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Macquarie Bank Rate update +0.27% on investment loans- 31/7 and 10/8

Discussion in 'Property Finance' started by Mick C, 25th Jul, 2015.

  1. Mick C

    Mick C Well-Known Member

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    Quick to follow...

    In response to market conditions, including investor lending restrictions, we are making the following pricing changes:

    • fixed and variable rates for new investment home loans to increase by 0.27% pa, effective Friday 31 July 2015
    • variable rates for existing investment home loans to increase by 0.27% pa, effective Monday 10 August 2015.10/8
     
  2. Darren A

    Darren A Well-Known Member

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    Thanks for the info
     
  3. ashalim

    ashalim Member

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    What is the Mac Bank fixed rate for 3 years now?
     
  4. Eric Wu

    Eric Wu Mortgage Broker Business Member

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    Bloody greedy banks
     
  5. DanW

    DanW Well-Known Member

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    This puts some of the fixed rates lower today than next week's variable rate.

    Might fix then before Friday. Better be quick..
     
  6. Owlet

    Owlet Well-Known Member

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    Is it a simple process - tick and flick to change to fixed? What are the current rates?
     
  7. DanW

    DanW Well-Known Member

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    4.39 1 year
    4.49 2 year
    4.59 3 year

    They weren't available today will have to call them Monday. Most banks take 2-3 business days to process the request so they better do it before Friday 31st..
     
    ashalim likes this.
  8. Till Kingdom Come

    Till Kingdom Come Well-Known Member

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    And the young FHBs have been saying:
    "Bloody greedy investors"
     
  9. Owlet

    Owlet Well-Known Member

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    Thanks Dan
    Currently paying 4.55. Can we add an expiry clause to our application?
     
  10. Till Kingdom Come

    Till Kingdom Come Well-Known Member

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    I suspect they're gonna ask for a fixed rate lock in fee.
     
  11. DanW

    DanW Well-Known Member

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    Maybe call back on Thursday and see if it's gone through. Or check internet banking if it's taken yet.

    If it didn't go through try cancelling on the Thursday.
     
  12. Waldo

    Waldo Well-Known Member

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  13. chylld

    chylld Well-Known Member

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    No change to PPOR IO?
     
  14. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Macquarie don't like PPOR I/O loans and they have introduced a maximum LVR of 80% for this scenarios, but I don't think they've made rate adjustments for this.
     
  15. Mick C

    Mick C Well-Known Member

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    As Pete's post.

    Max 80% for Owners occ...IP can still do 90%.
    Also rate for Owners occ on I/O the rate is higher for NEW loans >...no changes to existing PPOR on I/O
     
  16. Redom

    Redom Mortgage Broker Business Member

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    Have also introduced a rent reliance policy by the looks of it, increased assessment rate, moved to HEM expense calculator.

    They'd have had a whole lot of investor loans go through them over the last 24-36 months, so their having to move their position in the investor market from market leading to..well, not so good.
     
  17. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Yes they have implemented a soft rental reliance policy.

    Whoever invented this god forsaken policy (thanks westpac) should be shot with an elephant dart.
     
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  18. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Macq were VERY pop with some brokers both GFC and in the recent come back.

    Ok lender, and we used em a bit, but like many, they arent really a lender of first choice for a number of reasons.

    Inevitable I would have thought

    ta
    rolf
     
  19. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Rental reliance isnt a policy per se, inc westpac, its not "written" in any WBC policy manual that nett PAYG and nett rental are related that I have seen, xcept the manual " on the fly"

    its PC for we dont like your current gearing or exposure and we need a plausible reason to refuse the loan.

    had one refused the other day that "we would pass this if the neg gearing was higher, but because the client is not making tax losses and has no neg gearing it doesnt work" if if the same client had 500 a week less in rent it would have been fine ..................not a wbc issue anymore,since no neg gearing :)

    ta
    rolf
     
  20. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Yeah I had the same with RAMS... being positively geared was "rent reliant" and a credit risk, but losing money hand over fist with negative gearing was perfectly acceptable and would have loaned me heaps more had I been losing money rather than making it. Seems ass about to me.