Macquarie Bank Fixed Rates

[Ms Jade]

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?

 

[ffc1883_1996]

Run! Get out of there as fast as you can and don't look back.

 

[JIT]

and now only 0.3% premium on the better rates of WP/NAB.

0.5%...unless Macq does discounts.

 

[Tulip]

Hi Ms Jade,

We currently have a variable loan with Macquarie and were also quoted about 7.49% in Jan to fix for 5 years. I was advised after the Feb rate cut that break costs for a 100% variable, $300,000 odd loan would cost me around $3,000.

As our loan is also 80% LVR on that property, I considered in the current climate, that there is a chance a valuer at a new bank may give us a very conservative valuation, and we would then be up for LMI costs as well. So we would assume such costs when moving. We were waiting for a good rate at 5 years (under 6%) and would also be looking at what we could pick up assuming in two months time most of the rate drop for this cycle should have occured.

For us to stay with Macquarie, I think we would look at fixing sooner rather than later, rates *may* move up a little towards the end of the year, and Macquarie I am sure will move quick and big.

Thanks for the heads up, I had not considered their fixed rates would get much closer to the big 4.

 

[boomtown]

Run! Get out of there as fast as you can and don't look back.

I would get the hell out. I wouldnt trust Macq with a three dollar bill.