Macquarie bank home loan refinance, rates, calculator, review, contact
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| macquarie bank home loan refinance, rates, calculator, review, contact |
macquarie bank home loan
With great rates, low fees and fast approval times, more good borrowers are choosing a Macquarie home loan. . You may need a lot of money to buy a new house, to renovate the old house. Not everyone has savings. Macquarie has come up with a home loan for them. Today I will try to discuss in detail about macquarie bank home loan.
About Macquarie Bank
Except for Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (MBL), any Macquarie entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of MBL. Any investments are subject to investment risk including possible delays in repayment and loss of income and principal invested. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
The Macquarie was dubbed the Millionaire Factory by the media for its skyrocketing bonuses and even higher profits. McCurry, the bank that financed Aussie home loans in the late '90s, competed with major banks and forced them to cut interest rates.
Macquarie Mortgages has a somewhat checkered reputation because during the GFC they completely withdrew from the market and left many customers at high interest rates, especially those with low dock loans.
Nowadays Macquarie focuses on home buyers and investors and stays away from low dock lending. They are still the non-bank lender and wholesale fund or part-owner of mortgage brokers.
Discuss a good interest rate
A good interest rate can be negotiated with McCurry, but usually only for large loan sizes or when they lose customers to other lenders.
Your mortgage broker may request a price from their Macquarie Relationship Manager and they will offer you one. Macquarie has a large deposit and a preference for owner-occupied loans used with principal and interest payments.
Do you want us to ask for a price for you? Call us on 1300 889 743 or fill out our free evaluation form online.
Innovation and digital mortgage
Macquarie has always been an innovator in the mortgage market. First with securitization using Aussie home loan funding, then with low dock loans and now with digital mortgages.
The idea of a digital mortgage is that you can get rid of most of the paperwork and instead apply, get approved and accept your contract all electronically. They've worked hard and invested a fortune to make it a reality but only time will tell if it delivers on the promised great customer experience.
Secret bonuses and crazy work time.
Macquarie mortgage workers often work long hours to approve and dispose of the huge amount of home loan they receive. It is not uncommon for them to work long hours at night and on weekends.
Instead of paying overtime, Macquarie's employees receive a 'secret bonus' that is part of an annual profit. Obviously, overtime is considered but it is difficult to be sure and none of us know how it is calculated.
This is a strange way to motivate a team because a lot of employees think it is unfair and we hope to get some huge bonuses that are very strongly lip service to it.
What home loans do Macquarie offer?
Rates and fees verified as correct at 14 June 2022. Other information correct at the time of writing. Advertiser disclosure.
Fixed Rate Home Loans
The fixed rate Basic Home Loan from Macquarie is a fee free option - no service or application fees in sight. Don’t let the name fool you though, the Basic Home Loan is packed with handy features to help you save money on your mortgage like free extra repayments and the ability to make redraws. Just keep in mind that these features do come with conditions - your extra repayments are capped at 5% p.a. and redraws will attract a fee if you do it over the counter. You can also bundle your Basic Home Loan - or any Macquarie home loan for that matter - with a Macquarie Credit Card, and skip paying the annual credit card fee for the life of your loan. This loan is only available for amounts between $150,000 and $750,000, for borrowers with an LVR of less than 80%.
What home loans does Macquarie Bank offer?
Macquarie Bank offers principal and interest (P&I) and interest-only (O) home loans for both owner-occupiers and investors.
These home loans are available in variable and fixed interest rates under the options of ‘Basic’ and ‘Offset’. A split option of both variable and fixed interest rates is also available for those seeking added flexibility in their new home journey.
Why macquarie bank home loan?
Fast turnaround times
With a straightforward application process and fast turnaround times, you'll get a timely response on the status of your loan.
Flexible loan options
Tailor your loan with options such as splitting between variable and fixed interest rates, adding an offset account, or our low fee basic home loan.
Exceptional service
We'll keep you informed and up to date throughout the process. And if you need any help along the way, our home loan specialists are available to answer any questions.
Great rates and low fees
Macquarie home loans are built on great value. Our competitive rates and low fees help you pay off your home loan faster.
Macquarie Bank Home Loan rates from 2.39%
Macquarie Bank home loan features
What is home loan pre-approval?
Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.
Are there any risks going with a smaller lender?
Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of. But there's no reason to worry just because you've never heard of a lender before.
In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.
Macquarie Bank is an authorised deposit-taking institution (ADI). This means customers with money deposited in a Macquarie Bank savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000, even if the bank itself collapses.
Should I go with a fixed or variable rate?
Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.
A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.
Do I need a mortgage broker?
Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.
Lenders like Macquarie Bank
macquarie bank home loans rates
To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.
Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.
Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.
macquarie bank home loans calculator
Macquarie home loan mortgage calculators and tools can help compare home loans, calculate how much you can borrow, deposit amount and repayments.
macquarie bank home loans review
How do Macquarie Bank's home loans compare? · Their fixed rate loans are often more expensive than other lenders · Lending policy is very conservative above 80% ...
macquarie bank home loans contact
If you need help or have any concerns about the security of your account, please call us immediately on 133 174 (+61 2 8245 4470), 24/7. ... With Macquarie Online