Broker avoiding question

I've recently had pre-approval for a home loan through Macquarie Bank. For the most part, I had a great experience with my broker, he got my approval through ASAP - the house I was looking at had the auction put forward. Unfortunately the auction went past my budget.

Anyway, after the pre-approval, I saw Macqaurie Bank had an option of connecting the loan to Qantas Points (I wouldn't base choosing my bank on this but if I'm going through them I might as well inquire). I have email him several times asking about this and he still hasn't given me an answer, basically. He working his was around answering e.g "we can apply for the credit card with Qantas Points" etc. but never actually answering.

Can someone give me an answer as to why a broker would be avoiding this?

 

Only that he might not want to rewrite the loan with a new product...although it would be super easy to do so once the pre-approval converted.

 

Maybe they don't know the answer? Just pick the phone up and talk to them

It is simple enough to convert the application to the points product.

 

There's no need to rewrite the loan to include the credit card. As this is still at the pre-approval stage, when you purchase, the loan required can simply be updated to request the Qantas card as part of the final structure. This isn't a big deal.

The broker saying, "We can apply for the credit card with Qantas Points", really just means that they will make this part of the final application. You don't get pre-approvals for credit cards so the statement being made is that it still needs to be applied for, which is technically correct.

I think the broker actually is giving you a fairly accurate statement. The pre-approval to full-approval process will include the Qantas credit card as part of the package.

 

In this specific context I'm assuming you're actually asking about the specific Macquarie feature called "Flyer Package" which allows you to earn Qantas Point as part of your home loan and not via credit card. In short, it'll be an extra 0.05% on top of the advertised interest rate. And if you need more information on top of that, just let your broker know you would like to get more info about "Basic/Offset Flyer Package" - I'm sure he'll be able to help clarify exactly what you need.

Cheers,
David

 

No problem. My answer is still the same.

 

The flyer option is an add on to any of their loans and attracts a 0.05% pa premium to the interest rate. This would also very very marginally reduce your borrowing capacity.

If you want that your broker will simply amend the application product along with the address of the property you are buying and loan amount etc when you are converting to formal approval. You wouldn't do it before that.