What’s the interest on my car loan?

You may have a fixed or variable interest rate car loan.

  • Fixed rate car loans have an interest rate that is fixed for the life of the loan.
  • Variable rate car loans have an interest rate that can move up or down according to market conditions, which impacts the amount of interest you pay. See Understanding car loan variable interest rate changes.

The interest rate type applicable to your loan (either variable or fixed) will remain the same over the entire term of your loan.

Once your car loan settles the rate type cannot be changed.

Interest is calculated on your loan by applying the applicable interest rate to the balance of the loan at the end of each day. The daily interest rate applied is the applicable interest rate divided by 365.

See how much interest you've paid this financial year

  1. Follow the steps to register and log in to Macquarie Online Banking
  2. Select your car loan account from the account list
  3. Select I want to in the banner near your account nickname (or product name)
  4. Select  View interest details in the menu drop-down.

Alternatively, you may do this via our app:

  1. Follow the steps to register and log in to Macquarie Mobile Banking app
  2. Select your car loan account from the account list
  3. Select I want to in the banner near your account nickname (or product name) 
  4. Select View account interest in the menu drop-down.

Generate a Financial Year's Interest Report

  1. Follow the steps to register and log in to Macquarie Online Banking
  2. Select your car loan account from the account list
  3. Select I want to in the banner near your account nickname (or product name)
  4. Select View account statements and reports in the menu drop-down
  5. Select Financial year’s interest report.

Alternatively, you can do this via our app:

  1. Follow the steps to register and log in to Macquarie Mobile Banking app
  2. Select your car loan account from the account list
  3. Select I want to in the banner near your account nickname (or product name) 
  4. Select View account reports in the menu drop-down
  5. Select Financial year's interest report
  6. Select Car Loan 
  7. Select Generate Report.

See your current car loan interest rate

You can view the interest rate details of your car loan online.

  1. Follow the steps to register and log in to Macquarie Online Banking
  2. Select your car loan account from the account list
  3. Select I want to in the banner near your account nickname (or product name)
  4. Select View interest details in the menu drop-down.

Alternatively, you can do this via our app:

  1. Follow the steps to register and log in to Macquarie Mobile Banking app
  2. Select your car loan account from the account list
  3. Select I want to in the banner near your account nickname (or product name) 
  4. Scroll to the Interest details section or select the Interest details link in the left-hand menu.

Interest rate changes on variable loans

If you have a car loan on a variable interest rate, your principal and interest repayments will be recalculated when there is an interest rate change. We will contact you letting you know your new interest rate and new repayment amount before it becomes due.

If the variable interest rate changes, we will automatically adjust your direct debit amount to cover your new repayment amount.

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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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