Macquarie No-Doc

[kerrcorp]

I need to get a decent size redraw for some deals that I want to put money into. I have recently been recommended the macquarie no-doc from a couple of brokers as I have great equity but terrible servicability.

Does anyone have any experience with the product? Besides the penalty's if you pay the loan out early it seems a good deal if you cant get finance any other way.

Any opinions on the product would be greatly appreciated.
cheers
michelle

 

[Simon]

Michelle,

What is the rate they are offering?

My NODOC is 7.10%.

Check any deferred establishment fees and LMI.

Cheers,

 

[kerrcorp]

hi simon..

my nodoc is 7.25%
who is your nodoc through?

michelle

 

[Rolf Latham]

Hiya

Possibly the biggest benefit with the Maq Bank "product" is that its actually a no doc process using all of their products with a bit of a margin. That means you can have a line of credit OR, its the only product that I know of that has a 100 % offsey acct.

To be honest, I havent used it much, but know people who have, and the love the fact that the basic loan with 100 % IO offset steps down to <6.8 ? after threee years. Apparently you want to have lots of time up your sleeve too - I have heard they arent the fastest

ta
rolf

 

[Simon]

Well I cannot match the offset nor the rate reduction after three years!

Cheers,

 

[Rolf Schaefer]

Hi,
I have used this product quite a bit and my clients are happy with it.

In VIC we currently also don't have any issues with processing times.

 

[Qlds007]

I am with Rolf.

No problems in processing here in Qld and i even have a couple of my loans with them on the product.

 

[Mr Ed]

The wheels have fallen off in Syd...