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Why make an extra repayment on your home loan?
By making extra repayments on your variable rate home loan you can reduce the amount of interest you pay. Use this home loan repayment calculator to work out how much faster you could pay off your loan and how much interest you might save.
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Submit your application in a few simple steps. You can apply if you are 18 years old or over, an Australian citizen, or a permanent or temporary resident, an Australian tax resident living in Australia, have an Australian mobile number.
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Answer a few simple questions and we’ll provide a tailored quote with your rate and repayments.
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Once you’ve submitted your application, one of our friendly banking specialists will review it and get in touch to answer any questions and guide you through the next steps.
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Frequently asked questions
Our Extra repayments calculator above allows you to calculate the time it may take you to pay off your home loan if you make additional repayments. The calculator considers various factors including outstanding loan amount, frequency of repayment, additional repayments, interest rate and loan term.
If you have a Home Loan account with a BSB starting with 182
You can make additional repayments to your variable interest rate home loan without having to pay any additional fees. You can make an additional payment by electronic funds transfer into your home loan account using your account number and the BSB 182-182.
Alternatively, you can set up a recurring additional direct debit payment from a Macquarie account into your home loan 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
- Update payment details and select the Recurring payment button
- Click Schedule payment.
To set up a recurring additional direct debit payment into your home loan from an institution other than Macquarie, this will need to be done on the other institution’s online banking platform.
Please note that your minimum contractual repayment amount will continue to be calculated on the loan limit and not on your actual loan balance.
If you have a Home Loan account with a BSB starting with 183
You can make additional repayments to your variable interest rate home loan without having to pay any additional fees. You can make an additional payment by electronic funds transfer into your home loan account using your account number and the Deposit BSB on your home loan statement. If your account is one of the following, you will not be able to make a manual electronic funds transfer into the account as it will automatically reject:
- Construction Loan
- SMSF Loan
If your additional payment is more than the outstanding balance of your loan account, the payment will reject. If you made the transfer via EFT, the funds will be automatically returned to your account you transferred it from. If you made the transfer via BPAY®, please contact us on 1800 007 722 (+61 2 8550 5666) to provide us with the BSB, Account Name and Account Number that we need to return the funds to.
Alternatively, you can set up a recurring additional direct debit payment by calling us on 1800 007 722 (+61 2 8550 5666), 8am to 7pm (Sydney time) 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 could not be fortnightly.
® Registered to BPAY Pty Ltd ABN 69 079 137 518
If you have a Home Loan account with a BSB starting with 182
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.
If you have a Home Loan account with a BSB starting with 183
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 8550 5666), 8am to 7pm Monday to Friday.
You can make extra repayments on your construction account during the construction period. The construction period begins when construction starts on your home, through to when your home is completed and ready to move into.
See below for more details on how you can make extra repayments.
If you have a Home Loan account with a BSB starting with 182
You can make additional payments into your construction account by funds transfer. You can redraw these additional amounts, even when your account is in the construction period.
If you have a Home Loan account with a BSB starting with 183
You can make additional payments into your construction account by direct debit. Please note, redraw is unavailable when your loan is in the construction period.
Additional information
This information has been prepared by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 (MBL) 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.
The information in this calculator is by way of example only and is not a prediction or professional financial advice. Calculations are not forecasts, but may assist you in making your own projections. Subject to law, Macquarie will not be liable for any loss or damage caused by your use of the calculator. The information in the calculator does not constitute an offer to lend or imply the product is suitable for you.