Loan repayments are made by direct debit. As part of your loan documentation, you’ll nominate a bank account for us to direct debit from.
Read the relevant section below for more information.
How you make repayments
Update direct debit details
You can modify your direct debit details by emailing the Macquarie Direct Debit Request form to business@macquarie.com.
Once we receive your request, you’ll get an email from us confirming the details have been updated.
Making extra repayments on a variable loan
You can make extra repayments to your variable interest rate loan without having to pay any additional fees.
If you’ve made extra payments above your minimum repayment amount and if your loan allows for redraw, you may access all or any part of those extra repayments.
Making extra repayments on a fixed loan
You can make extra repayments to your fixed interest loan. However, you may need to pay additional fees and charges including break costs.
Please see your terms and conditions, loan offer or finance agreement for more information on when these break costs may be payable.
Redraw from your variable loan
Redraw is a product feature that allows you to access extra payments you’ve made to your loan. By utilising this feature, you can reduce the outstanding balance of your loan and in turn reduce the amount of interest you pay.
How much you can redraw
Any amount that has been voluntarily repaid early may be made available for redraw if:
- your account has a variable interest rate. Where a variable rate has been converted to a fixed rate, redraw will not be accessible for the period of the fixed rate
- it doesn’t cause the balance outstanding to exceed the loan limit at the time
- there’s no continuing default event
- you’re not under a financial assistance arrangement
- there are no other redraw conditions or restrictions set out in your loan contract.
The amount available for redraw may change over time depending on several factors, including:
- loan limit changes
- repayment amount changes
- missed or late repayments and fees.
What loans offer redraw
We offer the redraw feature on the following products that are currently available to new loan applications:
- Macquarie Property Versatile (MPV)
- CommONE
- Revolving Line of Credit (RLOC).
If you have a product that is not included in the above list, please speak to your relationship manager to determine if redraw is available to you.
Please note, redraw is not available on a loan with a fixed rate.
Example of redraw process
- ABC Pty Limited has a $5 million MPV loan with a 30-year loan term and is making principal and interest repayments
- Two years into the loan an extra payment of $100,000 is made
- Assuming the same regular repayments are made each month, the extra $100,000 is available to redraw later
- If not redrawn, ABC Pty Limited will pay less interest over their loan term and will pay off their loan sooner.
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