You can make extra repayments on your variable interest rate home loan without having to pay any additional fees. For most home loans, you can do this either by transferring funds electronically into your home loan account or by setting up a recurring direct debit. Please see How do I make extra home loan repayments? section below for more information.
Can I make extra repayments on my variable interest home loan?
Can I make extra repayments on my fixed home loan?
You can make extra repayments each year (for the 12 month period from the date when the fixed rate term commenced) to your fixed interest rate home loan up to the limits outlined below without having to pay any additional fees. Extra repayments above the limits outlined below may incur break costs, which can be substantial.
- For home loans with a BSB starting 182, extra repayments up to $10,000 can be made.
- For home loans with a BSB starting 183, extra repayments up to 5% of the initial fixed amount can be made.
Please see How do I make extra home loan repayments? below for more information.
Can I make extra repayments on my construction home loan?
You can make extra repayments on your construction home loan during the construction period.
The construction period begins when construction starts on your home, through to when your home is completed and ready to move into. You can redraw these additional amounts at any time.
Please see How do I make extra home loan repayments? below for more information.
How does making extra home loan repayments impact my redraw capacity?
Please see Redrawing on your home loan.
How do I make extra home loan repayments?
There are two options for making extra repayments, noting that some options may not be available for particular types of home loans. Please note your minimum contractual repayments won’t automatically reduce when you make an extra repayment. For more information please see Reducing your home loan repayments.
Electronic Funds Transfer
- This option is not available for fixed rate or SMSF home loan accounts
- To set up from a Macquarie account to your home loan account on Macquarie Online Banking please refer to Managing your scheduled payments
- To set up from another financial institution to your home loan account, you’ll need to set the transfer up with them
- If your electronic funds transfer is more than the outstanding balance of your loan account, it will be returned to the sending account.
Direct Debit
- To set up a direct debit to make extra home loan repayments, please get in touch with a Macquarie consultant using live chat.
Managing your home loan repayments
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Understanding how your home loan repayments are calculated -
Understanding your home loan repayment due date and frequency -
Viewing and updating your home loan repayment details
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