Borrowing capacity for building - Macquarie V Bank of Melbourne

Discussion in 'Loans & Mortgage Brokers' started by Jasper, 28th Feb, 2020.

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  1. Jasper

    Jasper Well-Known Member

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    Hi Team,

    I'm considering moving to Bank of Melbourne from Macquarie to take advantage of refinance deals (also the macquarie product I'm on is so awful, i can't believe someone designed it that way).

    BUT I'm looking to demolish and build two townhouses on this place in the next 24 months.

    Does anyone know if Bank of Melbourne are less generous with their lending? I saw this excellent graph once from the guys at Confidence Finance, but I cannot seem to find it again!

    Thanks.
     
    Jasper, 28th Feb, 2020
    #1
  2. Morgs

    Morgs Well-Known Member Business Member

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    It depends on a multitude of variables as to your situation... in my experience BOM/STG are marginally better than Macquarie for servicing for most.
     
    Morgs, 28th Feb, 2020
    #2
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  3. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    My experience is that Macquarie are a lot easier to deal with than BOM.
     
    Peter_Tersteeg, 28th Feb, 2020
    #3
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  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    we dont call em the draaaageeeen for nothing :)

    not enuff data for any real call

    ta
    rolf
     
    Rolf Latham, 28th Feb, 2020
    #4
  5. Redom

    Redom Mortgage Broker Business Plus Member

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    Our data was from 2017, a lot has changed since then. :)
    Overall similar. Macq's product has got better over time, so you may be pleasantly surprised if you go there again.
    St G can have issues with this type of development process, particularly if splitting is required later to apportion use of funds. Very painful & clunky with this.
     
    Redom, 28th Feb, 2020
    #5
  6. Properwin

    Properwin Well-Known Member

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    I happen to be with both.

    BOM was good with us for a building loan for a subdivision development. This is after bad experiences with CBA and ANZ.

    Macquarie we used for our PPOR - also good.
     
    Properwin, 28th Feb, 2020
    #6
  7. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Over the last few years Macquarie's track record for repricing existing loans is far better than any of the big banks.
     
    Peter_Tersteeg, 28th Feb, 2020
    #7
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