macquarie, we don't charge any fees for you to redraw from your loan account.
An offset account is a transaction or everyday banking account that is linked to your home loan. Every dollar you have in that account 'offsets' the balance of your loan – reducing the amount of interest you pay every month.
The offset account feature is not available on a basic home loan and is only available on the Offset Home Loan product.
Redraw is a product feature that which typically allows you to make access some or all of the additional repayments that you’ve made on your home loan over and above the minimum required repayments. extra payments to reduce the outstanding balance of your home loan, which in turn reduces the amount of interest you pay. A redraw facility may allow you to access the extra payments you’ve made up to your loan limit at that time.
- Redraw is a product feature enabled on most home loan products except for:
accounts during a fixed rate period. Any extra payments you’ve made whilst your interest rate is fixed is only available at the end of your fixed rate period
- SMSF home loans.
Your redraw balance may change over time depending on several factors, including:
- loan limit changes
- repayment amount changes
- missed or late repayments and fees.
The below is an example explaining how redraw works where an extra payment has been made and the repayment amount has not changed on the home loan.
Sarah has a $300,000 home loan with a 30-year term. 10 years into her loan she makes an extra payment of $50,000. Her repayment amount does not change and the extra payment she’s made means she is paying less interest on her home loan. This results in Sarah paying off her home loan sooner. Because Sarah has maintained her repayments at the same amount, she can access her redraw balance up until her loan is paid off. If she continues to keep her loan open after it’s paid off, then availablethe available redraw will start reducing to ensure her home loan limit is $0 at the end of her loan term.
For more information on how to check your redraw balance or accessing it on Macquarie Online Banking, visit Macquarie Help Centre.
Checking your redraw balance
You can view or access your redraw fee free by using Macquarie Online Banking or the Macquarie Mobile Banking app.
To check your available redraw balance on Macquarie Online Banking:
- Hover over the home loan account in the account list
- Select I want to
- Select View account details
- Available funds for redraw is shown as Redraw balance or Available funds under Account Summary.
Alternatively, you can:
- Select your home loan account from the account list
- Select I want to in the banner near your account product name (or account nickname)
- Select View account details in the menu drop-down
- Available funds for redraw is shown as Redraw balance or Available funds under Account Summary.
To check your available redraw balance on the Macquarie Mobile Banking app:
- Select a home loan account from the main screen
- Available funds figure is displayed at the top of the screen above account balance.
Accessing your redraw balance
To access your available redraw balance on Macquarie Online Banking:
- Select the icon from the side menu; or first click on the icon in top left-hand corner to display the side menu
- Select the home loan account with available redraw balance
- Select the Macquarie account you wish to pay to, or New payee/biller.
To access your available redraw balance on the Macquarie Mobile Banking app:
- Select the icon on the front screen
- Select either Internal transfer or Make a payment
- Select the home loan account with available redraw balance
- Select the Macquarie account you wish to pay to, or New payee/biller.
The daily limit for Pay Anyone and BPAY payments from your home loan can be viewed here.
To access redraw on your Reverse Mortgage or Accommodation Bond loan, please call us on 1800 007 722 (+61 8550 5666) from 8am to 7pm (Sydney time) Monday to Friday.
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If you would like to split your existing Macquarie home loan, please visit our Help Centre.
If you would like to apply for a new Macquarie split home loan, submit your application online.
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Additional information
For more information, view the full Macquarie home loans terms and conditions and the Macquarie electronic banking terms and conditions.
This information is provided by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Lending criteria, fees and T&Cs apply.
Rate applies for new loans when you borrow up to 60% of the property value with a principal and interest repayment variable rate loan. Subject to change without notice.
The comparison rates are based on a loan for $150,000 and a term of 25 years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Open and link up to 10 offset accounts per variable rate loan account for single or joint borrowers (up to 4 offset accounts per variable rate loan account can be requested at application stage). Company and trust borrowers can open up to 4 offset accounts which must be opened at application. Offset Home Loan Facility cannot be fully fixed and offset accounts cannot be linked to fixed rate loan accounts. For an Offset Home Loan Facility, the variable rate loan account must have a minimum limit of $20,000.
The Offset Home Loan Facility fee is payable in exchange for the ability to open and link offset accounts. The fee is payable in two equal instalments every 6 months per facility. The first fee is payable 6 months after your settlement date, then the Offset Home Loan Facility fee is payable every 6 months thereafter (unless you switch your loan to a Basic Home Loan).
We will refund fees charged to you by domestic ATM operators on your Macquarie debit card in connection with domestic ATM transactions, but you’ll need to pay any other fee that you’re charged by any international ATM operator.
Terms and conditions apply and are available upon request. Fees and charges apply. Annual Primary Cardholder Fee is waived for the Macquarie Black Card and Macquarie Platinum Card for the period you hold this facility with us.
Purchases made online, by telephone or when selecting ‘Mastercard Debit’, ‘credit’ or ‘CR’ in stores.
The $100,000 limit applies if you use the Macquarie Authenticator App and are registered for Electronic Banking. Otherwise, a default limit of $2,000 applies. Your applicable daily limit applies to all of the daily Pay Anyone payments you make across all your eligible accounts linked to your Macquarie ID. If you hold a joint account, click here for information about how this limit applies to you.
This limit operates as a sub-limit of the daily Pay Anyone limit. The $10,000 limit applies if you use the Macquarie Authenticator App and are registered for Electronic Banking. Otherwise, a default limit of $2,000 applies.
Some billers may impose their own limits.
If you’ve chosen to make interest only repayments at any stage of your loan, you may end up paying more interest over the life of the loan. This is because you are deferring your principal repayments. At the end of your interest only period, your minimum contractual repayments will increase to include principal repayments as well as interest.
Additional repayments of up to $10,000 can be made on a fixed rate account 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. When your account has reverted to a variable rate at the end of a fixed term (1) you can make further additional repayments without incurring break costs and (2) any additional repayments made during the fixed term become available for redraw (subject to our terms and conditions).
We don’t charge fees for card purchases or transactions made or processed outside Australia but others, such as the banks of international merchants, might.
Due to state and territory laws, restrictions may apply to digitally signing the Mortgage Form.
Home loan information and interest rates are current as at 3 October 2024 for new loans only and are subject to change.