Split home loan

Fixed rate home loans have an interest rate that is fixed for a set period of time (typically from one to five years). At the end of the fixed rate term, the loan will usually switch to a variable rate.

Variable rate home loans have an interest rate that can move up or down according to market forces, which impacts the amount of interest you pay.

Macquarie home loans are flexible and allow you to access both a fixed rate and variable rate for your loan. As a borrower, this means you can:

• have the entirety your home loan at a variable rate
• have the entirety of your home loan at a fixed rate
• split your home loan into fixed and variable portions.

Splitting your loan between variable and fixed interest rates gives you flexibility to structure your loan to suit your circumstances. You can divide your home loan in a variety of ways, such as locking in a fixed interest rate portion and variable interest rate portion, to take advantage of a mix of rate types over the life of your loan.

Please note: You can’t have the entirety of your offset home loan assigned to a fixed rate. You must have at least $20k of your offset home loan assigned to a variable interest rate.

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:

1. Select the icon from the side menu; or first click on the icon in top left-hand corner to display the side menu
2. Update payment details and select the Recurring payment button
3. 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 8245 4383) 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 8245 4383), 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 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:

1. Log into Macquarie Online Banking
2. Click Open an account at the top of your accounts list
3. Find the offset account option and click Open an account
4. 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
5. 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
6. 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
7. Select answers to the three account questions. Your answers will not be used for marketing purposes
8. 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:

1. Log into Macquarie Online Banking
2. 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
3. Read the offset account info and click Open an account
4. 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
5. Select answers to the three account questions. Your answers will not be used for marketing purposes
6. Click Open account.

To open additional offset accounts via the Macquarie Mobile Banking app:

1. Log into the Macquarie Mobile Banking app
2. Click the menu icon at the bottom right of the screen
3. Scroll until you find the offset account option, and click Open an account
4. 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
5. 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
6. 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
7. Select answers to the three account questions. Your answers will not be used for marketing purposes
8. 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:

1. Log into the Macquarie Mobile Banking app
2. 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
3. Read the offset account info and click Open an account
4. Review the linked home loan account and the offset account holders, then click Next
5. 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
6. Select answers to the three account questions. Your answers will not be used for marketing purposes
7. 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.

Redraw is a product feature that allows you to make 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:

• construction loans with a BSB starting with 183
• 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 available redraw will start reducing to ensure her home loan limit is $0 at the end of her loan term.

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:

1. Hover over the home loan account in the account list
2. Select I want to
3. Select View account details
4. Available funds for redraw is shown as Redraw balance under Account Summary.

Alternatively, you can:

1. Select your home loan account from the account list
2. Select I want to in the banner near your account product name (or account nickname)
3. Select View account details in the menu drop-down
4. Available funds for redraw is shown as Redraw balance under Account Summary.

To check your available redraw balance on the Macquarie Mobile Banking app:

1. Select a home loan account from the main screen
2. 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:

1. Select the icon from the side menu; or first click on the icon in top left-hand corner to display the side menu
2. Select the home loan account with available redraw balance
3. 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:

1. Select the icon on the front screen
2. Select either Internal transfer or Make a payment
3. Select the home loan account with available redraw balance
4. 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 8245 4383) from 8am to 7pm (Sydney time) Monday to Friday.

® Registered to BPAY Pty Ltd ABN 69 079 137 518

The home loan interest rate is the actual rate at which interest is charged on your home loan and doesn’t include fees.

The home loan comparison rate is a rate that helps you work out the true cost of the loan and allows you to compare rates amongst other lenders. It reduces to a single percentage figure the interest rate plus some of the fees and charges relating to a loan. As well as the comparison rate, it’s important to consider the features each loan offers and how valuable these are to you.

We offer 1-5 year fixed rates on all our home loans. To view our current fixed rates click here.

If you’re a new customer and would like to apply for a fixed rate home loan, contact your home loan broker, or call us on 13 62 27, 8am-6pm Monday to Friday (Sydney time). If you’re an existing customer and would like to fix your home loan rate, please contact us on 1800 007 722 (+61 2 8245 4383), 8.30am – 5.30pm (Sydney time) Monday to Friday.

Important notes about fixed rates:

• You can’t fully fix an offset home loan. For an offset home loan, you must have at least $20K of your loan on a variable interest rate
• An offset transaction account can’t be linked to a fixed loan account. This is because offset benefits are not available while the linked loan account is on a fixed interest rate
• You can’t fix your interest rate on a construction account
• Break costs may be payable if you end your fixed term early or you make extra repayments above the thresholds below:
  • If your BSB for your home loan account starts with 182 you can make extra repayments of up to $10K each year into each fixed account without incurring break costs
  • If your BSB for your home loan account starts with 183 you can make extra repayments up to 5% of the initial fixed amount each year without incurring break costs
• You cannot access redraw whilst your account is fixed. Any extra payments you’ve made whilst your interest rate is fixed are only available at the end of your fixed rate period.