Page Text: Can I open more home loan offset accounts?
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If you have an Offset Home Loan account with a BSB starting with 182
You can open up to 10 offset accounts which can be linked to an offset home loan account if you’re a single or joint borrower. Offset accounts aren’t available for any other type of home loan.
The linked home loan must meet the following criteria:
You have a variable rate offset home loan (offset accounts can’t be linked to fixed rate loan accounts)
Single or joint borrowers
You have less than 10 offset accounts linked to your home loan
The borrowers are not a company or trust. Company and trust borrowers can’t open additional offset accounts after your loan settles.
Your new offset account can be either single or joint. Please note joint accounts are limited to two joint account holders who are party to the linked home loan.
All offset account holders must be account holders of the linked offset home loan.
To open additional offset accounts via Macquarie Online Banking:
Log into Macquarie Online Banking
Click Open an account at the top of your accounts list
Find the offset account option and click Open an account
Select the home loan account you want the new offset account to be linked to. Only eligible offset home loans will display in this list
If you chose to link a joint home loan, select the account holders you want to have access to your new offset account. You can choose to have a single or joint offset account. We only offer joint offset accounts with a maximum of two accounts holders, and all offset account holders must be account holders of the linked offset home loan
Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device
Select answers to the three account questions. Your answers will not be used for marketing purposes
Click Open account.
If you applied for a joint offset account, your joint account holder will need to review and approve the application.
To review and approve an application for a joint offset account via Macquarie Online Banking:
Log into Macquarie Online Banking
Click the bell icon at the top left of the screen to find the notification alerting you that your joint holder has made a request to open a joint offset account with you. Click Review
Read the offset account info and click Open an account
Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device. If your joint applicant also requested a debit card, your card will be sent to their address. If you request a debit card and your joint account holder did not, your debit card will be sent to your specified address
Select answers to the three account questions. Your answers will not be used for marketing purposes
Click Open account.
To open additional offset accounts via the Macquarie Mobile Banking app:
Log into the Macquarie Mobile Banking app
Click the menu icon
at the bottom right of the screen
Scroll until you find the offset account option, and click Open an account
Select the home loan account you want the new offset account to be linked to, then click Next. Only eligible offset home loans will display in this list
If you chose to link a joint home loan, select the account holders you want to have access to your new offset account. You can choose to have a single or joint offset account. We only offer joint offset accounts with a maximum of two accounts holders, and all offset account holders must be account holders of the linked offset home loan
Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device
Select answers to the three account questions. Your answers will not be used for marketing purposes
Click Open account.
If you applied for a joint offset account, your joint account holder will need to review and approve the application.
To review and approve an application for a joint offset account via the Macquarie Mobile Banking app:
Log into the Macquarie Mobile Banking app
Click the bell icon at the bottom right of the screen and look for the notification alerting you that your joint holder has made a request to open a joint offset account with you. Click Review
Read the offset account info and click Open an account
Review the linked home loan account and the offset account holders, then click Next
Select whether you want a debit card or not. If you want to use ApplePay or GooglePay for this account, select Yes as you’ll need the debit card to activate this on your mobile device. If your joint applicant also requested a debit card, your card will be sent to their address. If you request a debit card and your joint account holder did not, your debit card will be sent to your specified address
Select answers to the three account questions. Your answers will not be used for marketing purposes
Click Open account.
If you have an Offset Home Loan account with a BSB starting with 183
Additional offset accounts aren't available for these Offset Home Loan accounts.
Can I redraw on my home loan?
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Redraw is a product feature that allows you to make extra payments to reduce the outstanding balance of your home loan, which in turn reduces the amount of interest you pay. A redraw facility may allow you to access the extra payments you’ve made up to your loan limit at that time.
Redraw is a product feature enabled on most home loan products except for:
construction loans with a BSB starting with 183
accounts during a fixed rate period. Any extra payments you’ve made whilst your interest rate is fixed is only available at the end of your fixed rate period
SMSF home loans.
Your redraw balance may change over time depending on several factors, including:
loan limit changes
repayment amount changes
missed or late repayments and fees.
The below is an example explaining how redraw works where an extra payment has been made and the repayment amount has not changed on the home loan.
Sarah has a $300,000 home loan with a 30-year term. 10 years into her loan she makes an extra payment of $50,000. Her repayment amount does not change and the extra payment she’s made means she is paying less interest on her home loan. This results in Sarah paying off her home loan sooner. Because Sarah has maintained her repayments at the same amount, she can access her redraw balance up until her loan is paid off. If she continues to keep her loan open after it’s paid off, then available redraw will start reducing to ensure her home loan limit is $0 at the end of her loan term.
Checking your redraw balance
You can view or access your redraw fee free by using Macquarie Online Banking or the Macquarie Mobile Banking app.
To check your available redraw balance on Macquarie Online Banking:
Hover over the home loan account in the account list
Select I want to
Available funds for redraw is shown as Redraw balance under Account Summary.
Alternatively, you can:
Select your home loan account from the account list
Select I want to in the banner near your account product name (or account nickname)
Select View account details in the menu drop-down
Available funds for redraw is shown as Redraw balance under Account Summary.
To check your available redraw balance on the Macquarie Mobile Banking app:
Select a home loan account from the main screen
Available funds figure is displayed at the top of the screen above account balance.
Accessing your redraw balance
To access your available redraw balance on Macquarie Online Banking:
Select the
icon from the side menu; or first click on the
icon in top left-hand corner to display the side menu
Select the home loan account with available redraw balance
Select the Macquarie account you wish to pay to, or New payee/biller.
To access your available redraw balance on the Macquarie Mobile Banking app:
Select the
icon on the front screen
Select either Internal transfer or Make a payment
Select the home loan account with available redraw balance
Select the Macquarie account you wish to pay to, or New payee/biller.
The daily limit for Pay Anyone and BPAY payments from your home loan can be viewed here .
To access redraw on your Reverse Mortgage or Accommodation Bond loan, please call us on 1800 007 722 (+61 8245 4383) from 8am to 7pm (Sydney time) Monday to Friday.
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I don’t have access to my Macquarie Authenticator app. What should I do?
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Depending on your security level , we ask you to verify transactions and account changes made online via your Macquarie Authenticator app. Did you know you can still use the rolling code provided by Macquarie Authenticator even if your phone is not connected to the internet?
Click Verify another way on the verification required panel
Select rolling code
Click Continue.
If your Macquarie Authenticator app is completely unavailable (lost your phone?), for security reasons, give us a call on 133 174 (+61 2 8245 4470), 24/7.
Home loan starter kit
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Congratulations on the settlement of your new home loan. This is an exciting time for you, and we want to ensure you’re equipped to set up your home loan the way you want to.
We’ve listed below some of our most viewed articles which may help you. If you can’t find the information you require in these articles, you can search from the main Help Centre page or contact us via email or phone.
Macquarie Online Banking and Macquarie Mobile Banking app