All Topics / Help Needed! / Macquarie Bank

Viewing 13 posts - 1 through 13 (of 13 total)
  • Profile photo of kookakooka
    Member
    @kooka
    Join Date: 2012
    Post Count: 2

    Hi everyone,

    First of all, I would like to say hi to everyone. I'm a new member to this forum and I have a question regarding a home loan hopefully can get some advice. My question is, has any of you got your home loan from Macquarie bank? Is the back good/safe?

    Thanks

    KK

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    Hi KK,

    Like most banks they have their pros and cons. What did you need to know specifically? They access the Westpac ATM network which is great (St George and Westpac ATM's). 

    They have one of the cheapest rates and fees in the market. Their policy is a bit on the tight side. For example, they don't accept maternity leave income.

    Has a broker referred you to Macquarie? 

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
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    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    One other thing I just thought of is that they have a niche were if you have a limit on your loan which is higher than your loan amount say limit is $500,000 and balance owing is $400,000 then you can simply reduce the limit to $400k and use the $100k for borrowing shares with your Macquarie account. 

    TheFinanceShop | Elite Property Finance
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    Profile photo of lamp1111lamp1111
    Member
    @lamp1111
    Join Date: 2011
    Post Count: 17

    I want to know too.  Is the low rate too good to be true?

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    Advantedge (owned and backed by NAB) is offering as low as 5.58% for loans under 75% LVR but please dont start chasing lenders purely on interest rates. You need to look at the bigger picture or better yet the overall picture. 

    TheFinanceShop | Elite Property Finance
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    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    Cost of money (interest rates) is a small part of the whole equation.

    So many other aspects relating to borrowing money that need due consideration.

    Profile photo of HomeLoanExpertsHomeLoanExperts
    Participant
    @homeloanexperts
    Join Date: 2007
    Post Count: 43

    Macquarie pulled out of the mortgage market a few years ago however their existing customers were always on relatively good interest rates. The exception being their customers with low doc loans who did have their interest rates increased.

    My dealings with Macquarie recently have been good and it really looks like they really want business and are committed to the mortgage market. While there is never no risk, I don't think Macquarie are a high risk and I recommend them to my customers when appropriate.

    FYI since mortgage exit fees were banned you don't have to worry too much because if your lender plays any games with the rates you can just refinance. The exception being if you have borrowed over 80% of the property value and have paid LMI. You will have to pay LMI again to refinance.

    Like the others said don't just look at the rate. Banks are moving their rates all over the place at the moment so the rate you get today may not be competitive in a couple of years time. The key is to monitor your rate or have your mortgage broker do annual reviews.

    Profile photo of PLCPLC
    Participant
    @plc
    Join Date: 2012
    Post Count: 400
    HomeLoanExperts wrote:
    Macquarie pulled out of the mortgage market a few years ago however their existing customers were always on relatively good interest rates. The exception being their customers with low doc loans who did have their interest rates increased.

    My dealings with Macquarie recently have been good and it really looks like they really want business and are committed to the mortgage market. While there is never no risk, I don't think Macquarie are a high risk and I recommend them to my customers when appropriate.

    FYI since mortgage exit fees were banned you don't have to worry too much because if your lender plays any games with the rates you can just refinance. The exception being if you have borrowed over 80% of the property value and have paid LMI. You will have to pay LMI again to refinance.

    Like the others said don't just look at the rate. Banks are moving their rates all over the place at the moment so the rate you get today may not be competitive in a couple of years time. The key is to monitor your rate or have your mortgage broker do annual reviews.

    Don't tell me you're a follower of Wayne Swan and his "walk down the road to another bank" edict?

    What about the cost involved with the discharge of mortgage, registration of new mortgage, existing lender discharge fee, new application fee, settlement fee, etc?

    The way that Swan harps on about refinancing, it sounds as if it is free, but sorry to say that the costs associated with a refinance mean that any savings you make with a new lender may actually leave you out of pocket for a long time.

    Cheers

    Tom

    PLC | Phoenix Loan Consulting
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    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    Good point Tom, people forget the several other exit fees. Not that simple as Wayne thinks it is.

    Profile photo of PLCPLC
    Participant
    @plc
    Join Date: 2012
    Post Count: 400

    Joe, Wayne knows it's not that simple, but you won't hear him saying that, that's why he never goes into details.

    He just spins it so much and hopes that the electorate fall for it knowing full well most of them won't even bother trying to refinance.

    I would like to see a journalist pull him up on it and ask him the following, "Mr Swan, can you please tell me in detail how do I go about walking down the road to save money when there are fees (government ones included) involved with refinancing."

    Cheers

    Tom

    PLC | Phoenix Loan Consulting
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    Melbourne based Mortgage Broker | Making Finance Simple

    Profile photo of kookakooka
    Member
    @kooka
    Join Date: 2012
    Post Count: 2

    Thanks everyone for all the good advice, will definitely consider other aspects and not just the rate alone smiley

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    Macquarie's internet banking is one of the best in the market and light years ahead of the other lenders. Gosh I should get a job at Macquarie?

    TheFinanceShop | Elite Property Finance
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    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    If you are interested in buying in your SMSF then are worth putting on the short list but even then you can do better.

    As the boys have mentioned i would never buy a deal on rate alone.

    Mac's Credit policy is one of the toughest on the market. 

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    100% Investment Finance now available on selected properties. Email us for further information.

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