Just a heads up to Mac Bank customers. Last month I was complaining about how uncompetitive their fixed rates were and assumed that they:
a) Could not get wholesale rates on long term finance as low as the majors
b) Want to get out of mortgages anyway so have no desire to be competitive
c) Both of the above (most likely scenario)
In Jan I was given a 5 yr rate of 7.49% - about 0.9% more than the majors at the time
4 weeks later, they are now offering 5 yr (or 4 yr) fixed at 6.79%. This compares favourably with ANZ (6.84), is much closer to CBA (6.64) and now only 0.3% premium on the better rates of WP/NAB.
I have been planning to leave Mac now that my loan has come off its fixed rate (onto a slightly lower rate - yay!) because their fixed rates were too uncompetitive. Now I'm not so sure I can be bothered for .3% (if that's about what the spread remains). The only thing against them right now is that this is the one loan I'd like to fix for 7-10 yrs & they don't offer this option. Oh, and that they are not that easy to deal with . But I don't transact at all on this account. It's basically a set & forget scenario, especially if fixed.
Your thoughts?
a) Could not get wholesale rates on long term finance as low as the majors
b) Want to get out of mortgages anyway so have no desire to be competitive
c) Both of the above (most likely scenario)
In Jan I was given a 5 yr rate of 7.49% - about 0.9% more than the majors at the time
4 weeks later, they are now offering 5 yr (or 4 yr) fixed at 6.79%. This compares favourably with ANZ (6.84), is much closer to CBA (6.64) and now only 0.3% premium on the better rates of WP/NAB.
I have been planning to leave Mac now that my loan has come off its fixed rate (onto a slightly lower rate - yay!) because their fixed rates were too uncompetitive. Now I'm not so sure I can be bothered for .3% (if that's about what the spread remains). The only thing against them right now is that this is the one loan I'd like to fix for 7-10 yrs & they don't offer this option. Oh, and that they are not that easy to deal with . But I don't transact at all on this account. It's basically a set & forget scenario, especially if fixed.
Your thoughts?