How is my home loan interest calculated?

Interest is calculated on your outstanding loan balance at the end of each day and charged to your account every month. 

Your interest rate is divided by 365 days, and then multipled by the outstanding loan balance.     

Example 1: How daily interest is calculated

If your account balance is $140,080 at the end of the day and your interest rate is 5.50% p.a. then the daily interest will be: 5.50% ÷ 365 × $140,080 = $21.11.

 

Example 2: How daily interest is calculated with a linked offset account

If your loan account balance is $140,080 and your offset account balance is $50,000 at the end of the day, and your interest rate is 5.50% p.a. then the daily interest will be: 5.50% ÷ 365 × ($140,080 - $50,000) = $13.57.
 

How can I view interest charged on my home loan?

You can view your interest rate and interest charges at any time through Macquarie Online Banking and the Macquarie Mobile Banking app. Your interest details are displayed here including:

  • Interest accrual
  • Total last financial year interest
  • Total current financial year interest
  • Discount if applicable
  • Interest rate.

To view this information:

  1. In Macquarie Online Banking, hover over your home loan account in the account list, OR
  2. In the Macquarie Mobile Banking app, select your home loan account from the account list
  3. Select I want to
  4. Select View Account and interest details.
     

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How do I view home loan interest from a previous year?

You can view your interest rate information from previous financial years on your statements. See how to select and view your statements.

How can I reduce home loan interest?

Refer to Reducing your home loan interest.

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.

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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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