Divide your home loan into multiple accounts, so you can take advantage of the benefits of both fixed and variable interest rates on your home loan.
"What matters to us most is flexibility and choice."
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.
Splitting your loan still offers you the option to use offset accounts to save on the interest you pay. With up to 10 offset accounts per variable interest rate loan account, you can structure your savings in a way that works for you.
With a variable interest rate loan account, there’s no limit on additional payments. Whether you’re using an offset account or redraw facility, extra repayments could help you pay off your loan faster and reduce the amount of interest you pay over the life of your loan.
Sometimes it’s good to have a little buffer in your back pocket. Enjoy peace of mind knowing that you have unlimited, fee-free access to any additional repayments you’ve made on your variable home loan with our redraw facility.
You can request a call online or give us a call on 13 62 27 to speak with a home loan specialist.
As your application progresses, you'll be kept up to date with email notifications and calls from your dedicated home loan specialist.
Your redraw balance may change over time depending on several factors, including:
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 sheâ€™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 itâ€™s paid off, then available redraw will start reducing to ensure her home loan limit is $0 at the end of her loan term.
We offer 1-5 year fixed rates on all our home loans. To view our current fixed rates click here.Â
If youâ€™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 (AEST/AEDST). If youâ€™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 â€“ 5.30pm (AEST/ADST) Monday to Friday.
Important notes about fixed rates:
This information is provided by Macquarie Bank 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.
3 year fixed rate° and comparison rate‡ for basic owner-occupied home loans with principal and interest repayments. Rate applies for new loans when you borrow up to 70% of the property value with a principal and interest repayment fixed rate loan. Subject to change without notice.
Fixed rate loans may be subject to significant break costs. Please refer to the loan contracts for terms and conditions regarding break costs. At the end of the fixed rate period, the interest rate will revert to the discount variable rate applicable at that time.
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.
Variable interest rate and comparison rate for basic owner-occupied home loans with principal and interest repayment. 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.
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Information and interest rates are current as at 11 November 2020 and are subject to change.