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Why make an extra repayment on your home loan?
By making extra repayments on your variable rate home loan you can reduce the amount of interest you pay. Use this home loan repayment calculator to work out how much faster you could pay off your loan and how much interest you might save.
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Applying online is easy
Submit your application in a few simple steps. You can apply if you are 18 years old or over, an Australian citizen, or a permanent or temporary resident, an Australian tax resident living in Australia, have an Australian mobile number.
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3 minutes
Answer a few simple questions and we’ll provide a tailored quote with your rate and repayments.
Continue to apply online
15 minutes
Provide information about you, your property, what you earn and what you owe.
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Once you’ve submitted your application, one of our friendly home loan specialists will review it and get in touch to answer any questions and guide you through the next steps.
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Our team of home loan experts are here to help. Request a call by completing the form and we’ll typically call you back within 1 business day.
Frequently asked questions
Our Extra repayments calculator above allows you to calculate the time it may take you to pay off your home loan if you make additional repayments. The calculator considers various factors including outstanding loan amount, frequency of repayment, additional repayments, interest rate and loan term.
Yes, generally you can make extra repayments on your variable interest rate home loan, without paying any additional fees.
You can do this via our Macquarie Online Banking or Mobile Banking app. Our Macquarie Help Centre has more information on how to make extra repayments on your home loan.
Please note, if you have a Home Loan account with a BSB starting with 183,
- You'll need to chat with our team via our Online or Mobile Banking app to make additional repayments
- Making extra repayments is not possible on Construction or SMSF loans.
If you have a Home Loan account with a BSB starting with 182
You can make extra repayments on your fixed home loan of up to $10,000 per account which can be made each year without penalty (additional payments above this amount may incur break costs). The 12-month period is calculated from the date the fixed term commenced.
If you have a Home Loan account with a BSB starting with 183
You can make extra repayments on your fixed home loan of up to 5% of the initial fixed amount which can be made each year without penalty (additional payments above this amount may incur break costs). The 12-month period is calculated from the date the loan fixed term commenced.
For more information visit Macquarie Help Centre.
You can make extra repayments on your construction account 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.
Additional repayments can be made via funds transfer, and you can redraw these additional amounts, even when your account is in the construction period.
Additional information
This information is provided by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Lending criteria, fees and T&Cs apply.
The information in this calculator is by way of example only and is not a prediction or professional financial advice. Calculations are not forecasts, but may assist you in making your own projections. Subject to law, Macquarie will not be liable for any loss or damage caused by your use of the calculator. The information in the calculator does not constitute an offer to lend or imply the product is suitable for you.