MSA and Macquarie Bank

I recently took out a loan with Macquarie. All their settlements are done by another company called MSA. I found it very painful as it's like having a middle man and of course, messages get passed along incorrectly. Plus MSA charge me for setting up the loan (whereas most other banks you can negotiate that fee to be waived).

Anyway, hope I don't have to go through the same MSA pain when doing the next IP.

Anyone else had similar experience?
 
our dealings with MSA have been very good

Damn sight better than some lenders that process setts offshore where the clerks are great at their niche but give them a cure ball like a caveat, a nomination and you can be swimming in a rip real quick

ta
rolf
 
there arent many lenders that do the processing themselves. You can still ask maquarie to waive the settlement fee. what sort of communication are you doing with MSA? Its rare for clients to have to talk to them, they would either talk to the broker or their conveyancer instead of MSA directly.
 
Not particularly bad - any process with human involvement is going to cause headaches from time to time.

Cheers

Jamie
 
I can't say I've had any issues with them that you don't get elsewhere. It's getting quite difficult to find a lender that does perform their own settlements.
 
I have had a heap of loans where MSA have done the lenders settlement and its been smooth transactions every single time.
 
Glad there's lots of good feedback for MSA. I'm about to start the loan for IP2 and was doubting whether I should have gone with Macquaire. Hoping the next one is smoother.

What about this bit thought.....Macquarie don't let you drawn down from their LOC for settlement! They tell my conveyancer the day before settlement that I should do into a branch to draw a cheque! The nearest branch is 90 mins away! Luckily I had funds available in a Westpac account and I got the cheque from there. Phew!
 
can you explain the above post a little better - i am currently going through my second IP with Mac and I am drawing on equity for IP1.
 
I'll try explain as best I can, although my understanding of it may not be 100%. I was flustered as I had only hours to get the cheque to my conveyancer WITH a 1 year old!!!

I got two loans with Macquarie as follows:
- LOC for 30% deposit (as equity against my PPOR)
- Home loan the remaining 70%

When my conveyancer went to drawn down for the 30%, Mac Bank said no one can draw down, not even me! I had to do it via a bank cheque! And as I said, the branch is 90 mins away from me.

Please call your broker to double check for you.
 
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