Hi all,
does anyone here have recent experience with Macquarie bank?
My IP loan is with them, and I wish to refinance with withdraw approx $100k in equity to use as deposit and costs for next IP, park the leftover in my offset and then look for #3 when timing is right…
I absolutely LOVE my current mortgage. it is completely flexbile, offers unlimited transactions, the 100% offset account has worked very well for me and all seems great, It was set up by my mortgage broker after she got all the information about what was best for me… So I do trust her as loan # 1 was so great.
Problem is, now she's telling me that due to GFC Macquarie are not taking on any new business, issuing new loans, or apparently even refinancing current ones. I was wondering if anyone has any comments/info/opinions on this? Have you had any recent transactions with Macquarie?
Every other loan I look at appears to have a large establishment fee and ongoing monthly fees and transaction fees. Mine has no annual fees, no transaction fees, nothing!
Is there any point at all in me ringing the bank and discussing? Or do I rely on the information provided by my broker.
Wise
Hate to say your Broker is right in that Mac Bank withdrew from the lending market well over a year ago now and is merely managing the loans that it has and looking at exiting the market as quickly as possible. They are not considering any new advances whatsover.
Must say i have to disagree with you in your statement that every new loan has large establishment fees / ongoing costs.
The Mac Bank full doc loan was never that competitive and even now unless the loan amount is well over $1M most existing clients can save $$$ by refinancing elsewhere.
It is a matter of horses for courses and Mac B wanted the Lodoc / Nodoc market so ended up with those jockeys to ride.
Richard Taylor | Australia's leading private lender
thanks for that confirmation richard.
when she's back from holidays i'll have a chat to her about what i want for the new loan and see what she comes up with! i wonder if there is another loan on the market which is I/O with a free 100% offset account with unlimited free electronic transactions and no annual fee… plus at a competitive interest rate!
2-3 months ago she was saying westpac had the best product on the market at the moment, will see what the comments are next month.
you should be able to increase your funds with Macquarie if you are an existing customer, in fact i know 100% they will.
one of my best friends just increased his current Macquarie loan by a further $120,000. and it was no problems.
although he still had to give payslips, application form, etc but it was done quite easily over the phone with Macquarie.I think MQ can increase existing loans – but will not take any new ones.
But do have a look at the rates with the major banks. Don't worry too much about paying an annual fee of $300 to $400 if this is saving you money on the interest rates. I just got someone a 1% discount on the standard variable rate for the life of the loan with a major bank – but there is an annual fee of $395!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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