Macquarie Bank rate cut?
- Thread starter triton07
- Start date
Hiya Bailz
Fair comment on both lenders.
The contrary view is that if the lenders funds are sourced via securitised funds outside of Australia, then the RBA rate redns are unlikely to have any real impact to the bottom line of the lender.
ta
rolf
Fair comment on both lenders.
The contrary view is that if the lenders funds are sourced via securitised funds outside of Australia, then the RBA rate redns are unlikely to have any real impact to the bottom line of the lender.
ta
rolf
I get the full 0.75% - effective today.
I'm so glad that I refinanced my many loans out of Macquarie. Instead of paying 9.01% I'm now paying 7.04% for many of my new loans. It cost me a small fortune but it was well worth it. It's so annoying having to wait for Macquarie to reduce their rates but boy, were they quick in putting them up!!
Do you have low-docs NB, and where are you borrowing from now?
I have some full docs with Westpac while the rest are low docs. With CBA I have the wealth package which gives me a discounted rate of 7.04%. NAB give me a similar rate to CBA while RAMS have got a great low doc rate for me of about 7.5%.
Most of my loans were refinanced from Macquarie over the last 4-5 months. If you want to refinance to low-docs with the major banks, you better get in soon as they making it more difficult for you.
I would refi but I have the extra issue of having a company/trust structure with loan for units in my personal name. I've banked with CBA for 17 years or so and have lots with them, but they won't help here unfortunately. Anyway, I wasn't too concerned with 10.44% or whatever it was when I started, so 9.01% feels pretty good now.
Anyway once my GST registration hits the 2-year mark I'll have more options then.
Anyway once my GST registration hits the 2-year mark I'll have more options then.
You can have your GST registration backdated if this helps you with refinancing. Pretty painless exercise with no questions asked. It takes a few weeks, all you have to do is ring up ATO and they will put the application through for you over the phone.
My full doc variable with Macquarie is now at 7.13% thats not much above any of the big 4.
They really drag the chain but to their credit, the last drop was 100 basis points. So Mac are around 0.5% higher than the big 4 which really peeves me considering they were better 12 months ago when I took out the loan.
However they apear to be making an effort to stay competitive and they likwly want to re-enter into the home lending at some point. The big problem with Mac will be the fixed rates. When everything looks good to fix with the big banks I expect Mac bank will be over 1% higher on their fixed rates due higher cost overseas money and less local deposits etc. Hopefully they are trying to change the mix a bit??.
However they apear to be making an effort to stay competitive and they likwly want to re-enter into the home lending at some point. The big problem with Mac will be the fixed rates. When everything looks good to fix with the big banks I expect Mac bank will be over 1% higher on their fixed rates due higher cost overseas money and less local deposits etc. Hopefully they are trying to change the mix a bit??.
As of the 19th Dec mac has reduced the low doc and no doc loans by .70%
[Their getting tighter]
so my loan will be 8.31%
all up it would cost me about 7k to break this loan. If l passed for a full doc with Mac it would cost me $400 and l would get a rate of 6.7%
l dont think we would make the grade on a full doc. if l paid the break costs it would take well over a year to recover the 7k. I really dont know what to do.
cheers yadreamin
[Their getting tighter
]so my loan will be 8.31%
all up it would cost me about 7k to break this loan. If l passed for a full doc with Mac it would cost me $400 and l would get a rate of 6.7%
l dont think we would make the grade on a full doc. if l paid the break costs it would take well over a year to recover the 7k. I really dont know what to do.
cheers yadreamin
Mac reduced variable rates by 0.83 effective December 19th
