Input search
Search service error
Variable home loan
A variable home loan can offer you added flexibility with access to more features.
Rates from
6.14
%
p.a.
Interest rate
6.16
%
p.a.
Comparison rate‡
Features and benefits
Reduce the amount of interest you pay
A variable interest rate on your home loan allows you flexibility to use your savings to reduce the interest you pay by using offset accounts. With up to 10 offset accounts per loan account†, you can structure your offset accounts in a way that makes your savings work for you.
Pay off your loan faster
With a variable interest rate on your home loan, there’s no limit on additional payments. Whether you’re using an offset or redraw facility, extra repayments could help you pay off your home loan faster and reduce the amount of interest you pay over the life of your loan.
Easily access additional funds in your redraw
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.
- Owner occupied rates
- Investment property rates
Principal and interest repayments
| LVR# | Basic Interest rate | Basic Comparison rate‡ | Offset Interest rate | Offset Comparison rate‡ |
|---|---|---|---|---|
| ≤ 60% | 6.14% pa | 6.16% pa | 6.14% pa | 6.39% pa |
| ≤ 70% | 6.14% pa | 6.16% pa | 6.14% pa | 6.39% pa |
| ≤ 80% | 6.19% pa | 6.21% pa | 6.19% pa | 6.44% pa |
| ≤ 90% | 6.39% pa | 6.41% pa | 6.39% pa | 6.64% pa |
| ≤ 95% | 7.19% pa | 7.22% pa | 7.19% pa | 7.43% pa |
Why Macquarie?
Settle for nothing less than great rates and low fees.
Save over the life of your home loan with access to great rates and no hidden fees or charges.
Turnaround times that won’t leave you wondering.
At Macquarie, we pride ourselves on having market-leading turnaround times so you can make your next move with confidence.
When it comes to your home loan, we’re flexible.
With fixed rates for more certainty, variable rates, and offset accounts to reduce the amount of interest you pay - you’ve got options.
An award-winning digital app.~
Plan your future, keep track of your investment, and stay in control. Managing your home loan has never been easier from the palm of your hand.
Frequently asked questions
A variable home loan is a type of mortgage where the interest rate can change over the loan period. The interest rate is influenced by a number of factors including the official cash rate and market changes. This means that your monthly repayments can vary, either increasing or decreasing throughout the loan term.
Variable home loans offer borrowers flexibility and the potential to take advantage of interest rate decreases. When rates are low, borrowers may enjoy lower repayments and potentially save on interest over time. However, there is also the possibility that interest rates may rise, leading to higher monthly repayments.
Variable home loans often come with additional features like the ability to make extra repayments or access redraw facilities, giving borrowers more control over their loan.
The difference between a fixed-rate home loan and a variable rate home loan is in the interest rate structure. With a fixed-rate home loan, the interest rate remains constant for a set period, typically one to five years.
At the end of the five years, the loan will usually switch to a variable rate. In contrast, a variable rate home loan has an interest rate that can change, usually in response to market conditions. This means that your repayments can fluctuate over time, potentially increasing or decreasing based on changes in interest rates.
Macquarie offers flexible options, with the ability to split your loan between variable and fixed interest rates to suit your circumstances.
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:
- 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 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.
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:
- 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.
® 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.
Have questions before you apply online?
Ready to chat now? Call us on 13 62 27 Monday to Friday 9am - 5pm (Sydney time).
If you’d like to schedule a call with a home loan expert, let us know your contact details and we’ll call you back.
More loan options
Offset home loan
Pay off your loan sooner by adding an offset account and using your savings to reduce the amount of interest you pay.
Fixed rate home loan
Lock in certainty on monthly repayments and make it easier to manage your cash flow with a fixed rate loan.
Split home loan
Divide your loan into multiple accounts to take advantage of the benefits of both fixed and variable interest rates.
"Choosing a better home loan with Macquarie was easy."
Chi
Support for customers
Additional information
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.
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.
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 up to 10 offset accounts per variable loan account if you have an individual or joint borrower home loan. Company and trust borrowers can open up to 4 offset accounts which must be opened at application. Offset accounts cannot be linked to fixed rate loan accounts. For split loans, with a fixed and variable rate portion, the variable rate loan account must have a minimum limit of $20,000 to qualify for an offset account.
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.
Approval is subject to Macquarie credit criteria and suitability assessment. Terms and conditions apply and are available upon request. Fees and charges apply. Allow up to 10 working days to process your application.
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.
Bank of the year – Digital, Money Magazine 2023.
Due to state and territory laws, restrictions may apply to digitally signing the Mortgage Form.
Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Home loan information and interest rates are current as at 6 September 2024 for new loans only and are subject to change.