Interest rates and the home loan application

Generally, fixed rates are available for both new and existing clients. Our current fixed rates are available on our website.
 

Fixed rates for new applications

Fixed rates are applied at formal approval, until the formal approval expires, with no fee applicable.

There is no option to fix rates before formal approval.

Fixed rates for principal increase applications are only applied at settlement and may be subject to change between formal approval and settlement. 
 

Fixing an existing home loan

A fixed interest rate can be requested after the loan has settled at our advertised fixed rates. Your client can fix their rate by contacting our team via live chat in their Macquarie Online Banking or Macquarie Mobile Banking app. For more information, see reviewing your client’s variable and fixed interest rates.
 

Considerations for fixed rates

Prior to considering a fixed rate, it’s important your client understands how fixed rates may impact other features of our home loan product, including offsets and redraw capability. You can also share our Personal Help Centre article with your client, which highlights these considerations, including:

• Your client can’t fully fix an Offset Home Loan. For an Offset Home Loan, the loan must have at least one variable loan account with an account limit of at least $20,000.
• If your client is also considering an interest only period, the fixed term must be less than or equal to the interest only period.
• An offset 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.
• For fixed home loan accounts, there are limits on additional repayments. If these limits are exceeded, your client may incur break costs:
  • Home loans with a BSB starting 182: additional repayments of up to $10,000 can be made each year.
  • Home loans with a BSB starting 183: additional repayments each year can’t exceed 5% of the loan amount.
• Your client can’t access redraw while their account is fixed. Extra repayments they’ve made before and during the fixed term are only available at the end of their fixed rate period.
• Changes to a fixed rate account may incur break costs, which could be significant.
   

Fixed rates for construction loans

Fixed rates are not available for a construction account in the construction period. However, fixed rates are available for any other loan accounts within the facility.