Macquarie Bank rate cut?
- Thread starter triton07
- Start date
oh ta tulip that usually means to check back with them in 2 weeks time.
Yes. They do not even look at it before two weeks. I really hate MacQuaire. I am graduly leaving them. Currently locked in by them because of early dischrage fees, MI repayment, deferred establishment fee -- two high. I am now on 7.98%. They said they gave me 1.07% discount -- how thich face they are. I wish Nicolas get a salary cap by Rudd this time.
Patience people. They'll be making an announcement soon. In December it took them approx 16 days to pass on new rates.
They'll be making an announcement soon. In December it took them approx 16 days to pass on new rates.
I am planning to leave them too, but didn't even consider that there might be prohibitive costs to do so.
What is the repayment of MI of which you speak? Better get on the phone....Well that was helpful (not). Part of my loan is fixed until Feb 16 so they can't tell me anything until Feb 17 - Not even what the costs might be based on (deferred establishment?). I guess I will call back on the 17th & all will be revealed....
Unless the heat wave gets to me tomorrow & in my stupor I pull out the loan doc's and read through the fine print (And yes, i did read through the fine print at the time but it was a few years ago!)
Unless the heat wave gets to me tomorrow & in my stupor I pull out the loan doc's and read through the fine print (And yes, i did read through the fine print at the time but it was a few years ago!)
Effective 20 Feb
1) MMOne, MMTwo, MMThree, MMFour - Verified Income loans
* All verified income (existing business loans)
* Borrower rate decreases by 1.00%
2) MMOne, MMTwo, MMThree, MMFour - Stated Income and Self-Certified Income loans
* Existing business loans
* Borrower rate decreases by 0.90%
4) Silver Living Reverse Mortgage
* Existing business loans
* Borrower rate decreases by 1.00%
1) MMOne, MMTwo, MMThree, MMFour - Verified Income loans
* All verified income (existing business loans)
* Borrower rate decreases by 1.00%
2) MMOne, MMTwo, MMThree, MMFour - Stated Income and Self-Certified Income loans
* Existing business loans
* Borrower rate decreases by 0.90%
4) Silver Living Reverse Mortgage
* Existing business loans
* Borrower rate decreases by 1.00%
Thanks for the update! Macquarie are slow in changing rates because they're trying to get out of the mortgage business. I wonder how many staff are left in Mortgages in Bond st...hmm. That might be a factor as well...
I have the MMThree product... rate was 6.69% and will now be 5.59%. It's still 48 basis points higher than ANZ.
I have the MMThree product... rate was 6.69% and will now be 5.59%. It's still 48 basis points higher than ANZ.
Guess what i did to MacQuaire? I partially discharged the property to another bank and put most of available fund in MacQuaire, so I have a low balance with MacQuaire to effectively pay less on their high rate
Hiya TA
That can work for those with spare euqity rolling around not doing a lot ...........obviously you must be one of those
ta
rolf
That can work for those with spare euqity rolling around not doing a lot ...........obviously you must be one of those
ta
rolf
The Analyst
Could you please explain how you did this and what cost were involved?
cheers
yadreamin
I too was paying about 10.46% when this thread started. I'm so happy that I refinanced out of Macquarie even though it cost me a few thousand. I'm now paying 5.02% with one bank and about 5.2% with another. It's way below the 7.3% that I'd be paying if I stayed with them.
It's not only the rate which annoyed me, it's also the monthly $15 fee plus 15cent transaction fee. Even though the big 4's service isn't that good at times, Macquarie's is even worse - no 24 hours customer service, poor internet banking, inadequate ATM network, high exit fees.
Hi, Yadreamin, I have 3 properties secured by one loan by Mac. When I signed the contract, I made it a conditon that I could discharge two of the 3 properties without any penalty (pay partical discharge of $400 only). Recently, I sold 2 other properties (not with Mac), I then substitue one with the Mac. The other one is with Members Eaquity which they did not allow me to top up 80%. So I still keep the one with Mac and now I put all the proceeds into Mac to offset the loan. I am also selling one of the Mac properties. When I sell it, I will have little loan with them and they can keep me as long as they wish.
I had long argument with them why they do not reward us good investors and it seems they do not care. My citibank low doc loan automatically came to full doc loan after two years if I keep the payment in time.
Hiya TA
That can work for those with spare euqity rolling around not doing a lot ...........obviously you must be one of those
ta
rolf
You definitely correct. I am always vigilant on the debt I have. In the past years, I bought and sold properties and accumunated a bit money. Recently sold two again (not good price). Now I am in a better position (cash in hand) to look for investment opportunites such as business, properties etc.
