Mine just arrived. The letter out on 19 May but effective from 5 may. Mine is 10.17%. Why we have different variable rates from mac here?
0.6% rate rise for Macq. Loan
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My letter too was dated 19th May. I looked up my internet banking with Macquarie and the new rate is now 10.37%. It's increased again but they won't tell us the new rate until later on.
Contact your mortgage broker or Macquarie themselves and they will confirm another increase since 5th May. I've instructed my new broker (from this forum) to get me out of Macquaries as soon as he can.
I hate this greedy capitalism! Greedy, Greedy! Greed is the evil root of everything I believe.
This forum wouldn't exist if it wasn't for capitalism.
We were all very happy with securitised lenders when things were rosy and they offered lower rates with more generous serviceability ratios than the banks. No one could've predicted the state of this market, even 30 year stalwarts of the industry have never seen things so bad in the credit market. If you can live through this (it is by no means over) and survive with your clothes on your back, you would be much wiser for it.
My letter also arrived, discounted full doc at 8.90%. They must be hurting considerably to be jacking rates up so fast.
Yep, I was happy enough at the start as well, each rise was nasty but manageable, 10% was the psychological barrier that had us starting to look at options and whether it was worth it to "break" or not in the long term
I think a MB can clarify this but from my understanding the middle men are all taking varying commissions which puts us all on different starting Interest rates. Though we all probably get hit at the same time the rates will be all relative to the discounted starting rate.
My thoughts exactly. I got myself into a Mobius loan for a 95% LVR, It's now at 11.45%. I haven't had a rate rise for about 4 weeks now, I'm sure my letter is lost in the mail.
My refinance out of Macquarie will give me some more time to see the storm through but I'm struggling with what to do with this property as I haven't the extra funds to drop it to 80%. Rams are not lending their 85%/90% to Hybrid Trusts.
It is all a wonderful learning experience and we'll all come out of it a lot wiser and richer!
Jo
No, I don't think you can alter rates with MacBank. Its likely that rate difference is due to the age of the products. MacBank changed its product suite about 18 months ago or so. Therefore, some people might be on an old rate possibly.I think a MB can clarify this but from my understanding the middle men are all taking varying commissions which puts us all on different starting Interest rates. Though we all probably get hit at the same time the rates will be all relative to the discounted starting rate.
Cheers
Stu
Hiya
Most mortgage managers add their own trail to the delivery rate.
The delivery rate can also vary depending on volumes.
ta
rolf
Most mortgage managers add their own trail to the delivery rate.
The delivery rate can also vary depending on volumes.
ta
rolf
Hiya Jos
RAMS are indeed in general lending using HDT controlled security for 85s and 90 lo docs.
The problem we have found is that they dont like the the "third party security" structure of Personal borrowings eith Guarantee and mortgage from the trustee
So ur borrowing name needs to mirror the security, which many accountants cant wear.
ta
rolf
RAMS are indeed in general lending using HDT controlled security for 85s and 90 lo docs.
The problem we have found is that they dont like the the "third party security" structure of Personal borrowings eith Guarantee and mortgage from the trustee
So ur borrowing name needs to mirror the security, which many accountants cant wear.
ta
rolf
1. I do not agree with you. No matte what ..ism is, this forum would have existed.
2. I believe it was the Greed that causes banks and its managers to explore the mass
This is a forum about property investment. Kind of hard to do that if you don't get rights of private ownership. What would we talk about? How our potatoes are growing in the collective?
'Explore the mass'.... sounds like something distasteful.
Who cares whether the masses are being exploited? I care what WE get. And let's be honest, as financially literate people, we get the good stuff in society. Analyst, you have what you have BECAUSE the world is unfair. If you want a fair world, how much of your assets are you willing to give up? Yes, it IS greed. Of course it is. Why are you surprised? What would you prefer it was?
Alex
Attachments
hi Rolf,
Yes, it was the LMI that knocked it back, due to the reason that you stated. I was told RAMS have a dif Mortgage Insurer <80%.
However, my borrowing name did mirror the security.
Regards Jo
Hiya Jo
I think there is also the Monday Wednesday and Friday Syndrome............
What is that you ask ?
Thats where u will get a approval for deal with structure X on Mondays, usually on wednesdays and sometimes on Fridays.
Submit the same deal on Tuesday or Thursday, well sir, we dont do those, except next week maybe on Thursday when the moon is blue.
Unfortunately many lenders have this type of case by case credit for non vanilla structues,........ which one really cant rely on.
We have got them through and know other brokers that have...........but that doesnt mean they will get through every time
ta
rolf
I think there is also the Monday Wednesday and Friday Syndrome............
What is that you ask ?
Thats where u will get a approval for deal with structure X on Mondays, usually on wednesdays and sometimes on Fridays.
Submit the same deal on Tuesday or Thursday, well sir, we dont do those, except next week maybe on Thursday when the moon is blue.
Unfortunately many lenders have this type of case by case credit for non vanilla structues,........ which one really cant rely on.
We have got them through and know other brokers that have...........but that doesnt mean they will get through every time
ta
rolf
How come Sunnyboy?
http://www.au.gardenweb.com/forums/load/trees/msg0923223531976.html
Cheers,
The Y-man
