How can I pay less interest on my home loan?

Since you settled your home loan your circumstances may have changed, so you may want to check that your home loan continues to meet your needs. Our team may be able to assist you with providing you options to reduce the interest you pay.

Options to reduce the amount of home loan interest you’re paying may include:

You may also want to use our Extra repayments calculator to work out how much faster you could pay off your loan and how much interest you might save.

If your personal or financial circumstances have changed and you're concerned about making your loan repayments, we may be able to offer financial assistance. See Financial assistance for more information, including how to contact our specialist team.

Should I keep savings in my offset account to reduce my monthly repayments?

Your offset account does not reduce your monthly repayments, however it may reduce the amount of interest you pay on your home loan each month. This means that more of your repayments go towards paying off your principal loan amount. 

It is important to note that an offset account cannot be linked to or offset against multiple loan accounts and can’t be linked to a fixed rate loan account.  

An offset account that is linked to your variable home loan account has the following features and benefits:

  • Every dollar in your offset account can help reduce the amount of interest you pay each month.
  • You can transfer money and make payments online.
  • A debit card is available for purchases, payments, and ATM withdrawals.

The offset account feature is available only on the Offset Home Loan product. Find out more about home loan offset accounts.

How do I request a review of my variable rate?

You can submit a request to have your home loan variable rate reviewed via Macquarie Online Banking or the Macquarie Mobile Banking app.

To request a variable rate review:

  1. Log in to your Macquarie Mobile Banking app or Macquarie Online Banking
  2. Select your home loan
  3. Select I want to
  4. Select Manage home loan
  5. Select Review my rate.

Please note, you need to have the latest version of the Macquarie Mobile Banking app downloaded to be able to access the ‘Review my rate’ section.

We'll review the request and provide the outcome via a notification in the Macquarie Mobile Banking app or Macquarie Online Banking, generally within 3 business days. 

We’re happy to review your variable interest rates from time to time. However, we can’t guarantee we’ll be able to offer a rate reduction. Once you’ve received the outcome of your rate review, there’ll be no further reduction available at that time.

When can I request a review of my fixed rate?

If you currently have a fixed rate home loan, you cannot request a review of your fixed interest rate, however you can request a review of your new variable (revert) rate at the following times: 

  • For home loans with a BSB starting 182, 28 days before the fixed rate period expires
  • For home loans with a BSB starting 183, when the fixed rate period has expired

See How do I request a review of my variable rate? above for how to request this review. 

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Unless stated otherwise, this information is provided by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 (MBL) and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Finance is subject to our credit approval criteria. Terms and conditions apply and may change without notice.

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