Macq raised interest rates .45%

[mitta]

Hi mitta,

I have 2 loans with Macq. and both only went up 0.3%. Maybe they have different increases for different borrowers?

Aimjoy

Hi Aimjoy, we have a lodoc loc with them. Mark

 

[MikeF]

hi Aimjoy

The fee factory (of which Macquarie Mortgages is a part) have 3 different mortgage offering category's (in simple terms) and as such may increase each independently.

The worst affected across a large number of lenders including perhaps Macquarie has in more recent times been to Lo-doc &/or No-doc borrowers, due in part to the "sub-prime" issues now being experienced globally.

Perhaps it's time to review your current funding options.

 

[Sunfish]

My Macca's LOC is very mature, raised before lo-doc was invented. Abt 40% LVR. Notification came in two letters, .25% and .18%, so Aimjoy may not be up to date with his mail.

 

[Sunfish]

This morning's mail brought another "pleasant" surprise. A further .3% rise, total .73% this year.

Would any brokers suggest anything better or are they all going the same way?

 

[Aimjoy]

Hi Aimjoy, we have a lodoc loc with them. Mark

Hi Mark,

Mine are both lo docs as well......but taken out a couple of years ago when you could lock in 3 x 0.3% rate increases over 3 years of good loan repayment history....which brought the interest rate in lower than the then standard variable rate. Those 3 years have now passed (and 0.9% decrease obtained).

Aimjoy

 

[Aimjoy]

The fee factory (of which Macquarie Mortgages is a part) have 3 different mortgage offering category's (in simple terms) and as such may increase each independently.

That might explain it

The worst affected across a large number of lenders including perhaps Macquarie has in more recent times been to Lo-doc &/or No-doc borrowers, due in part to the "sub-prime" issues now being experienced globally. Perhaps it's time to review your current funding options.

I don't really have a problem with Macq's 80% LVR lo docs I already have in place. The ones that are really making me grimace are the 95% LVR lo docs I took out with Pioneer (Mobius) about 1.5 - 2 years ago which now have interest rates of 10.25% and 10.49% respectively
I really don't have anywhere to go on these 2 as the real (present value) LVR is more like 100 - 101% and I don't know any lenders into that kind of lo doc loan.

All I can do is throw myself on the mercy of Pioneer and plead my excellent repayment history (at the upcoming 2 year mark - April this year) in the hope of getting a discount. I have no more funds to tip in or equity to borrow against other IP's atm - which if I did I'd reduce my LVR and get a more "normal" rate. I could sell as a last resort.

Thanks for the info MikeF.

Cheers,
Aimjoy